Major players in the industrial plugs and sockets market are ABB Ltd, Amphenol Corporation, Legrand SA, Marechal Electric Group, Mennekes, Schneider Electric SA, Emerson Electric Co. , Eaton Corporation PLC, Power and Control, and Labhya Tech.
New York, March 08, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Industrial Plugs And Sockets Global Market Report 2021: COVID-19 Impact And Recovery" - https://www.reportlinker.com/p06033655/?utm_source=GNW
The global industrial plugs and sockets market is expected to grow from $2.50 billion in 2020 to $2.62 billion in 2021 at a compound annual growth rate (CAGR) of 4.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $3.2 billion in 2025 at a CAGR of 5.1%.
The industrial plugs and sockets market consists of sales of industrial plugs and sockets by entities (organizations, sole traders and partnerships) that manufacture industrial plugs and sockets.Plug and socket outlet is a mechanism for regular coupling between a flexible cable and an electrical circuit, it comprises a socket outlet and a plug.
The socket-outlet is built to be linked to the electrical circuit. The plug is a component that is attached or intended to be connected to the end of a flexible cable that is connected to a device or connector.
The industrial plugs and sockets market covered in the report is segmented by type into plug, socket; by protection into waterproof, dustproof and splash-proof, explosion-proof, others; by end-user into power generation, oil and gas, heavy industry, chemical and pharmaceutical, others.
The Asia Pacific was the largest region in the industrial plugs and sockets market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The impact of COVID-19 is expected to hamper the growth of the industrial plugs and sockets market in the coming years.Industry manufacturers experienced a downturn in shipment and production, as governments have shut down factories to control the spread of coronavirus.
For instance, in 2020, Schneider Electric, a French-based electrical/electronic manufacturing firm, saw its first-quarter sales decline due to COVID-19 lockdowns, with first-quarter revenues of €5.83 billion (US$6.3 billion) declining 7.6% year-on-year. Therefore, the impact of COVID-19 hindered the growth of the industrial plugs and sockets market.
In January 2020, Siemens, a Germany-based automation company, acquired C&S Electric Limited for $324.83 million (EUR 267 million). The acquisition will enhance Siemen’s position in the business, enabling it to better serve customers requiring electrification in areas including construction, industry, data centers, smart campuses, and other city infrastructure. C&S Electric Limited is a New Delhi-based manufacturer of electrical and electronic equipment.
The increasing demand for smart grid networks is expected to propel the growth of the industrial plugs and sockets market in the coming years.The smart grid is new electricity production, distribution and transmission infrastructure capable of automating and handling the rising complexity and demands of electricity in the 21st century.
With an increasing tendency towards green energy, the substitution of the grid with the smart grid has gained prominence and is expected to increase the market for industrial plugs and sockets.A smart grid can help minimize greenhouse gas emissions by up to 211 million metric tons and is far more stable than a conventional grid, the demand for smart grid technology reached $400 billion in 2020.
The number of smart grid innovation firms worldwide is expected to be about 150, of which 77.4% are located in the United States. Therefore, the increasing demand for smart grid networks drives the growth of the industrial plugs and sockets market during the forecast period.
The growing technological advancements is a major trend gaining popularity in the industrial plugs and sockets market.Major companies operating in the industrial plugs and sockets sector are focusing on developing technologically advanced solutions for industrial plugs and sockets.
For instance, in April 2019, Marechal Electric SA, a France-based electrical and electronic manufacturing company, introduced its first 40 A switch disconnector, EVO and its first separable switch disconnector, which allows users to attach and detach devices securely. Switch, connector and disconnector integrate three tools into one for easy usage and less space and it can be utilized in all industries.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06033655/?utm_source=GNW
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