Global Power Sockets Market By Product Type (Wall-mounted Power Sockets, Surface-mounted Power Sockets, Floor-mounted Power Sockets), By Application (Household, Commercial, and Public Utilities), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

The worldwide Power Sockets market is anticipated to achieve a value of approximately USD 5,586.2 Billion by the year 2023, primarily propelled by the increasing demand for power sockets applications. This upward trajectory in demand is expected to persist and generate fresh avenues for the market, resulting in an estimated compound annual growth rate (CAGR) of 5.4% from 2023 to 2032. Consequently, it is foreseeable that the market’s overall worth will reach approximately USD 8,850.8 Billion by the year 2033.

A power socket or power outlet is a device to which electrical appliances can be connected to receive the current required for their operation. Connected by cable to a power source, usually a generating facility operated by a power generation company, it usually has non-moveable parts. Increasing construction and development activities are driving the demand for electrical plugs and sockets. Furthermore, the rapid growth in the installation of residential plugs and sockets coupled with the growing demand for dustproof and waterproof plugs and sockets is expected to drive the growth of the market.

Note: Actual Numbers Might Vary in the final report

In addition, the boom in the construction industry, the growing influence of attractive interior design concepts, rapid industrialization, renovation of existing infrastructure, escalating commercialization with the growing penetration of shopping malls, supermarkets, hypermarkets, and retailers as well as the growth of smart cities that require smart power supply solutions are the factors driving the growth of the market.

Product Type Analysis

Wall Mounted Power Sockets Accounted for The Largest Market Share

Based on the product type, the market is segmented into wall-mounted power sockets, surface-mounted power sockets, and floor-mounted power sockets. Among these, Wall Mounted Power Sockets held the majority of revenue share. In 2022, wall-mounted power sockets accounted for the market share of 38.2% among other product types. There are several reasons behind the domination of this segment.

Firstly, the wall-mounted power sockets are convenient and easy to access and use. They are located at a convenient height and do not require any bending or reaching down. They can also be easily relocated if needed, unlike floor-mounted sockets, which require cutting into the floor. Surface-mounted sockets can also be relocated, but they are not as easy to move as wall-mounted sockets. They also do not take up any floor space, making the room or the place look more spacious.

Additionally, they are safer than other socket types as they are less likely to get damaged. Floor-mounted sockets are also more prone to getting dirty and can be a tripping hazard.  Furthermore, they are generally less expensive than as compared to other socket types as they do not require any additional installation costs. Also, the Surface-mounted power sockets are expected to witness growth at a high rate of 32.4% during the forecast period. They are easy to relocate if needed, and they can be installed in locations where wall-mounted or floor-mounted sockets are not possible or practical.

Application Analysis

The Household Applications Segment Dominates the Market

Based on applications, the market is segmented into household, commercial and public utilities. Among these, the household application segment dominates the market, it accounts for the majority of the market share. In 2022, the household application held 48.5% of the total market revenue and is expected to witness significant growth during the forecast period.

The increasing adoption of energy-saving smart home appliances is driving the growth of the market during the projection period. In addition, the energy-saving standards set by the government for some home appliances are driving the demand for smart plugs for household use. Increasing awareness of the many benefits that power sockets can reach, such as remote monitoring, energy consumption control, scheduling, cost savings, and mitigation of manual intervention, is contributing to the widespread use of power sockets. It is likely to further stimulate the market growth during the estimated time period.

The commercial application segment is expected the highest growth at an estimated CAGR of 30.2% during the forecast period. Demand for power sockets in this segment is stimulated as it warns if the device is consuming unexpectedly large amounts of power, provides accurate information on energy consumption, remote control, and timer function program. These benefits have resulted in increased security measures, energy savings, lower costs, and better services.

Note: Actual Numbers Might Vary in the final report

Key Market Segments

By Product Type

• Wall-mounted Power Sockets
• Surface-mounted Power Sockets
• Floor-mounted Power Sockets

By Application

• Household
• Commercial
• Public Utilities

Drivers

Rapid Urbanization and Increased Investments in Infrastructure Driving the Growth of the Market

The growth of the power socket market is driven by increased investment in infrastructure, such as power plants, airports, and railways, where reliable power supply equipment and effective. In addition, rapid urbanization in both developed and developing countries as well as increasing demand for electricity in residential, commercial, and industrial areas are driving the demand for power sockets. The development of new advanced power sockets with improved energy saving and safety features also contributes to the growth of the market.

Additionally, increasing smart homes and Internet of Things (IoT) acquisitions are driving demand for power outlets that can be controlled remotely using a mobile app or voice commands. Furthermore, government initiatives to promote the use of renewable energy sources and energy-saving equipment are also among the reasons driving the market growth. 

Restraints

Fluctuating prices of raw materials and Lack of standardization

The fluctuating price of raw materials and the lack of standardization in plugs and sockets across different countries and regions is a major challenge for manufacturers and consumers and is also a major factor restraining the growth of the market during the projection period. Also, the safety concerns related to the use of electrical plugs and sockets, such as electrocution and fire hazards, are a major restraint for the growth of the market.

Additionally, the environmental impact of power sockets, such as energy consumption and disposal of electronic waste, is a growing concern for consumers and governments, which may affect the growth of the market over the next few years. Furthermore, the installation of power sockets is slightly expensive, especially for floor-mounted sockets that require cutting into the flooring, and the availability of power sockets in some regions may be limited due to infrastructure constraints or other factors.  These can be the major restraints as well for consumers who are looking for cost-effective options and need to access power sockets for their daily activities. 

Opportunity

Increasing demand for eco-friendly sockets, Smart-Home Technology, and Expansion of the E-commerce Industry

The power socket market is increasingly focused on sustainability, which is driving the development of eco-friendly sockets made from recycled materials and designed to reduce energy consumption. As well as the expansion of the e-commerce sector is also driving demand for power sockets that can be purchased online and shipped directly to consumers. In addition, the growing demand for smart home technology and power sockets with USB ports is driving the development of power outlets that can be integrated into smart home systems and controlled by voice commands. or smartphone apps, as well as USB-chargeable devices. Additionally, the growing adoption of electric vehicles is driving the demand for electric power sockets and is likely to provide new growth opportunities during the projection period.

Trends

Smart, Wireless and USB charging, and Energy-efficient sockets

Smart sockets are an innovation in the market. These sockets can be controlled remotely using a smartphone app or voice commands. They can also be programmed to turn on and off at specific times, which can help save energy and reduce electricity bills. Wireless charging sockets are another innovation in this market. These sockets use wireless charging technology to charge devices without the need for cables or adapters.

They are becoming increasingly popular in homes and offices. After that, the USB charging sockets are also one of the innovations in this market. These sockets have built-in USB ports that allow users to charge their devices directly from the socket without the need for a separate charger. In addition, energy-saving sockets are newly introduced power sockets in the market, they are specifically designed to reduce energy consumption and save electricity bills. These sockets can automatically turn off when the appliances are not in use, which can help in reducing power consumption in standby mode. New safety features are added to the power sockets to reduce the risk of electric shock and fire.

For example, some outlets have built-in surge protectors to protect equipment from power surges, while others have safety shutters to prevent children from inserting any objects into the socket. This is an emerging trend which is likely to stimulate market growth during the projection period. This is an emerging trend which is likely to stimulate market growth during the projection period.

Regional Analysis

North America Region Leads the Market Share of the Global Power Sockets Market

North America is leading the market by holding the largest revenue share of about 36.5% in 2022. There are several reasons behind the North American region as a significant consumer of power sockets. The region has many manufacturers and suppliers of electrical power sockets. In addition, the construction industry in North America is growing rapidly, which is expected to drive the power socket market in the region during the forecast period. Furthermore, the increasing adoption of smart home technology has had a positive impact on the growth of the market.

The growing evolution of home automation, the growing consumer preference for energy-efficient devices, and the deployment of smart cities due to government initiatives to improve living standards are the main factors driving the growth of the market. The United States is estimated to be the largest market in North America, generating high demand owing to the presence of established key players in the market and the rapid adoption of emerging automation technologies. Also, changing consumer preferences and increasing disposable income can boost market growth during the projection period.

Asia-Pacific is expected to have the fastest growth during the forecast period. Demand for power sockets in the region is mainly driven by growing demand for digital solutions and services, expanding middle-class population, and changing consumer preferences. Furthermore, the government’s active initiative to develop infrastructure projects, i.e., buildings and houses, is the cause of the uncontrolled growth of the market in the area during the forecast period.

Note: Actual Numbers Might Vary in the final report

Key Regions and Countries Covered in this Report:

• North America
  • The US
  • Canada
• Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Russia
  • Netherlands
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • New Zealand
  • Thailand
  • Singapore
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA

Market Share and Key Players Analysis

With the presence of several key players globally, the power socket market is fragmented. New key players face intense competition from major players in the market, especially those with strong brand awareness and distribution networks. The companies have developed a variety of expansion strategies, partnerships, and new research technology development to stay a step ahead of the market. With the development and implementation of advanced product technologies along with the launch of new products with updated features, market participants are implementing various business strategies to maintain their position in the market. 

Market Key Players:

The following are some of the major players in the industry

• Retrotouch
• BOCCI
• S.E. Ospel
• Mainline Power
• Atelier Luxus
• EVOline
• Doug Mockett
• Berker
• GROUPE ARNOULD
• LEGRAND
• Gotessons
• Switch Prestige
• GIRA
• Grasslin
• CJC Systems
• Heinrich Kopp
• Theben AG
• Gi Gambarelli
• Wandsworth
• Theben AG
• MELJAC
• Simon
• Merten
• R Hamilton and Co Ltd
• Clipsal
• Other Key Players

Recent Development

• In January 2021: TP-Link Technologies Co., Ltd. announced the launch of the Kasa Smart Wi-Fi Outdoor Socket, featuring a built-in amplifier and a long Wi-Fi range. Smart sockets can be controlled via a smartphone or tablet and can automatically turn off appliances when not needed.
• In September 2020: com launched smart sockets for many smart devices, specially designed for the Indian market. The smart outlet features a three-pin socket design and supports 6 ampere ratings, and state retention features to turn devices on/off in the event of a power failure. 

Report Scope