Power Strip Industry Overview:
The study documents by MRFR state that the Power Strip Market Research Report Information by Protection Type, Type, Application, and Region – Forecast Till 2032, the Power Strip market is predicted to expand substantially during the evaluation era from 2022 to 2032 at a sizable CAGR of closely 4.3%.
Market Research Future Insights
The study documents suggest projections related to the global market’s mounting revenue data, which will likely attain a market of USD 17,942.6 million by the end of 2032. As per the reports, the market was priced at almost USD 12,756.2 million in 2022. A power strip, also called an extension block, plug board, power bar, power board, or multi-socket extension cord, refers to a device enabling several electrical devices to be linked to a single power source. It usually comprises a metal or plastic housing with several electrical outlets (sockets) into which you can plug various electronic or electrical devices. The Power Strip market has recently advanced. The main feature causing a rise in market performance is the escalation of demand for electronic devices.
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Competitive Analysis
- ABB Ltd, (Switzerland)
- General Electric (U.S.)
- Siemens AG (Munich)
- Belkin International Inc.(U.S.)
- Schneider Electric S.E.(Paris)
- Falconer Electronics (U.S.)
- Delixi Electric Ltd (China)
- Legrand SA (France)
- Panasonic Corporation (Japan)
- Cyber Power Systems Inc. (U.S.)
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Market Drivers
The Power Strip market has recently advanced. The main feature causing a rise in market performance is the escalation of demand for electronic devices. Furthermore, the rise in protection and safety concerns is also believed to be one of the vital parameters enhancing the growth of the global market. In addition, the remote work and home office trends are also likely to fuel the growth of the global market over the coming years.
Market Restraints
On the contrary, various aspects may harm expanding the global market for Power Strip. One of the main restraints in advancing the market’s growth is the elevated prices allied with raw materials.
Segment Analysis
The global market for power Strip has been segregated into several segments based on protection type, type, application, and region.
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Based on the type, the global market for power Strip is divided into specialized power Strip, smart power Strip, and common power Strip.
Based on the propulsion type, the global market for power Strip is divided into fuse-based protection and surge protection.
Based on the application, the global market for power Strip is divided into industrial, commercial, and household.
Regional Analysis
The global market for Power Strip is analyzed across Latin America, North America, Europe, Asia-Pacific, and the Middle East & Africa.
The study documents by MRFR entail that The North American Region ensured the prime position across the Power Strip market in 2022. The area is recognized for dynamic development contributors such as Mexico, Canada, and the U.S. The primary aspect boosting the development of the regional Power Strip market is the highest adoption rates of electronic devices in the world. The area is known to have a large population of tech-savvy consumers who own a wide range of electronic gadgets, including tablets, smart TVs, laptops, smartphones, gaming consoles, and more. With the number of devices per household growing continuously, the demand for power Strip with numerous outlets and USB charging ports grows, causing a rise in the market’s growth.
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The European Region will grow substantially across the Power Strip market from 2023 to 2032. The area is recognized for dynamic development contributors such as Germany, France, and the U.K. The primary aspect boosting the development of the regional Power Strip market is the ongoing adoption of remote work.
The Asia-Pacific region is estimated to grow at the highest pace across the Power Strip market over the assessment era. The area is recognized for dynamic development contributors such as China, India, and Indonesia. The primary aspect boosting the development of the regional Power Strip market is the need for power Strip to accommodate the power requirements of computers, monitors, printers, and other office equipment.
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Market Research Future® (Part of WantStats Research and Media Pvt. Ltd.) has specialized research analysts in the areas of Aerospace & Defense, Automotive, C&M, Energy & Power, F&B, Healthcare & Pharmaceutical, ICT, Industrial Equipment, Packaging Construction & Mining and Semiconductor.
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and about what action to take based on these aspects.
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