Estimated Growth Potential Of The Industrial Plugs And Sockets Market 2023-2032
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
According to The Business Research Company’s Industrial Plugs and Sockets Global Market Report 2023, the global market will increase from $2.8 billion in 2022 to $2.98 billion in 2023, with a 6.7% CAGR. By 2027, it’s projected to reach $3.85 billion, growing at a 6.6% CAGR.
Asia-Pacific held the largest industrial plugs and sockets market share.
Industrial Plugs And Sockets Market Driver
The industrial plugs and sockets market is set to advance due to increasing demand for smart grid networks. Smart grids, a modern electricity infrastructure, manage the complexities of 21st-century electricity demands and are eco-friendly. Replacing traditional grids with smart grids is gaining traction, fostering industrial plugs and sockets market growth. Smart grids can cut greenhouse gas emissions by up to 211 million metric tonnes, providing stability. By 2020, smart grid tech demand is estimated at $400 billion, with around 150 global innovation firms, mostly in the United States. Thus, the need for smart grid networks drives the industrial plugs and sockets market.
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Key Industrial Plugs And Sockets Market Segments
The industrial plugs and sockets market worldwide divides into segments:
- Type: Plug, Socket
- Protection: Waterproof, Dustproof/Splash-Proof, Explosion-Proof, Other Protections
- End User: Power Generation, Oil & Gas, Heavy Industry, Chemical & Pharmaceutical, Other Users
Industrial Plugs And Sockets Market Prominent Players
Key players in the industrial plugs and sockets market include ABB Ltd., Amphenol Corporation, Legrand SA, Marechal Electric Group, Mennekes, Schneider Electric SA, Emerson Electric Co., Eaton Corporation PLC, Power and Control, and Labhya Tech.
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Prominent Industrial Plugs And Sockets Market Trend
The industrial plugs and sockets market sees a prominent trend in growing technical advancements. Leading companies are innovating technologically enhanced solutions. In August 2022, Tenneco Inc., a US-based automotive components manufacturer, introduced a new range of Champion® industrial spark plugs, M14 with HEX16mm and C-4001. This M14 industrial plug range features double Iridium for high performance, enhanced electrical and mechanical strength, and increased resistance to high-voltage failures due to its new ceramic formula. It offers nominal electrode gaps of 0.25mm for stationary use and 0.40mm for on- and off-road applications.
The Industrial Plugs And Sockets Global Market Report 2023 provides comprehensive insights on the industrial plugs and sockets market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the industrial plugs and sockets market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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