The Global Power Strip Market size is expected to reach $16.2 billion by 2027, rising at a market growth of 6.4% CAGR during the forecast period. A block of electrical sockets, which offers an additional cord length and mobility than the traditional wall sockets, is known as a power strip. The wall sockets are usually placed at uncertain and hard-to-reach locations. In addition, power strips are generally utilized in some places of the house that have many appliances like the living room as only some of the wall sockets are available in the space.
Power strips mostly consist of a master switch, which cuts off power to the whole strip, suitably enabling one to cut off the power to all the other attached electronic appliances with just a click. Though, some models consist of individual switches for each and every socket on the strip, which makes it more flexible regarding selectively discontinued the power supply of any socket. Such power strips are important because certain electronic appliances should not to be unplugged directly like computers and printers, since they could damage them. Moreover, power strips also have indicator lights on the switches to enable an easy indication for telling which sockets have a power supply or not. Some sophisticated models offer one or more fuses to avoid power surges affecting the devices that are plugged in to the power strip.
The rising demand for a stable power supply is anticipated to fuel the growth of the power strip market. The growing demand for utility & electrical devices is boosting the requirement for a stable power supply, which makes power strips more important to enhance the quality of power in electrical systems.
COVID-19 Impact Analysis
The outbreak of the global Covid-19 pandemic has had a huge impact on various industrial sectors of the business domain. The imposition of numerous regulations like the travel ban, social distancing, temporary ban on manufacturing units, ban on import and exports has resulted in the increasing gap between demand and supply chains. The lack of a workforce has resulted in the depleting stock of numerous products in the market.
However, this pandemic has positively affected the growth of the power strips market due to the significant increase in online sales and the growing use of numerous devices at home. Owing to the imposition of lockdown in many nations across the globe, the customers have started working from home, which created more demand for power strips as they is expected to protect their electrical devices from any power voltage fluctuation, and hence, fueling the sales of power strips.
Market Growth Factors:
Helps in saving energy by minimizing the standby power loss
The usage of power strips helps in saving energy through the detection of inactive appliances connected to the power strip sockets. Whenever a device gets motionless, the power strip detects it within a fixed time frame and cuts off the power from the socket. This is expected to further help in saving energy and minimize the power usage of the extension. By preventing standby power loss and active energy waste, power strips is expected to offer more energy conservation.
Power strips are potable and handy
Power strips play an important role at the places where electrical sockets are not available at desired locations. At times, there are more appliances that are required to function at the same time but there are not enough sockets available for that the same. In that situation, power strips are very much required to connect all the devices for usage. These power strips are portable and handy, which make them flexible for usage at any location.
Market Restraining Factor:
Strict rules and regulations is expected to hamper the power strip market
There are numerous standards and compliances that the power strip manufacturers should fulfill while manufacturing their products. These regulations may differ from country to country. Every electronic equipment or device should meet the standards that are framed by the regulatory authorities of the region, in which they are manufactured. As a result, this is the major challenge for the manufacturers as one power strip fulfilling the compliances of one region may not be up to the mark for another region.
Type Outlook
Based on Type, the market is segmented into Common, Smart and Specialized. The common power strip segment acquired the maximum revenue share in the global power strip market in 2020. The rising number of connected lights, televisions, and computers, among other electronic devices, is motivating customers to highly adopt these power strips to offer them extra outlets to stay connected with various devices at the same time.
Protection Outlook
Based on Protection, the market is segmented into Surge Protection, Fuse-based Protection and Others. The surge protection segment accounted for the largest revenue share in the market in 2020, which is projected to garner the highest CAGR during the forecast period. The main reason behind equipment failure is voltage surges that are usually occurred because of circuit-breaker tripping, electrical accidents, lightning strikes, and turning nearby heavy-load machines on/off.
Application Outlook
Based on Application, the market is segmented into Commercial, Household and Industrial. power strips with numerous specialty outlets like USB outlets and modem outlets, are generally utilized in corporate offices for a wide range of devices. Such power strips have built-in surge protection to maintain the safety of the office equipment. There are several enterprises that are manufacturing power strips particularly for commercial purposes and also complying with ETL, UL, and CSA standards. For example, Falconer Electronics manufactures commercial power strips made with steel to make power strips with a more protective and strong case.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific is anticipated to display the fastest growth rate during the forecast period. The standard of living is increasing in this region and the growing adoption of advanced electronics is estimated to fuel the requirement for power strips. There are certain emerging nations in the Asia Pacific that do not have the availability of clean or reliable power, which further results in the high risks of smart electronic devices getting damaged. The usage of power strips helps in preventing the electronics from getting damaged.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, General Electric (GE) Co., Siemens AG, Schneider Electric SE, Panasonic Corporation, Koninklijke Philips N.V., Legrand S.A. (Raritan, Inc.), CyberPower Systems (USA), Inc., Leviton Manufacturing Co., Inc. and Hon Hai Precision Industry Co., Ltd. (Belkin International, Inc.).
Chapter 3. Global Power Strip Market by Protection 3.1 Global Surge Protection Power Strip Market by Region 3.2 Global Fuse-based Protection Power Strip Market by Region 3.3 Global Other Protection Power Strip Market by Region
Chapter 4. Global Power Strip Market by Type 4.1 Global Power Strip Common Market by Region 4.2 Global Power Strip Smart Market by Region 4.3 Global Power Strip Specialized Market by Region
Chapter 5. Global Power Strip Market by Application 5.1 Global Commercial Power Strip Market by Region 5.2 Global Household Power Strip Market by Region 5.3 Global Industrial Power Strip Market by Region
Chapter 6. Global Power Strip Market by Region
Chapter 7. Company Profiles 7.1 ABB Group 7.1.1 Company Overview 7.1.2 Financial Analysis 7.1.3 Segmental and Regional Analysis 7.1.4 Research & Development Expense 7.1.5 SWOT Analysis 7.2 General Electric (GE) Co. 7.2.1 Company Overview 7.2.2 Financial Analysis 7.2.3 Segmental and Regional Analysis 7.2.4 Research & Development Expense 7.2.5 SWOT Analysis 7.3 Siemens AG 7.3.1 Company Overview 7.3.2 Financial Analysis 7.3.3 Segmental and Regional Analysis 7.3.4 Research & Development Expense 7.3.5 SWOT Analysis 7.4 Schneider Electric SE 7.4.1 Company Overview 7.4.2 Financial Analysis 7.4.3 Segmental And Regional Analysis 7.4.4 Research & Development Expense 7.4.5 SWOT Analysis 7.5 Panasonic Corporation 7.5.1 Company Overview 7.5.2 Financial Analysis 7.5.3 Segmental and Regional Analysis 7.5.4 Research & Development Expense 7.5.5 Recent strategies and developments: 7.5.5.1 Product Launches and Product Expansions: 7.5.6 SWOT Analysis 7.6 Koninklijke Philips N.V. 7.6.1 Company Overview 7.6.2 Financial Analysis 7.6.3 Segmental and Regional Analysis 7.6.4 Research & Development Expense 7.7 Legrand S.A. (Raritan, Inc.) 7.7.1 Company Overview 7.7.2 Financial Analysis 7.7.3 Regional Analysis 7.7.4 Research & Development Expense 7.7.5 Recent strategies and developments: 7.7.5.1 Acquisition and Mergers: 7.8 CyberPower Systems (USA), Inc. 7.8.1 Company Overview 7.8.2 Recent strategies and developments: 7.8.2.1 Partnerships, Collaborations, and Agreements: 7.8.2.2 Product Launches and Product Expansions: 7.9 Leviton Manufacturing Co., Inc. 7.9.1 Company Overview 7.9.2 Recent strategies and developments: 7.9.2.1 Product Launches and Product Expansions: 7.10. Hon Hai Precision Industry Co., Ltd. 7.10.1 Company Overview 7.10.2 Financial Analysis 7.10.3 Regional Analysis 7.10.4 Research & Development Expense
