Growing implementation of building automation in urban commercial spaces and high rate of replacement and reconditioning of aging power distribution networks will remain the key factors bolstering sales of industrial plugs & switches. The flourishing infrastructural developments and an overall shift towards the alternative energy power generation would further create a significant growth opportunity in global industrial plugs and sockets market.
As indicated by a new research study of Persistence Market Research (PMR), the demand for industrial plugs and sockets will reach 28 million units by 2023 end. The market is set to observe a moderate CAGR during the period of projection, 2019-2029.
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Key Takeaways – Industrial Plugs and sockets Market Report
- Significant uptick in IoT implementation in manufacturing sector, rising warehousing capacity requirements in the E-commerce industry, and military deployments and border surveillance will escalate the demand for industrial plugs and sockets.
- Emerging trend of smart grid network installation is anticipated to present significant growth opportunities for the manufacturers of industrial plugs and sockets.
- Mounting electric vehicle sales (market share doubled to ~2% from 2017 to 2018), and the need to develop supporting electric charging network are estimated to amplify demand for industrial plugs and sockets in key regions like the U.S., Europe, and China.
- Premium priced IP 66/67-rated industrial plugs and sockets are most sought out across end-use applications like mining, oil & gas exploration, and offshore applications, owing to their sturdiness, durability, and resistance to dirt, water and chemicals.
- With the global telecom industry embracing 5G network connectivity, development of supporting telecom infrastructure is anticipated to present lucrative growth opportunities in the industrial plugs and sockets market.
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Smart city initiatives, which attracted investments of over US$ 81 Bn in 2018, are growing at a breakneck pace. This flourishing space presents a massive untapped market potential for manufacturers in the industrial plugs and sockets market.
Intensified and Fragmented Competition Landscape
The industrial plugs and sockets market is a fragmented one, owing to the presence of a number of international and domestic manufacturers. Key players in the industrial plugs and sockets market, such as Amphenol Corporation, Schneider, Emerson Electric Co., Siemens AG, Havells, and Legrand SA, are making inroads into new markets through acquisitions of local players. On the other hand, domestic manufacturers of industrial plugs and sockets are challenging international players for market stake through low-cost product offerings and established distribution channels.
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With no universally accepted substitute in the market, the industrial plugs and sockets market is set to witness a healthy demand on the back of rising industrial production index and robust growth in modernization of power distribution network, albeit at a moderate pace.
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