Power Strip Market Size, Growth, Trends, Revenue, Forecast 2021 to 2030

The global power strip market size is expected to be worth around US$ 18.7 billion by 2030, according to a new report by Vision Research Reports.

The global power strip market size was valued at US$ 12.01 billion in 2020 and is anticipated to grow at a CAGR of 7.7% during forecast period 2021 to 2030.

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Report Coverage

Growth Factors

With the rise in disposable income, there has been a surge in the demand for electrical equipment with advanced technology, which is the major factor driving the market need for power quality protection equipment is becoming essential as the use of electronic equipment is increasing in the residential sector, corporations, and manufacturing facilities.

The adoption of technologically advanced equipment such as laptops, LCDs, washing machines, and LED televisions in emerging countries is driving the demand for technologically advanced power strips. The COVID-19 pandemic is anticipated to have a positive impact on the market growth.

The market is expected to benefit from the increasing demand for a stable power supply. The surge in the demand for utility and electrical equipment is increasing the need for a stable power supply, which has increased the importance of improving the quality of power in electrical systems.

Report Highlights

The common power strip segment dominated the power strip market in 2020 and accounted for more than 60.0% share of the global revenue. The increasing number of connected televisions, lights, and computers, among other electronic products, is prompting customers to adopt power strips to provide them with extra outlets to connect multiple devices simultaneously.

The surge protection segment dominated the market in 2020 and accounted for more than 65.0% share of the global revenue. It is expected to expand at the highest growth rate over the forecast period. The major cause of equipment failure is voltage surges, which are often caused due to lightning strikes, electrical accidents, circuit-breaker tripping, and turning nearby heavy-load machines on/off.

The commercial segment dominated the market in 2020 and accounted for more than 55.0% share of the global revenue. Commercial-grade power strips have become important for all commercial applications and also several residential applications. Outdoor or commercial equipment requires a power strip that is temperature-resistant, weather-resistant, and offers surge protection to prevent the devices from the risks of damage.

North America dominated the market in 2020 and accounted for over 32.0% share of the global revenue. Some of the key factors driving the demand for power strips in the region are increasing number of manufacturing factories and increasing adoption of smart electronics.

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Key Players

• General Electric
• Belkin International, Inc.
• Leviton Manufacturing Co., Inc
• Schneider Electric SE
• Legrand SA
• Koninklijke Philips N.V.
• Siemens AG
• ABB Ltd
• Panasonic Corporation
• Cyber Power Systems, Inc.
• Delixi Electric Ltd.
• Falconer Electronics

Market Segmentation

• Type
  • Smart Power Strip
  • Common Power Strip
  • Specialized Power Strip
• Protection
  • Surge Protection
  • Fuse-based Protection
  • Others
• Application
  • Household
  • Commercial
  • Industrial
• Regional
  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • South Africa
    • Rest of Middle East & Africa

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
• To strategically profile the key players and comprehensively analyze their growth strategies.

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