NEWARK, Del, Dec. 13, 2023 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI) report, the global current-carrying wiring devices market value is expected to increase from US$ 49.2 billion in 2023 to US$ 103.5 billion by 2033. Over the assessment period from 2023 to 2033, global sales of current-carrying wiring devices are likely to rise at a CAGR of 7.7%.
The future of the worldwide current-carrying wiring devices industry looks bright with rising applications in residential and commercial sectors. The target market is anticipated to generate an absolute $ opportunity of US$ 54.3 billion through 2033.
Sales are expected to remain high for electric switches due to their increasing usage in various applications. As per the latest analysis, electric switch segment is predicted to progress at 7.6% CAGR through 2033, in comparison to 8.2% CAGR registered during the historical timeframe.
Increasing adoption of current-carrying wiring devices across residential, commercial, and industrial sectors is providing impetus for the expansion of the target market.
Request a Sample Report for a Comprehensive Analysis! https://www.futuremarketinsights.com/reports/sample/rep-gb-17847
Current-carrying electronic products that provide proper control and connections in electrical devices and wiring are known as current-carrying wiring devices. These devices are essential for safe, efficient, and reliable electrical wire connections.
Current-carrying wiring devices help end users protect expensive equipment and workers from potential dangers and prevent fire. As a result, they are gaining wider popularity which in turn is expected to boost the target market.
Robust growth of residential sector is expected to augment market growth during the projection period. Homeowners are increasingly using current-carrying wiring devices such as electric switches to easily connect and disconnect electric devices.
Current-carrying wiring devices offer convenience and better safety which is encouraging their adoption across the residential sector.
Growing demand for smart homes and rising penetration of automation & electrification are other prominent factors expected to create a high demand for current-carrying wiring devices.
Development of advanced current-carrying wiring devices with enhanced features such as remote control & monitoring will further boost the target market over the assessment period.
Key Takeaways from the Current-carrying Wiring Devices Market Report:
- The global current-carrying wiring devices industry is forecast to exceed a valuation of US$ 103.5 billion by 2033.
- Based on product, electric switches segment is expected to thrive at 7.6% CAGR through 2033.
- By end user, residential segment is anticipated to expand at a CAGR of 7.5% during the assessment period.
- The United States current-carrying wiring devices market size is projected to reach US$ 19.2 billion by 2033.
- Demand for current-carrying wiring devices in Japan is likely to rise at 7.6% CAGR during the forecast period.
- China current-carrying wiring devices industry is set to reach a valuation of US$ 22.5 billion by 2033.
- The United Kingdom market value is expected to reach US$ 3.9 billion by 2033.
- Sales in South Korea market are likely to soar at 7.4% CAGR during the projection period.
“Exponential growth of real estate sector across the world is expected to present lucrative opportunities for the current-carrying wiring devices industry during the forecast period. To gain maximum profits, companies are expanding their portfolios by launching new smart and energy-efficient wiring devices.” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Purchase Your Premium Report for Exclusive Market Intelligence Now! https://www.futuremarketinsights.com/checkout/17847
Who is Winning?
- ABB
- Anchor Electricals Pvt. Ltd.
- Eaton Corporation PLC
- Honeywell International, Inc.
- Hubbell, Inc.
- Legrand
- Leviton Manufacturing Co., Inc.
- Orel Corp.
- OSRAM GmbH
- Schneider Electric
- Simon S.A.
- SMK Corp.
These key players are concentrating on developing new wiring devices with additional features such as remote controlling and energy efficiency. They also employ strategies such as acquisitions, partnerships, facility expansions, collaborations, mergers, and alliances to strengthen their market presence.
Recent Developments:
- In March 2023, Honeywell introduced a new range of wiring devices called Blenze Pro. These new devices are ideal for a wide range of applications.
- In May 2018, ABB India unveiled a new switch range ideal for energy-efficient buildings.
Current-carrying Wiring Devices Market Segmentation Analysis:
By Product:
- Electric Switches
- Wire Connectors
- Receptacles
- Others
By End User:
- Residential
- Commercial
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
Request the Report Methodology: https://www.futuremarketinsights.com/request-report-methodology/rep-gb-17847
About Industrial Automation Domain at Future Market Insight(FMI):
The Industrial Automation division of Future Market Insights (FMI) Research offers a novel approach and innovative perspective in analyzing the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery across the manufacturing sector and distinctive analysis of installed base, consumables, replacement, and USP-feature-application matrix make us a pioneering voice in the industry.
We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Explore Future Market Insights, Inc. Extensive Coverage in Industrial Automation Domain:
The adoption of Benelux power tools market is slated to grow at 4.6% CAGR between 2023 and 2033, totalling a valuation of US$ 1.711 Billion by 2033.
The global mechanical seals market is forecasted to grow at a CAGR of 4.1% to be valued at US$ 5.0 Billion from 2023 to 2033.
The global power tool gears market is estimated to reach US$ 8.38 Billion in 2030, rising at 5.1% CAGR during forecast period.
The Middle East conveyor belt market is expected to value US$ 338.791 Billion by 2033, growing at a CAGR of 4.6%.
The switchgear market is projected to expand at a 5.3% CAGR from an estimated US$ 4,828.4 Million in 2023 to US$ 7,685.3 Million by 2033.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
