NEW YORK, Oct. 26, 2021 /PRNewswire/ — Demand for wiring devices is expected to top a valuation of US$ 51.4 Bn in 2021. As per Persistence Market Research analysis, the market is slated to register steady growth at 5.6% CAGR from 2021 to 2031.
Growing popularity of smart city projects is majorly driving demand for wiring devices across the globe, many of which are being implemented in most large cities across the U.S., Germany, U.K., India, and Singapore, among others. Many established players are supporting smart city projects and trying to gain a larger share in the global market. There are many utilities that are already connected through foundations between businesses and homes. With increasing number of customers focused on installing smart wiring devices, companies operating in the market are making investments and are focused on offering more advanced products.
- For instance, companies such as Honeywell are offering smart wiring devices combined with intelligent automation, advanced analytics, and data visualization with the contemporary user experience of home and mobile electronics. They feature simple, intuitive displays to enhance experience and comfort.
One of the benefits of wiring device technology is the execution of safe and reliable operations. Users see receptacles wiring devices as a more economical alternative for applications as they provide safe and reliable operations. Receptacles come with safety shutters, which are automatically closed before the plugs are removed.
Manufacturers are continuously using superior contact technology for providing consistent high-quality connections and eliminating high resistance. These devices prevent flashover and failures due to ingress that is common in competitive devices. Hence, safe and reliable operation advantage of wiring device technology is contributing global market growth.
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Key Takeaways from Market Study
- North America was the leading market in 2020 in terms of value for wiring devices. Over the coming years, South Asia and Pacific is expected to be a key market for sustainable revenue generation.
- Commercial application is expected to offer higher incremental opportunity during the forecast period.
- There has been a rise in demand for wiring devices owing to increasing popularity of smart homes and growing demand for advanced wiring solutions.
- With growing popularity of wiring device services, countries in Asia Pacific such as India, China, and Japan are expected to witness potential growth opportunities.
- The market in the U.S. is projected to surge at a CAGR of 6.2% through 2031, and is expected to continue its dominance over the coming years.
- The market in China and India is expected to progress at impressive CAGRs of 5.8% and 8.8%, respectively, through 2031.
“Growing popularity of smart city projects is fueling sales of wiring devices in mature markets due to high demand for smart and connected electrical devices for seamless customer experience,” says a Persistence Market Research analyst.
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COVID-19 Pandemic Impact Analysis
The COVID-19 pandemic outbreak disrupted many industries, including the wiring devices market. The spread of COVID-19 affected industries across Europe, Asia, and North America, and partially in the Middle East, Africa, and Latin America.
A lot of industry verticals have been affected during the pandemic. Due to lockdowns in many countries, manufacturing and supply chains were affected significantly, and thus, demand for wiring devices remained stable. However, recovery was witnessed in the second half of 2020 and is anticipated to rise in the near future.
Market Drivers
- Growing demand for wiring devices in hospitality sector
- Increased adoption of wiring devices in residential homes
- Safe and reliable operation
- Development of weatherproof wiring devices
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Find More Valuable Insights
Persistence Market Research puts forward an unbiased analysis of the global wiring devices market, providing historical demand data (2016-2020) and forecast statistics for the period 2021-2031.
To understand the opportunities in this space, the market is segmented on the basis of product (current carrying devices (receptacles, electric switches, connectors, and others); non-current carrying devices (faceplates, electric insulator, conduit, trunking, and raceways, and others); circuit protection devices (fuses, circuit breakers, and others), and application (commercial, industrial, and residential), across six major regions of the world.
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