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Electrical systems need a constant flow of electricity to function properly. Along with that, there are various devices necessary for the proper functioning of such electrical systems. Wiring devices are mostly used in electrical control systems that use low voltages. They are devices that connect or join points for appliances, lighting control, sockets, and switches. Both current-carrying and without current flow wiring devices exist, with specific functions vital for the smooth functioning of electrical circuits and systems.
Based on type, the wiring devices market is segmented into current-carrying and non-current carrying devices. The current-carrying segment is expected to dominate the markets and boost the wiring devices market owing to the popularity of the electric switch. In addition, the estimated trajectory of the receptacle devices is also on the rise. In certain regions of Asia-Pacific, the current-carrying segment is performing exceptionally well. These performances of wiring devices have generated favorable demand across regions and are expected to contribute to the growth of the wiring devices market.
Based on the end-user, the global market of wiring devices market comprises residential, commercial, and industrial. A steady increase in the construction activities and subsequently the electrification of residential areas in the developing and developed nations worldwide are expected in the forecast period. Consumers are willing to spend more to get a better electrical system in place, with a visible increase in private spending. Due to the increased spending, the residential and commercial segments are on a path to perform well and help the market grow.
Several nations are developing rapidly and progressing towards urbanization and electrification at a rapid pace. Countries like India, where urbanization is growing rapidly, are constructing residential buildings, hotels and focusing on tourism. These activities promote electrification, thus, leading to the growth of the wiring devices market. The consumption of electricity is at an all-time high, resulting in increased consumer and private spending. The usage of wiring devices has also increased with the increase in construction activities, giving a positive boost to the wiring devices market.
Increasingly frequent power outages due to the fluctuating voltage levels across residential areas are a major restraint for the wiring devices market. The rate of urbanization is rapid in up-and-coming economies, along with the demand for electrification. As a result, the very factors that act as market drivers can also cause restraints. Other restraints for the wiring devices market are the lack of availability of equipment, the increasing cost of materials needed to manufacture products, and the issue of shipping products worldwide. These factors are liable to stagnate the wiring devices market.
Key Market Driver -
Increasing construction activity, consumer spending and private spending
Key Market Restraint -
Increasing frequency of power cuts, equipment cost, availability and portability
Some of the major companies in the wiring devices market ABB, Hubbell, Legrand, LLC, Leviton, Orel Corporation, OSRAM GmbH, Schneider Electric, Simon Electric Pvt. Ltd., Marinco Power Products, Molex, KEI, TE Connectivity, FURUKAWA ELECTRIC CO., LTD., VIMAL SWITCHES, and SMK Corporation.
The wiring devices market is spread across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The most profitable and leading growing market for the wiring devices market in the Asia-Pacific region, due to increasing construction activities in countries such as China, Japan, India, Australia, and South Korea, which are developing nations and need an uninterrupted power supply. The potential for new projects in the Asia-pacific region is massive. The increasing awareness of the consumers also gives more opportunities to the wiring devices market. Increasing urbanization and electrification of residential areas also give more opportunities for the market to grow. Europe is the region to look out for in the forecast period. The massive electrification drive and the new grid structure are expected to provide huge opportunities for the wiring devices market.
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