Global Power Strip Market By Type (Smart Power Strip Common Power Strip Specialized Power Strip), By Protection (Surge Protection, Fuse-based Protection and Others) By Application (Household, Commercial, and Industrial), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032
- Published date: April 2023
- Report ID: 29176
- Number of Pages: 295
Power Strip Market Overview:
The global power strip market was valued at USD 11,130 million in 2021. This market is expected to grow at a compound annual rate CAGR of 6.9% between 2022 and 2032.
The increasing demand for a stable power supply is expected to help the market. The demand for electrical and utility equipment has increased, and so a stable power supply is becoming more essential.
Global Power Strip Market Scope:
In 2021, the market leader in power strips was the common power strip segment. It accounted for over 61.0% of global revenue. Customers are increasingly looking for power strips to allow them to connect multiple devices at once, thanks to the increasing number of connected TVs, lights, and computers. Common power strips can also be used to conserve energy because they have an on/off switch.
Over the forecast period, the smart power strip market is about to grow at the highest rate. Smart power strips offer smart alternatives because they can detect standby mode devices and turn off the power. Traditional power strips consume electricity continuously once devices are plugged into them. It is being adopted by many organizations to protect their devices against sudden surges of power. With the increase in smart devices, smart power strips are being manufactured by companies. For instance, Tp-link introduced Smart Wi-Fi Power Strip. It has surge protection, which protects electronics and appliances from power surges caused by thunderstorms. It can be used with voice assistants like Alexa and Google Assistant.
Surge protection dominated the market in 2021, accounting for over 67.0% of global revenue. The market is expected to grow at the fastest rate during the forecast period. Voltage surges are the main cause of equipment failure. They can be caused by lightning strikes, electrical accidents, and circuit-breaker trips. Electronic components can be destroyed by surges. The cost of equipment damaged can cause loss of operation, data, or production. Equipment can prematurely age if it is exposed to low-level voltage for the long term.
The reputable Power Strip Surge protector by Belkin is a power strip that has a surge protector. This power strip is rated at 3,940-Joules energy and provides reliable power extension cords to protect broadband modems, printers, or other systems. The power strip protects devices from lightning strikes, short circuits, and power spikes.
In 2021, the commercial segment was the dominant market and accounted for more than 53% of global revenue. Power strips that are commercial-grade have been essential for many residential and commercial applications. Commercial or Outdoor equipment needs a power strip that is weather-resistant, temperature-resistant, and provides surge protection to prevent the devices from the risk of damage.
Multi-purpose outlets such as USB outlets or modem outlets are often used in corporate offices to power a range of devices. These power strips have built-in surge protection to protect office equipment. Power strips are being manufactured by companies for commercial use, while still complying with UL and ETL standards. Falconer Electronics, for example, makes power strips made with steel. This allows them to create power strips with strong and protective cases.
Key Market Segments:
- Smart Power Strip
- Common Power Strip
- Specialized Power Strip
- Surge Protection
- Fuse-based Protection
Market growth has been positively affected by the COVID-19 epidemic. This is due to an increase in online sales and the increasing use of multiple devices at home. Because of the lockdown, many customers around the world are now working from home. This has led to an increase in the demand for surge protectors and power strips.
The use of power strips with surge protection can protect expensive equipment from voltage surges. This drives up the demand for power strips globally. Power quality protection equipment is increasingly necessary as electronic equipment is used more frequently in the home, business, and manufacturing sectors.
The development of power strips has been rapid. Electronic items are in high demand due to both the rising economic development in the developing world and the growing population. Because of the rise in disposable income and industrialization, the standard of living has improved over time. The consumption and spending on electronic products have increased exponentially. To meet customer demands, companies are continually innovating to improve their products. Recent updates to smart power strips made them compatible with Alexa or Google assistant. Syska’s SSK-EBW0304 Smart extension board can be used with Alexa or Google Assistant. It can control all sockets or each socket by voice commands.
There is an increase in demand for power strips, but stringent regulations from different regions are likely to limit the market growth. Because power strips have different functions, manufacturers need to ensure they adhere to all applicable regulations and international regulations. Regulations change from one area to another. For instance, the Standard for Furniture Power Distribution Units is used in the United States to examine FPDU products. 308, Cord Reels or Multi-Outlet Assemblies. Multiple power strips from a specific region may not work with each other. This is why companies must make power strips that are compatible with different regions.
North America dominated this market in 2021. It accounted for 39.9% of the global revenues. The growing number and adoption of smart electronics are key factors in driving demand for power strip products in the region. In the U.S. surge protection products are being sought after due to the growing demand for protection systems for electronic appliances. Additionally, the region is striving to make sustainable energy practices possible by focusing heavily on technological advancements as well as the adoption of smart power blocks. A large market is being driven by the growth of smart products and high disposable income.
The Asia Pacific is projected to be the fastest-growing market in the region during the forecast period. The region’s rising standard of living and increased adoption of smart electronics are driving the demand for power strips. The power supply is not always reliable and clean in Asia Pacific countries. As a result, smart electronic devices may be damaged. The power strips keep appliances safe from damage. Huntkey presented the Magic Series of power strips to the world at World Expo, in March 2017. These power strips were designed for daily use and are ideal for travel.
Key Regions and Countries covered іn thе rероrt:
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South America
- Rest of South America
- South Africa
- Rest of MEA
It is highly competitive in the market. Market players are focusing on improving their product offerings to better meet the changing needs and remain competitive. Leviton introduced a medical-grade, power strip equipped with load-monitoring Inform tech in February 2020. This product improved electrical safety and code compliance in the healthcare sector by making it simple and cost-effective. These power strips meet all NFPA 99 load monitoring requirements. These are just a few of the key players in the power strip market worldwide:
Маrkеt Кеу Рlауеrѕ:
- General Electric
- Belkin International Inc.
- Leviton Manufacturing Co Inc
- Schneider Electric SE
- Legrand SA
- Koninklijke Philips N.V.
- Siemens AG
- ABB Ltd
- Other Key Players
For the Power Strip Market research study, the following years have been considered to estimate the market size:
Attribute Report Details
Short Term Projection Year
Long Term Projection Year
Competitive Landscape, Revenue analysis, Company Share Analysis, Manufacturers Analysis, Volume by Manufacturers, Key Segments, Key company analysis, Market Trends, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis, strategy for existing players to grab maximum market share, and more.
North America, Europe, Asia-Pacific, South America, Middle East & Africa
United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa
Frequently Asked Questions (FAQ)Q: What is the Power Strip market size in 2021?
The Power Strip market size is US$ 11,130 million for 2021.Q: What is the CAGR for the Power Strip market?
The Power Strip market is expected to grow at a CAGR of 6.9% during 2023-2032.Q: What are the segments covered in the Power Strip market report?
Market.US has segmented the Global Power Strip Market Value (US$ Mn) Analysis by Region, 2022 market by geographic (North America, Europe, APAC, South America, and Middle East and Africa). By type, market has been segmented into Smart Power Strip, Common Power Strip, Specialized Power Strip. By Protection, market has been further divided into Surge Protection, Fuse-based Protection, Others. By application, market has been segmented into Household, Commercial, Industrial.Q: Who are the key players in the Power Strip market?
General Electric, Belkin International Inc., Leviton Manufacturing Co Inc, Schneider Electric SE, Legrand SA, Koninklijke Philips N.V., Siemens AG, ABB Ltd Other Key Players are the key vendors in the Power Strip marketQ: Which region is more attractive for vendors in the Power Strip market?
North America accounted for the highest revenue share of 39.9% of global revenue. Therefore, the Power Strip market in North America is expected to garner significant business opportunities for the vendors during the forecast period.Q: What are the key markets for Power Strip?
Key markets for Power Strip are the US, Canada, Mexico, India, China & OthersQ: Which segment has the largest share in the Power Strip market?
In the Power Strip market, vendors should focus on grabbing business opportunities from the surge protection segment as it accounted for the largest market share in the base year.
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