In this report, the Industrial Plugs And Sockets market is segmented by geography and equipment type. The information also includes Porter’s Five Forces analysis of the market. In this report, you’ll learn about the industrial plugs and sockets market, what it’s made of, how it developed, how it’s predicted to grow over the next 15 years, and more. So read on for a deep-dive into the future of this industry with our forecasts.
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Industrial Plugs And Sockets Market Business Growth
The industrial plugs and sockets market is expected to grow at a CAGR of 4.6% over the period 2016-2027. The market is estimated to reach USD 14,612.7 million by 2027 from USD 11,931.1 million in 2016, exhibiting a CAGR of 4.6%. The industrial plugs and sockets market has been growing gradually. The industrial plugs and sockets market is expected to grow at a CAGR of 16.7% over the forecast period 2017-2027.
Industrial plugs and sockets are the core mechanical product of any industrial unit; they connect equipment with electricity. The Industrial plugs and sockets market is expected to reach USD 64.29 billion by 2027 from USD 54.53 billion in 2017, at a CAGR of 5.3% during the forecast period (2017-2027). Global Industrial Plugs And Sockets Market Research Report assesses the market size, growth rates, and forecast to 2027. In addition, the report provides an in-depth study of factors influencing the market sales for the Industrial Plugs And Sockets industry. Apart from this report, the research study includes a comprehensive examination of the Industrial Plugs And Sockets industry’s business opportunities and their analysis, along with their feasibility and profitability related to critical global market segments.
The industrial plugs and sockets market is expected to show substantial growth during the forecast period. The key drivers of the market are increasing demand for encrypted internet connectivity, increasing adoption of technology in IoT devices, rising demand for renewable energy solutions, and growing demand for increased cyber security.
There are various opportunities in the global industrial plugs and sockets market. The usage of plugs and sockets is increasing due to technological advancements that push for better products. Industrial plugs and sockets are a product that is widely used by businesses both in the industrial and commercial sectors. The market for this product has been predicted to grow at a compound annual growth rate of 6.7% during the forecast period, with demand increasing from 2.58 Billion Units in 2017 to 2.99 Billion Units in 2027.
The global industrial plugs and sockets market was valued at US$4.2 Billion in 2017, which is expected to reach US$6.3 billion by 2027, registering a compound annual growth rate (CAGR) of 7.7% between 2017 and 2027. The market is led by the Asia-Pacific region, accounting for the majority of revenue share with 43%. North America is second with a revenue share of 36%.
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The industrial plugs and sockets market is expected to grow from USD 13.1 Billion in 2017 to USD 18.2 Billion by 2027, at a CAGR of 5.8%. The market has witnessed significant growth in the past few years because of the rising need for easy installation and the increased adoption of plug-and-socket connections in various applications. As a result, the industrial plugs and sockets market size was USD 9.33 Billion in 2017, with a CAGR of 0.1% during the forecast period of 2018-2027.
Industrial plugs and sockets are electrical connectors used to connect, disconnect, and regulate the power to industrial machines or devices. Industrial “plug” is a generic term that describes any device with a contact opening into an equipment enclosure. Industrial “socket” may refer to either an individual instrument in the “plug” family or a larger grouping such as a socket panel. The term is most often applied to power distribution panels (PDPs) or large groups of devices using one or more types of plug connectors.