The global power sockets market is anticipated to grow at a significant CAGR during the forecast period (2022-2028). Surging demand for power sockets in household applications owing to the rise in the number of residential units is anticipated to drive the growth of the global power sockets market. According to the data published by India Brand Equity Foundation (IBEF) in 2022, the real estate sector in India is anticipated to reach $1 trillion by 2030, up from $200 billion in 2021. Further, the home sales volume across major cities in India surged by 113% and reached 62,800 units in the third quarter of 2021. According to the Economic times Housing Finance Summit, nearly 3 houses are built per 1,000 people per year compared with the required construction rate of five houses per 1,000 population. Thus, an additional 25 million units of affordable housing are required by 2030 to meet the growth in the country’s urban population. Therefore, the rise in the number of residential units is anticipated to fuel the demand for the global power socket market.
Looking toward the demand for power sockets, key market players are adopting various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in September 2019, Indyro Global launched Power Plus. The Power plus contains a 6ft long power track, universally adaptive sockets, socket enhancer accessories such as LAN adapter, and more. According to the company, the sockets are universally adaptable and avoid the problem of non-compatibility. The Power Plus possesses the potential to support a load of 5kW and up to 25-30 devices can be connected at the same time. Further, the accessories assists add multiple utilities to the sockets, which can serve as a WIFI adapter or can connect LAN cable, while adapting to the needs of corporate spaces. Thus, such launches are anticipated to drive the growth of the global power sockets market during the forecast period (2022-2028).
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Schneider Electric Pty Ltd., CJC Systems, Theben AG, and Legrand among others
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Global Power Sockets Market Report by Segment
By Type
Wall-mounted Power Sockets
Surface Mounted Power Sockets
By Application
- Household
- Commercial
- Public Utilities
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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