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The SNS Insider report projects a significant surge in the Power Strip Market, showcasing a robust growth trajectory. This market, valued at USD 11.65 billion in 2022, is expected to escalate to USD 17.75 billion by 2030, registering a compound annual growth rate (CAGR) of 5.4% during 2023-2030.
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Market Report Scope:
In the pursuit of energy efficiency and the mitigation of stand by power losses, power strips have emerged as indispensable tools for both residential and commercial users. These devices, designed to monitor and regulate individual socket power, empower users to manage their electronic devices remotely through smart power functionalities. Moreover, built-in safety features ensure protection against electrical hazards, contributing significantly to market revenue growth. The escalating demand for electronic goods, propelled by economic growth in emerging markets and the rise in disposable income globally, further amplifies the adoption of power strips. This evolving landscape fosters continuous innovation across industries, catering to diverse customer needs and preferences.
Top Key Players of Power Strip Market
Belkin International Inc.
Schneider Electric SE
Koninklijke Philips N.V
General Electri
Leviton Manufacturing Co. Inc
Legrand SA
Siemens AG
Panasonic Corporation
Delixi Electric Ltd.
ABB Ltd
Cyber Power Systems Inc.
Falconer Electronics
Market Segmentation of Power Strip
By Protection
Surge Protection
Fuse-based Protection
Others
By Application
Household
Commercial
Industrial
By Type
Common Power Strip
Specialized Power Strip
Smart Power Strip
Market Analysis:
The Power Strip Market is witnessing a surge driven by several key factors. The demand for power strips is consistently growing as customers looking for the solutions to connect multiple devices simultaneously, spurred by the proliferation of connected devices such as TVs, lights, and computers. Common power strips, featuring on/off switches, facilitate energy conservation, adding to their appeal. Additionally, the smart power strip segment is poised for rapid growth, offering intelligent functionalities such as detecting standby mode devices and power management, which traditional strips lack. Organizations are increasingly embracing smart power strips for device protection against power surges, reflecting a market trend towards enhanced safety and efficiency.
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Segment Analysis:
By power strip types,
the common power strips dominate the market with holding share of more than 57.0% of Revenue. This dominance stems from their ability to cater to the increasing need for multiple outlets and energy conservation features. On the other hand, the smart power strip segment is poised for exponential growth, driven by its advanced functionalities in power management and surge protection, appealing to safety-conscious consumers and organizations alike.
By applications,
the commercial sector takes the lead, representing a substantial portion of overall revenue. Commercial-grade power strips, equipped with surge protection and specialized outlets, cater to diverse business needs, from outdoor setups to corporate offices, bolstering their significance in the market.
Impact of Economic Downturn
The recent economic downturn has created challenges to market dynamics, influencing consumer spending patterns and industry investments. However, the resilience of the power strip market, driven by essential functionalities and evolving technological advancements, mitigates adverse impacts.
Russia-Ukraine Conflict:
The Russia-Ukraine conflict has also impacted market dynamics, particularly concerning supply chains and global economic stability. The market players are adapting strategies to navigate uncertainties and ensure continuity in operations and product availability.
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Key Regional Developments:
North America region dominates the Power Strip Market with holding significant share, driven by robust economic conditions and a focus on sustainable energy practices. With high-income consumers driving market growth, the region emphasizes technological advancements and energy-efficient solutions.
The Asia Pacific is growing with the Highest Compound annual growth rate, driven by improving living standards and widespread adoption of electronic technologies. The region’s demand for power strips is further propelled by the quest for reliable electricity access, especially in developing nations.
Key Takeaways for Power Strip Market:
Increasing demand for power strips driven by connected devices and energy conservation needs. Rapid growth of smart power strips with advanced functionalities and surge protection features. Commercial sector leading market revenue, driven by diverse business applications. North America and Asia Pacific as key growth regions, driven by economic factors and technological advancements.
Recent Developments: In March 2021, Tripp Lite partnered with Mayflex to distribute Tripp Lite’s product line in the United Kingdom, enhancing accessibility and market reach.
Leviton’s release of a medical-grade power strip with load monitoring technology in February 2020 underscores industry focus on safety and regulatory compliance, offering real-time data insights for enhanced productivity and efficiency in healthcare facilities
Table of Content
- Introduction
- Research Methodology
- Market Dynamics
- Impact Analysis
- Value Chain Analysis
- Porter’s 5 forces model
- PEST Analysis
- Power Strip Market Segmentation, By Protection
- Power Strip Market Segmentation, By Application
- Power Strip Market Segmentation, By Type
- 11. Regional Analysis
- 12. Company Profile
- 13. Competitive Landscape
- 14. USE Cases and Best Practices
- 15. Conclusion
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