Global Industrial Plugs and Sockets Market: Overview
Industrial plugs and sockets function on very different frequencies and are used in secured electric connections in machines and equipments. In addition to that, industrial plugs and sockets come with multiple uses across farming and commerce industries, thereby boosting the global industrial plugs and sockets market. It also safeguards the equipment to which it is connected.
These plugs and sockets are made of low cost materials and are easy to install, which is likely to drive the expansion of the global industrial plugs and sockets market in forthcoming years.
The global industrial plugs and sockets market has been segmented based on four parameters of type, protection, end user, and region for better understanding of the market.
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Global Industrial Plugs and Sockets Market: Notable Developments
The global industrial plugs and sockets market has come across few developments in the recent years. One such development is mentioned below:
- In 2018, France based Schneider Electric SE entered into an agreement with Larsen & Toubro, a leading Indian multinational conglomerate, to acquire automation and electrical business of the latter. This strategic move is likely to expand the reach of Schneider Electric in the region.
Some well-known organizations in the global industrial plugs and sockets market comprise the below-mentioned:
- Legrand SA
- Mennekes Elektrotechnik GmbH & Co. KG
- Schneider Electric SE
- Amphenol Corporation
- Marechal Electric Company
- Eaton Corporation plc
Global Industrial Plugs and Sockets Market: Key Trends
The following drivers, opportunities, and restraints characterize global industrial plugs and sockets market over the forecast period, from 2019 to 2027.
Increasing Demand for Use in Multiple Applications to Accentuate its Demand
The global industrial plugs and sockets market gathers momentum from its increasing use across various industries like construction, pharmaceutical, power and gas, automotive, and entertainment industries.
In addition, growing need for establishing secured connections in between high current and high voltage electrical circuits across various industries spearheads growth of the global industrial plugs and sockets market. There has been a growing demand for splash-proof and dust-proof industrial plugs and sockets following stringent government regulations regarding safe working environment. This factor is likely to drive growth of the market in years to come.
In addition, flourishing construction and automation industries in different parts of the world is anticipated to provide fillip to the market over assessment tenure, from 2019 to 2027.
The heavy industry segment in the global industrial plugs and sockets market is projected to reign over the market. The growth of the segment is mainly driven by the growth of various industries like textile, food processing, and automobile industries. These industries are also estimated to open up new avenues of growth for the global industrial plugs and sockets market in forthcoming years.
Global Industrial Plugs and Sockets Market: Geographical Analysis
To give a detailed view of the global industrial plugs and sockets market, TMR analysts have split the market into five main regions. These regions are Latin America, Europe, Asia Pacific, the Middle East and Africa, and North America.
From the geographical viewpoint, Asia-Pacific is likely to come up as one of the leading regions of the global industrial plugs and sockets market in years to come. Developmental activities in countries like China and India are estimated to drive the regional growth of the market over the forecast tenure. Utilization of latest technologies in production processes to keep up with the increasing demand of consumers is generating considerable revenue for the market in Asia Pacific.
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