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4+% CAGR Growth To be achieved by Industrial Plugs & Sockets Market by 2021 according to new research report

Press Release   •   Nov 07, 2016 14:50 EST

The global market is set to witness significant growth, due to the increasing construction and development activities in Asia, the growth of the manufacturing sector in South Asian countries, and the revival of the manufacturing sector in North America.

Browse 68 market data Tables and 45 Figures spread through 155 Pages and in-depth TOC on "Industrial Plugs & Sockets Market by Protection (Dustproof & Splash-Proof, Water-Proof, and Explosion-Proof), Type (Plugs and Sockets), End-User (Oil & Gas, Power Generation, Chemical & Pharmaceutical, and Heavy Industry) - Global Forecast to 2021" http://www.rnrmarketresearch.com/industrial-plugs-sockets-market-by-protection-dustproof-splash-proof-water-proof-and-explosion-proof-type-plugs-and-sockets-end-user-oil-gas-power-generation-chemical-pharmaceutical-and-heavy-ind-st-to-2021-market-report.html

The heavy industry segment led the industrial plugs & sockets market in 2015, and is projected to dominate the market during the forecast period. . The heavy industry segment is expected to grow at the fastest rate during the forecast period. This segment is primarily driven by the growth of the automobile, food processing, and textile industries, and is expected to create new revenue pockets for the industrial plugs & sockets market during the forecast period.

With regard to the protection segment, dustproof & splash-proof industrial plugs & sockets are expected to constitute the fastest growing market from 2016 to 2021. These have wide industrial application, unlike water-proof industrial plugs & sockets, which have a limited set of industrial applications.

The industrial plugs & sockets market is projected to reach USD 3.60 billion by 2021, growing at a CAGR of 4.82% from 2016 to 2021. Industrial plugs & sockets are used in the oil & gas, power generation, chemical & pharmaceutical, and heavy industries. Investments in sectors other than oil & gas in the Middle East and North Africa (MENA), and the growth of the manufacturing sector in South Asian countries, coupled with the revival of the manufacturing industry in North America, are expected to drive the industrial plugs & sockets market.

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The slowdown in mining activities will likely hinder market growth, as the mining industry is a potential end-user market for industrial plugs &sockets.Asia-Pacific is currently the largest market for industrial plugs & sockets, closely followed by North America. The Asian market is primarily driven by countries such as China, India, and Japan, where there is a high demand for industrial plugs & sockets. The market in this region is projected to grow at a high rate, with China expected to dominate the market. Despite the headwinds in the Chinese economy, the increasing domestic demand for various infrastructural facilities is expected to raise the growth rates slightly in 2017; this will likely boost the demand for industrial plugs & sockets.

Scope of the Report:

By Protection: The Industrial plugs &sockets market has been segmented based on protection into dustproof & splash-proof, water-proof, and explosion-proof. These industrial plugs & sockets are used in various industrial applications such as textiles, food processing, and metals & mining.

By Type: The industrial plugs & sockets market has been segmented based on type into plugs and sockets.

By End-User: The industrial plugs & sockets market has been segmented based on end-user in to oil & gas, power generation, chemical & pharmaceutical, and heavy industry.

By Region: The global industrial plugs & sockets market is analyzed with respect to five regions, namely, North America, South America, Europe, Asia-Pacific, the Middle East, and Africa.

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The report identifies and addresses key markets for industrial plugs & sockets, which would help suppliers, review the growth in the demand for the product.

The report helps solution providers understand the pulse of the market, and provides insights into drivers, restraints, and challenges.

The report will help key players understand the strategies of their competitors better, and will help in making strategic decisions.

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