Nov 30, 2020   SOURCE: BusinessWire

Global Industrial Plugs & Sockets Markets, 2020-2025: Focus on Heavy Industries, Oil & Gas, Chemicals & Pharmaceuticals, Power Generation - ResearchAndMarkets.com

The "Global Industrial Plugs & Sockets Market Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The global industrial plugs and sockets market size is projected to grow from USD 2.5 billion in 2020 to USD 3.2 billion by 2025; it is expected to grow at a CAGR of 4.9% from 2020-2025.

The key factors driving the growth of the industrial plugs and sockets market include rapid industrialization in Asia Pacific and increased investments in infrastructure development projects to contribute to the global economy post-COVID-19.

However, due to the COVID-19 pandemic, local currencies of many countries have depreciated. There is a misalignment of supply and demand, leading to financial losses for components/parts manufacturers. Key components used in manufacturing industrial plugs and sockets are procured typically in US dollars, which results in increased component cost, which is likely to hamper the growth of the industrial plugs and sockets market.

The waterproof segment, by protection, is expected to be the largest market from 2020 to 2025

The protection segment is categorized as Dustproof and Splash Proof, Waterproof, and Explosion Proof. Waterproof industrial plugs and sockets are specialized industrial plugs and sockets that can withstand the challenging environmental conditions of marine, food & beverages, and chemicals & pharmaceuticals industries. These plugs and sockets are often used in conditions where they have to be submerged in water or are near constant water jets. These advantages, such as reliable and safe to operate under challenging environments, are expected to drive the market for waterproof plugs and sockets.

The heavy industries segment, by the end user, is expected to be the fastest-growing market from 2020 to 2025

The end user segments are categorized as Heavy Industries, Chemicals and Pharmaceuticals, Oil and Gas, Power Generation, and Others. Others include agriculture, military, and sports and entertainment. The heavy industries segment is expected to grow at the fastest rate during the forecast period. Heavy industries such as mining and metals and steel and aluminum manufacturing have dusty, moist, watery, and explosion-prone environments.

Wet and moist conditions are also prevalent in food and beverages, as well as textiles industries. Thus, the diverse set of demands and requirements of different heavy industries led to increased industrial plugs and sockets in heavy industries. This, combined with the increased investment in infrastructure projects in key markets such as China, the US, and India, are expected to contribute to the segment's fast growth.

Asia Pacific: The largest and the fastest-growing region in the industrial plugs and sockets market

Asia Pacific is expected to be the largest and fastest industrial plugs and sockets market during the forecast period. Asia Pacific comprises China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific.

China, Japan, and India dominate the industrial plugs and sockets market in Asia Pacific. The increased demand for industrial plugs and sockets from the automotive, steel, chemicals, and construction industries of these countries contribute significantly to the growth of the market in Asia Pacific. The region is home to China and India - the two fastest-growing economies in the world. The surging investments in the construction and infrastructure development sectors of these countries are also fueling the growth of the industrial plugs and sockets market in Asia Pacific.

The leading players in the industrial plugs and sockets market are Amphenol Corporation (US), ABB (Switzerland), Emerson Electric (US), Schneider Electric (France), and Legrand SA (France).

Companies Mentioned

  • ABB
  • Amphenol Corporation
  • Bals Elektrotechnik
  • C&S Electric
  • Eaton
  • Emerson Electric
  • Gewiss
  • Hubbell
  • Ilme
  • Legrand
  • Leviton
  • Marechal Electric Group
  • Mennekes
  • Neptune
  • Palazzoli Group
  • PC Electric
  • R. Stahl
  • Rauscher & Stoecklin
  • Scame Group
  • Schneider Electric
  • Walther-Werke
  • Weg

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