Global Industrial Plugs and Sockets Market 2017-2021
About Industrial Plugs and Sockets
Connections between high power supply sources and electrical devices can be made in two ways: either hardwiring the connection between the source and the device or using standardized plugs and sockets. Since connecting and removing the electricity supply between hardwired devices, which need to be moved/disconnected regularly, is a cumbersome process, industrial plugs and sockets are used in such applications. Industrial plugs and sockets provide a safe and convenient method of connection between two electrical circuits.
Industrial plugs and sockets are utilized in low voltage and current industrial applications (lower than the utility requirement) to provide electrical connections in manufacturing facilities, such as the automobile industry, shipbuilding yards, and aircraft manufacturing. These are usually designed to withstand rugged use and the harsh conditions that are encountered in these workplaces.
Technavio’s analysts forecast the global industrial plugs and sockets market to grow at a CAGR of 4.10% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global industrial plugs and sockets market for 2017-2021. To calculate the market size, the report considers the demand from end-users
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Industrial Plugs and Sockets Market 2017-2021
Technavio recognizes the following companies as the key players in the global industrial plugs and sockets market: ABB, Amphenol, Hubbell, Legrand, MENNEKES, and TE Connectivity
Other Prominent Vendors in the market are: Andeli Group, Bals Deutschland, Cavotec, Eaton, Emerson Electric, Gewiss, HIROSE ELECTRIC, HENGTONG ELECTRIC, I.L.M.E.,ITT, Leviton Manufacturing, LEWDEN METAL PRODUCTS, Marechalgroup, Molex, Palazzoli, Schneider Electric, Scame Parre, and WALTHER-WERKE.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Consolidation in the electrical equipment manufacturing industry. There are a large number of vendors present in the electrical equipment manufacturing business globally, which includes the industrial plugs and sockets manufacturers. Most of these vendors have a prominent presence in countries with low-cost labor, such as China. The presence of such a large number of such industries, as well as the huge manufacturing overcapacity, poses a major challenge during times of economic downturn. Due to this factor, there has been considerable consolidation activities among electrical component manufacturers during the last five years, i.e., 2011-2016.”
According to the report, one of the major drivers for this market is Industrial growth in emerging economies. There has been a growing focus on domestic manufacturing and consumption in several emerging economies to meet the growing internal demand for manufactured goods and to reduce dependence on imports. This is encouraging several governments to develop and attract investments in local industries. The rise in industrial activities in the developing nations of Asia and Latin America is expected to be a major growth driver for the industrial plugs and sockets market during the next five years. The leading consumer of industrial plugs and sockets across the globe is the secondary or manufacturing industry. The rise in manufacturing activities has a direct impact on the demand for industrial plugs and sockets.
Further, the report states that one of the major factors hindering the growth of this market is Volatility in raw material prices. One of the major challenges for a manufacturing-driven company is the cost of raw materials. The material cost for the production of plugs and sockets form a significant share of the total cost of manufacturing. Any notable change in the cost of raw materials may drive down the margins for the vendors of industrial plugs and sockets.
ABB, Amphenol, Hubbell, Legrand, MENNEKES, and TE Connectivity,Andeli Group, Bals Deutschland, Cavotec, Eaton, Emerson Electric, Gewiss, HIROSE ELECTRIC, HENGTONG ELECTRIC, I.L.M.E.,ITT, Leviton Manufacturing, LEWDEN METAL PRODUCTS, Marechalgroup, Molex, Palazzoli, Schneider Electric, Scame Parre, and WALTHER-WERKE.
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