The Global Market for Current-Carrying Wiring Devices is Projected to Reach US$44.9 Billion by 2020

Ongoing Recovery in the Construction Sector to Spur the Current-Carrying Wiring Devices Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Current-Carrying Wiring Devices market. The global market for Current-Carrying Wiring Devices is projected to reach US$44.9 billion by 2020, driven by growing investments in residential and non-residential building construction, high tide in building renovation programs, favorable economic climate, and product innovations.

Current-carrying wiring devices, a part of electrical products and equipment industry, have long played a pivotal role in revolutionizing architectural dynamics of residential and non-residential constructions. The market for current-carrying wiring devices is highly variable and dependent on factors, such as economic conditions, growth in GDP, consumer purchasing power, and overall health of the domestic housing and construction industry. As these devices constitute a fundamental part of most residential and non-residential constructions, changes in level of construction activity bear a direct impact on demand. A mixed outlook is currently forecast for the market, largely as the result of uneven global headwinds and the resulting gaps in recovery in regional construction markets. The market in general is benefiting from the ongoing urbanization drive which has been making strong progress over the past two decades in several parts of the world. With urban population and urban households poised to increase in the coming years, opportunities for current-carrying wiring devices are expected to remain positive. The market is also gaining impetus from growing investments in the commercial real estate (CRE) sector. Despite consuming significantly lower volumes of wiring devices than the residential sector, commercial establishments generate higher per unit revenues as compared to residential projects.

The recent spurt in demand for electronic devices, particularly in developed markets, is lending significant traction to growth in the market. The global consumer electronics industry is presently witnessing transformational growth, with trends such as digitalization, miniaturization and mobility unleashing new demand opportunities. Product innovations in various market segments including Receptacles and Electric Switches among others has emerged as a key trait of the market. Some of the noteworthy innovations in the market include anti-microbial switches, indicator switches, sensor switches for home automation, tamper-resistant receptacles, USB receptacles, weather-resistant receptacles, Ground-Fault Circuit Interrupter (GFCI) receptacles among others. Product innovations and engineering designs in the segment are primarily focused on improving safety, performance efficiency and aesthetics to suit changing consumer tastes, lifestyles, power needs and also comply with new regulations.

As stated by the new market research report on Current-Carrying Wiring Devices, Asia-Pacific represents the largest market worldwide. Demonstrating a CAGR of 6.9% over the analysis period, the region also ranks as the fastest growing market. Led by burgeoning economies, increase in foreign investments, fast paced urbanization, and rise in new business establishments, Asia-Pacific with its insatiable appetite for electronic and electrical equipment will continue to lead global growth in the coming years.  

Major players in the market include ABB Incorporated, Anchor Electricals, Eaton Corporation, Hubbell Inc., MK Electric, Legrand Group, Leviton Manufacturing, Orel Corporation, Osram Sylvania Inc., Schneider Electric SA, Simon S.A., and SMK Corporation among others.

The research report titled “Current-Carrying Wiring Devices: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, M&As and other strategic industry activities of global companies.  The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America), and Rest of World. In addition, the report also analyzes the US market by Segment – Receptacles, Electric Switches, Wire Connectors, and Others (including Lampholders, Metal Contacts, Attachment, Plug Caps, Connector Bodies, Precious Metal, Lightning Arrestors, and Pin & Sleeve Convenience Power Outlets among others).

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