According to a Future Market Insights (FMI) report, the global current-carrying wiring devices market value is expected to increase from USD 49.2 billion in 2023 to USD 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 $ opportunity of USD 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, electric switch segment is predicted to progress at 7.6% CAGR through 2033, in comparison to 8.2% CAGR registered during the historical timeframe.
Increasing adoption of current-carrying wiring devices across residential, commercial, and industrial sectors is providing impetus for the expansion of the target market.
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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.
Robust growth of 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.
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.
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, electric switches segment is expected to thrive at 6% CAGR through 2033.
- By end user, residential segment is anticipated to expand at a CAGR of 5% during the assessment period.
- The United States current-carrying wiring devices market size is projected to reach US$ 19.2 billion by
- Demand for current-carrying wiring devices in Japan is likely to rise at 6% CAGR during the forecast period.
- China 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 South Korea market are likely to soar at 4% CAGR during the projection period.
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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.
- SMK Corp.
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.
More Insights Available:
Future Market Insights (FMI), in its new offering, presents an unbiased analysis of the current-carrying wiring devices industry presenting historical data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study reveals market projections based on product (electric switches, wire connectors, receptacles, and others), end user (residential and commercial), and region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East and Africa).
Current-carrying Wiring Devices Market Segmentation Analysis:
By Product:
- Electric Switches
- Wire Connectors
- Receptacles
- Others
By End User:
- Residential
- Commercial
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
