The growing implementation of building automation in urban commercial spaces and the high rate of replacement and refurbishment of old energy distribution networks will remain the key factors supporting the sales of industrial plugs and switches. Thriving infrastructure developments and a general shift towards alternative energy generation would further create a significant growth opportunity in the global industrial plug and socket market.
As indicated by a new research study from Persistence Market Research (PMR), the demand for industrial plugs and sockets will reach 28 million units by the end of 2023 . The market is expected to observe a moderate CAGR over the projection period, 2019-2029 .
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Key Points – Industrial Plugs and Sockets Market Report
- The significant increase in the implementation of IoT in the manufacturing sector, the increase in warehouse capacity requirements in the e-commerce sector and military deployments and border surveillance will increase the demand for industrial plugs and sockets.
- The emerging trend of installing smart grid networks is expected to present significant growth opportunities for industrial plug and socket manufacturers.
- Increased sales of electric vehicles are estimated (market share doubled to around 2% from 2017 to 2018 ) and the need to develop a supportive electric charging network will amplify the demand for industrial plugs and sockets in regions. key such as United States, Europe and China.
- Superior quality industrial plugs and sockets with IP 66/67 rating are most sought after in end applications such as mining, oil and gas exploration and offshore applications due to their robustness, durability and resistance to dirt, water and chemicals.
- With the global telecommunications industry embracing 5G network connectivity, the development of supporting telecommunications infrastructure is expected to present profitable growth opportunities in the industrial plug and socket market.
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Competitive landscape intensified and fragmented
The market for industrial plugs and sockets is fragmented due to the presence of numerous national and international manufacturers. Major players in the industrial plug and socket market, such as Amphenol Corporation, Schneider, Emerson Electric Co., Siemens AG, Havells and Legrand SA , are making their way into new markets through the acquisition of local players. On the other hand, domestic manufacturers of industrial plugs and sockets are challenging international players for market participation through low-cost product offerings and established distribution channels.
With no universally accepted substitute on the market, the industrial plug and socket market is set to witness healthy demand in the wake of rising industrial production index and robust growth in modernization of the power distribution network, too. if at a moderate pace.
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