Wiring Devices Market

Market Study on Wiring Devices: Smart City Projects to Drive Demand across Regions

Wiring Devices Market Segmented By Current Carrying Devices, Non-current Carrying Devices, Circuit Protection Devices Products

Market Snapshot

As per the latest analysis done by Persistent Market Research on the wiring devices market, it has been revealed that North America happens to be the market leader with over 32% global share, with commercial application holding high share in the global market. Overall, the global wiring devices market accounted for revenue of US$ 51.4 Bn in 2021, with the market projected to accelerate at a CAGR of 5.6% through 2031.

Market Size - 2020

US$ 49.9 Bn

Market CAGR - 2021 to 2031

5.6%

Share of Top 5 Manufacturers

Around 40%

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Companies

  • Panasonic Corporation
  • ABB
  • Schneider Electric
  • Honeywell International, Inc.
  • TE Connectivity
  • Legrand
  • Hubbell Inc.
  • Leviton Manufacturing Company, Inc.
  • Orbit Industries Inc.
  • SMK Corporation
  • Molex, LLC
  • Lex Products
  • Lutron Electronics, Inc.
  • IPEX Electrical Inc.

Consumption Analysis of Wiring Devices from 2016-2020 Vs Market Outlook for 2021-2031

The global market for wiring devices expanded at the rate of 2% historically over the period of 2016-2020. Major drivers for market growth are increasing adoption of wiring devices in residential and commercial applications and advancements in modern electrical infrastructure.

Major market share is held by North America, followed by East Asia. This is due to the fact that the region has a dominance in the semiconductor and electronics manufacturing industry.

The global market is projected to top a valuation of US$ 89 Bn by 2031, rising at a CAGR of 5.6%.

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Why is Use of Wiring Devices Increasing in the Commercial Sector?

Commercial applications require comprehensive line of commercial-grade electrical wiring devices to withstand the most stringent codes and requirements. Hence, there has been rise in demand for such robust wiring devices.

Companies such as Leviton and Legrand are offering such industrial and commercial grade wiring devices such as switches and receptacles for protective devices and panels, electric vehicle chargers, and weatherproof covers and boxes. These products are designed specifically for use in various commercial environments, including healthcare facilities, office buildings, hotels, convention centers, and universities, among others.

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Is Development of Weatherproof Wiring Devices Contributing to Market Growth?

Sustained progress in the implementation of smart city projects by various governments is one of the major factors driving sales of wiring devices. Numerous governments have rolled out plans for the development of smart cities.

With increasing and advanced consumer needs and demand, key players are focusing on manufacturing weatherproof wiring devices for both, electricians and homeowners. They are including electrical box enclosures, weatherproof lighting and accessories, and weatherproof covers in wiring devices.

Manufacturing and use of wiring devices are controlled by NEC (National Electrical Code) and NEMA (National Electrical Manufacturers Association). These regulations are making sure that wiring devices are of the highest quality, as cheap electrical products can lead to shorts, faults, or fires.

As such, increase in development of weatherproof wiring devices is contributing to growth of the global market.

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Country-wise Insights

Why is India a Prominent Market for Wiring Devices?

India is expected to be one of the prominent markets for wiring device consumption, and is anticipated to surge at a CAGR of 8.8% over the forecasted period.

India is a country with a high population, and more the people, more is the market opportunity for various products. There has been huge rise in demand for wiring devices in the country owing to the rising construction sector. Flourishing construction industry in the country happens to be one of the drivers majorly boosting demand for wiring devices.

How are Sales of Wiring Devices Shaping Up across the U.S.?

Currently, the U.S. market accounts for the largest consumption of wiring devices in North America, and is expected to expand at a CAGR of around 6.2%.

With the growing popularity of smart lighting solutions and smart homes, there has been a simultaneous rise in demand for wiring devices in the region. Companies are offering advanced products with capabilities, including voice and app control, scheduling, and compatibility with leading smart products.

Moreover, with increasing demand for ambient lighting, there has been rise in demand for different types of wiring devices, including switches, connectors, dimmers, etc.

Will Increasing urbanization in China Drive Demand for Wiring Devices?

The wiring devices market in China is anticipated to expand at a CAGR of 5.8% through 2031.

According to the International Energy Agency, global electricity demand in 2021 increased by 4.5%, or over 1 000 TWh. Almost 80% of the projected increase in demand in 2021 was from emerging markets and developing economies, with the People's Republic China (China) alone accounting for half of global increase.

Category-wise Insights

Why is implementation of Circuit Protection Devices Surging?

Along with the traditional use of wiring devices in commercial, industrial, and residential sectors, the circuit protection devices segment is gaining major traction and is set to expand at a CAGR of around 6.4%.

Furthermore, increasing investments in power generation with larger focus on utilization of renewable energy sources, rising demand for uninterruptable power supply, increasing capacity addition due to urbanization, and enhancements in networks are anticipated to drive demand for circuit protection devices across the globe, thereby driving sales of wiring devices.

How is the Residential Application Segment Faring?

In terms of application, the market is segmented into commercial, industrial, and residential. The commercial segment is expected to hold a larger share in the market, having accounted for US$ 21.5 Bn in 2020, and is poised to increase at a considerable CAGR of 5.8% over the next ten years.

However, the residential application segment is anticipated to surge at the highest CAGR over the forecast period. Growth of the segment can be attributed to increasing demand for smart homes in urban areas.

When it comes to wiring devices for residential homes, manufacturers are providing products reflecting the successful combination of advanced connected technology and pleasing design aesthetics. These products include receptacles, connectors, switches, and other wiring devices.

Competitive Landscape

According to Persistence Market Research industry analysis, Panasonic Corporation, Eaton Corporation, ABB, Schneider Electric, Honeywell International, Inc., TE Connectivity, Legrand, Hubbell Inc., Leviton Manufacturing Company, Inc., Orbit Industries Inc., SMK Corporation, Molex, LLC, Lex Products, Lutron Electronics, Inc., and IPEX Electrical Inc. are identified as key wiring device manufacturers.

Many key manufacturers are inclined at investing heavily in innovation, research, and development practices in order to provide advanced and safe wiring devices to consumers. With the use of technology, players are also focusing on ensuring safety, quality, and customer satisfaction for captivating an increased customer base.

Companies operating in the market are also focused on product innovation and strategic partnerships with other vendors in order to enhance their portfolios while addressing the demand of an expanding customer pool. Introduction of new products and strategic partnerships are key in this landscape.

  • In September 2021, TE Connectivity announced the introduction of its Mezalok High-Speed Low-Force XMC connector to support data rate speeds up to 32+ Gb/s for improved signal processing on embedded computing applications. The enhanced HSLF Mezalok connector will join TE’s family of rugged, highly reliable connectors designed to meet growing demand for higher data rates.
  • In September 2021, Panasonic Corporation completed the acquisition of Blue Yonder, one of the leading providers of end-to-end, digital fulfillment platforms. The company purchased the remaining 80% of shares of Blue Yonder, adding to the 20% that it acquired in July 2020. The investment values Blue Yonder at US$ 8.5 Bn.
  • In June 2019, Honeywell announced a new range of smart wiring devices for the Indian market. This is aimed at providing convenience to consumers by easily managing electrical devices in homes.

Wiring Devices Industry Report Scope

Attribute

Details

Forecast period

2021-2031

Historical data available for

2016-2020

Market analysis

USD million for value

Key regions covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa

Key countries covered

  • US
  • Canada
  • Brazil
  • Mexico
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia and New Zealand
  • GCC Countries
  • Turkey
  • South Africa

Key market segments covered

  • Product
  • Application
  • Region

Key companies profiled

  • Panasonic Corporation
  • Eaton Corporation
  • ABB
  • Schneider Electric
  • Honeywell International, Inc.
  • TE Connectivity
  • Legrand
  • Hubbell Inc.
  • Leviton Manufacturing Company, Inc.
  • Orbit Industries Inc.
  • SMK Corporation
  • Molex, LLC
  • Lex Products
  • Lutron Electronics, Inc.
  • IPEX Electrical Inc.

Report coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Customization & pricing

Available upon request

Wiring Devices Industry Survey by Category

Product:

  • Current Carrying Devices
    • Receptacles
    • Electric Switches
    • Connectors
    • Others
  • Non-current Carrying Devices
    • Faceplates
    • Electric Insulator
    • Conduit, Trunking, and Raceways
    • Others
  • Circuit Protection Devices
    • Fuses
    • Circuit Breakers
    • Others

Application:

  • Wiring Devices for Commercial Use
  • Wiring Devices for Industrial Use
  • Wiring Devices for Residential Use

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  • What research methodology is followed by Persistence Market Research?

    Persistence Market Research follows a methodology that encompasses the demand-side assessment of the market and triangulates the same through supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions. Request a detailed methodology.

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  • What are the sources of secondary research?

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Media Release

- FAQs -

The global wiring devices market is currently valued at around US$ 49.9 Bn.
Market drivers include rise in demand for smart electrical devices in the commercial and residential sector and need for robust electrical circuits and components to ensure safety and physical risk protection.
From 2016 to 2020, demand for wiring devices increased at a CAGR of 2%.
Sales of wiring devices are projected to increase at 5.6% CAGR and be valued at over US$ 89 Bn by 2031.
Key market trends include increasing implementation of internet of things (IoT) in wiring devices and growing demand of wiring devices in the hospitality sector, among others.
Panasonic Corporation, Schneider Electric, Honeywell International, Inc., TE Connectivity, and Legrand are the top 5 wiring device manufacturers, accounting for more than 40% market share in 2020.
In Europe, the U.K. and Germany together hold a large market share of 55%, while Germany is expected to experience the highest value CAGR of 6.3%.
China, India, the U.S., Japan, and Germany are major demand centers for wiring devices.
India, Japan, China, the U.S., and U.K. are key producers of wiring devices.
In 2021, Japan held a market value of US$ 4.5 Bn, whereas, South Korea enjoyed a market value of close to US$ 1.7 Bn.
The global wiring devices market is currently valued at around US$ 49.9 Bn.
Market drivers include rise in demand for smart electrical devices in the commercial and residential sector and need for robust electrical circuits and components to ensure safety and physical risk protection.
From 2016 to 2020, demand for wiring devices increased at a CAGR of 2%.
Sales of wiring devices are projected to increase at 5.6% CAGR and be valued at over US$ 89 Bn by 2031.
Key market trends include increasing implementation of internet of things (IoT) in wiring devices and growing demand of wiring devices in the hospitality sector, among others.
Panasonic Corporation, Schneider Electric, Honeywell International, Inc., TE Connectivity, and Legrand are the top 5 wiring device manufacturers, accounting for more than 40% market share in 2020.
In Europe, the U.K. and Germany together hold a large market share of 55%, while Germany is expected to experience the highest value CAGR of 6.3%.
China, India, the U.S., Japan, and Germany are major demand centers for wiring devices.
India, Japan, China, the U.S., and U.K. are key producers of wiring devices.
In 2021, Japan held a market value of US$ 4.5 Bn, whereas, South Korea enjoyed a market value of close to US$ 1.7 Bn.

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