Industrial Plugs And Sockets Market

Replacement and Reconditioning of Aging Power Transmission Network to Create Significant Demand

The concept of modernizing electricity and power grids by establishing a network of safe, secure, efficient, sustainable, and economic power supply has been gaining steam lately. The current grid network has become unreliable and inefficient, and is also one of the main causes of greenhouse gas emissions globally.

With growing inclination towards green energy, replacement of the grid network with smart grid has been gaining popularity over the past decade, and is anticipated to elevate the demand for industrial plugs and sockets. Smart grid network can help reduce greenhouse gas emissions by up to 211 million metric tons, and is estimated to pull-in investments worth US$ 400 Bn by 2020.

The need for energy savings, and the development of automated and trans-active power distribution networks is prominent among countries like the U.S., India, China, Indonesia, and Canada, where the demand for industrial plugs and sockets is prominent.

This, coupled with the need to curb energy losses and develop a sustainable energy eco-system, is anticipated to create elevated demand for industrial plugs and sockets over the forecast period.

High Durability and Water Resistance to Drive Demand for IP 66/67-rated Industrial Plugs and Sockets

Industrial plugs and sockets are widely used in harsh environments owing to their ability to provide better durability as well as resistance against water, chemicals, dirt, temperature and pressure.

Hence, industrial plugs and sockets are extensively used in underground mining, construction, as well as underwater and offshore oil & gas exploration activities, where the environment possesses great challenge for the installation and use of wires and plugs. This has been driving the demand for IP 66/67-rated industrial plugs and sockets, due to their superior durability characteristics.

Implementation of Building Automation in Urban Areas to Create Significant Growth Opportunities

The growing need to establish safe and efficient operation of building HVAC and other electrical systems is expected to create ample growth opportunities in the industrial plugs and sockets market.

Rising concerns for global warming and energy conservation are driving building automation concept in urban areas, which is expected to present untapped potential for industrial plugs and sockets.

Industrial Plugs and Sockets Market: Competitive Landscape

The industrial plugs and sockets market landscape is fragmented with a number of players competing for their share of market. Manufacturers like Amphenol Corporation, Schneider, Emerson Electric Co., Siemens AG, Havells, ABB Group, TE Connectivity, Mennekes, Eaton and Legrand SA have a global market presence and make up the top tier of the market structure with a combined revenue of US$ 800 Mn from the sales of industrial plugs and sockets.

Growing Vendor Consolidation by Leading Companies

Over the last few years, industrial plugs and sockets market has been witnessing an increase in the number of acquisitions by top tier manufacturers to complement their business model and strengthen their footprint in regional markets.

• In July 2018, Eaton acquired a specialty manufacturer of medium-voltage electrical equipment, Innovative Switchgear Solutions Inc. (ISG), from North America.
• In July 2018, ABB completed the acquisition of GE industrial solutions. This development is expected to enhance the company's electrification business segment.

Analyst’s Viewpoint

A detailed view of the global industrial plugs and sockets market has led our analyst to conclude that the market is growing at a steady pace on the back of rising power distribution expansion activities. East Asia is anticipated to dominate the industrial plugs and sockets market in terms of demand and growth by CAGR, while the IP 66/67-rated products segment is projected to witness high growth.

Key Segments of Industrial Plugs and Sockets Market

PMR’s study on the industrial plugs and sockets market is divided into six different segments- product type, IP rating, voltage rating, ampere rating, end-use industry, and region. This report offers comprehensive data and information about the important industrial plugs and sockets market dynamics and growth parameters related to these categories.

Key Questions Answered in PMR’s Industrial Plugs and Sockets Market Report

• Which segment is expected to dominate the market share over the forecast period?
• What will be the key factors driving the demand for industrial plugs and sockets in Latin America during the forecast period?
• How current trends will transform the industrial plugs and sockets market?
• What are the significant market players doing in the industrial plugs and sockets market?
• What are the crucial strategies of prominent players in the industrial plugs and sockets market to upscale their positions in this landscape?