According to Future Market Insights (FMI), the global current-carrying wiring devices market value is expected to increase from US$ 49.2 billion in 2023 to US$ 103.5 billion by 2033. Over the assessment period from 2023 to 2033, global sales of current-carrying wiring devices are likely to rise at a CAGR of 7.7%.
The future of the worldwide current-carrying wiring devices industry looks bright with rising applications in residential and commercial sectors. The target market is anticipated to generate an absolute US$ opportunity of US$ 54.3 billion through 2033.
Sales are expected to remain high for electric switches due to their increasing usage in various applications. As per the latest analysis, the electric switch segment is predicted to progress at 7.6% CAGR through 2033, in comparison to the 8.2% CAGR registered during the historical timeframe.
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Increasing adoption of current-carrying wiring devices across residential, commercial, and industrial sectors is providing impetus for the expansion of the target market.
Current-carrying electronic products that provide proper control and connections in electrical devices and wiring are known as current-carrying wiring devices. These devices are essential for safe, efficient, and reliable electrical wire connections.
Current-carrying wiring devices help end users protect expensive equipment and workers from potential dangers and prevent fire. As a result, they are gaining wider popularity which in turn is expected to boost the target market.
Robust growth of the residential sector is expected to augment market growth during the projection period. Homeowners are increasingly using current-carrying wiring devices such as electric switches to easily connect and disconnect electric devices.
Current-carrying wiring devices offer convenience and better safety which is encouraging their adoption across the residential sector.
Growing demand for smart homes and rising penetration of automation & electrification are other prominent factors expected to create a high demand for current-carrying wiring devices.
The development of advanced current-carrying wiring devices with enhanced features such as remote control & monitoring will further boost the target market over the assessment period.
Key Takeaways from the Current-carrying Wiring Devices Market Report:
The global current-carrying wiring devices industry is forecast to exceed a valuation of US$ 103.5 billion by 2033.
Based on product, the electric switches segment is expected to thrive at 7.6% CAGR through 2033.
By end user, the residential segment is anticipated to expand at a CAGR of 7.5% during the assessment period.
The United States current-carrying wiring devices market size is projected to reach US$ 19.2 billion by 2033.
Demand for current-carrying wiring devices in Japan is likely to rise at 7.6% CAGR during the forecast period.
China’s current-carrying wiring devices industry is set to reach a valuation of US$ 22.5 billion by 2033.
The United Kingdom market value is expected to reach US$ 3.9 billion by 2033.
Sales in the South Korean market are likely to soar at 7.4% CAGR during the projection period.
“Exponential growth of the real estate sector across the world is expected to present lucrative opportunities for the current-carrying wiring devices industry during the forecast period. To gain maximum profits, companies are expanding their portfolios by launching new smart and energy-efficient wiring devices.”.” – opines Sudip Saha, managing director and MD at Future Market Insights (FMI) analyst.
Who is Winning?
ABB, Anchor Electricals Pvt. Ltd., Eaton Corporation PLC, Honeywell International, Inc., Hubbell, Inc., Legrand, Leviton Manufacturing Co., Inc., Orel Corp., OSRAM GmbH, Schneider Electric, Simon S.A., and SMK Corp. among others are few of the key current-carrying wiring device manufacturers profiled in the report.
These key players are concentrating on developing new wiring devices with additional features such as remote controlling and energy efficiency. They also employ strategies such as acquisitions, partnerships, facility expansions, collaborations, mergers, and alliances to strengthen their market presence.
Recent developments:
In March 2023, Honeywell introduced a new range of wiring devices called Blenze Pro. These new devices are ideal for a wide range of applications.
In May 2018, ABB India unveiled a new switch range ideal for energy-efficient buildings.
Competitive Landscape – Regional Trends:
The competitive landscape of the current-carrying wiring devices market is evolving, driven by regional trends. Companies are strategically positioning themselves to capitalize on these trends and gain a competitive edge. The market is witnessing intensified efforts by manufacturers to cater to the burgeoning demand for electric switches across different regions. This regional focus is expected to further fuel market growth and innovation in the coming years.
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Restraints:
While the current-carrying wiring devices market holds immense potential, it is not without its challenges. Regulatory compliance, supply chain disruptions, and raw material price fluctuations can pose hurdles for market players. Staying adaptable and responsive to changing market dynamics will be crucial for sustained growth in this sector.
Region-Wise Insights – Category-Wise Insights:
The current-carrying wiring devices market exhibits diverse dynamics across regions and categories. Regional variations in demand and regulatory environments influence market trends. Additionally, the market is segmented into various categories, including electric switches, which are expected to drive growth. In-depth insights into regional and category-specific trends are essential for stakeholders looking to make informed decisions in this thriving market.
Global Current-carrying Wiring Devices Market Segmentation
By Product:
Electric Switches
Wire Connectors
Receptacles
Others
By End User:
Residential
Commercial
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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