Power Pedestal Forecast and CAGR
According to latest research by Persistence Market Research, Power Pedestal market is set to witness opulent growth between 4% and 5% during 2021-2031. Demand for Power Pedestal will witness pleasant recovery in short-term, with optimistic growth outlook in the long-run.
Gargantuan demand from marine, construction sites, recreational parks and others. Power and energy bestow are focused on providing momentary power distribution, which has resulted in expanding the prosperity of the product.
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What is Driving Demand for Power Pedestal?
Rise in arrogation for electricity in residential, commercial, and institutional sectors is foreseen to drive the endorsement of the units. According to U.S. Energy Information Administration, electricity consumption in the US stood at about 6.5 quadrillion British Thermal units of energy in April 2020..
Apart from the electrical usage from residential, commercial and industrial it is also used in marine, which is the extremely competitive and even more price sensitive. Innovation and sustainability are the in marine industry the embodiment of high-technology for the use in extreme conditions.
The recreational parks and construction site stood lowest in the demand for the commodity. The device are largely designed in for outdoor service to meet the power requirement for recreational parks and construction sites.
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Stainless Steel Type is Likely to Augment Power Pedestal Sales
Stainless Steel type is expected to be responsible for augmentation for the commodity with a deliberate pace during forecasted period due to the high strength cum lowered gross weight of the product than other types. As Stainless Steel type considered to have 40 to 45% of market share in the commodity.
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Asia Pacific Power Pedestal Market Growth Potential
Asia Pacific is the foreseen to expand at a significant rate during the period. Power generation and demand in the Asia Pacific region is been increasing daily in the past few years. China, Japan and India are the major countries for the commodity. This is due to ongoing commercial construction and power infrastructure projects estimated to have the project lifespan for at least 10 years.
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Who are the Key Manufacturers and Suppliers of Power Pedestal?
Some of the leading manufacturers and suppliers of Power Pedestal include
- Marina Electrical Equipment Inc.
- Eaton
- HydroHoist Marine Group
- Ace Manufacturing Metals Ltd.
- Power Master
- Vickery Electric Ltd.
- Power Marine Center Inc.
- General Electric
- Attwood Corporation
- Marina Power Company
- Legrand North America LLC.
- Dock Boxes Unlimited
- Gescan a Division of Sonepar Canada Inc.
- MonoSystems Inc.
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