New Revenue Pockets:
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 to 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.
Key market players:
Amphenol Corporation (US), ABB (Switzerland), Emerson Electric (US), Schneider Electric (France), Legrand (France), Marechal Electric Group (France), Mennekes (Germany), Palazolli Group (Italy), SCAME Group (Italy), Eaton (Ireland), and others.
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The industrial plugs and sockets market has promising growth potential due to increasing industrial investments in key market regions and large-scale infrastructure investment plans to spur economic growth. Globally many countries have suffered heavily due to the ongoing COVID-19 pandemic and resultant economic slowdown. To kickstart the economy and spur growth, countries are looking to invest in largescale infrastructure projects. Infrastructure investments have a direct impact on the demand for industrial plugs and sockets market. Construction and infrastructure are some of the key contributors to demand industrial plugs and sockets. Increasing investments and spending in the construction sector is expected to translate into demand for industrial plugs and sockets.
The industrial plugs and sockets market, by type, is segmented into industrial plugs, and industrial sockets. Typically, industrial sockets and plugs are used in equal numbers. However, rising demand for industrial plugs owing to their ease of use and increasing requirement of safe and reliable interconnected solutions is expected to drive the growth of this segment of the market
The industrial plugs and sockets market, by protection, is segmented into dustproof and splash-proof, waterproof, and explosion-proof. The waterproof industrial plugs and sockets segment is expected to be the fastest-growing segment during the forecast period. This segment of the market’s growth can be attributed to the increased demand for safe and reliable waterproof industrial plugs and sockets for use in heavily moist and water-prone environments in different industries such as marine, food & beverages, and chemicals & pharmaceuticals industries.
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Asia Pacific is estimated to be the fastest-growing market for industrial plugs and sockets during the forecast period. 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. Increasing investments in the domestic industrial sector of countries such as India and other southeast Asian countries due to economic nationalism and cheap labor is contributing to the demand for industrial plugs and sockets. 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.
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