The Global Market for Current-Carrying Wiring Devices is Projected to Reach US$54.3 Billion by 2024

Rapid Pace of Urbanization & Growing Construction Activity to Drive Demand for Current-Carrying Wiring Devices, 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$54.3 billion by 2024, driven by increasing urbanization, growing construction sector and product innovations.

Wiring devices remain an integral component of structures and are likely to find increasing adoption in the coming years owing to technological advances, supportive regulations and growth of end-use industries. Increasing demand for these products in diverse applications ensure a health growth for these products. Current-carrying wiring devices, a subset of wiring devices, comprise connectors, lamp holders, receptacles, metal contacts, and arrestors among others. The market for current-carrying wiring devices is relatively volatile owing to its reliance on economic health, GDP growth, purchasing power of consumers and performance of the domestic construction & housing industry.

Varying levels of performance in the housing and construction industry across regional markets and introduction of tighter regulations and standards, in terms of both performance and cost effectiveness sizably affect uniformity of market growth. Despite regional variations, the market continues to benefit from growing urbanization worldwide that is resulting in increased growth in residential and non-residential construction markets. Increasing population and growth in the number of people moving to urban areas worldwide, rising levels of industrialization in developing countries, improving standards of living, and higher mobility and trade, especially in developing countries, are all contributing towards an increase in power consumption and wiring needs worldwide, driving demand for current-carrying wiring devices market.

Technological developments and product innovations, with emphasis on improving safety, performance efficiency and aesthetics in line with changing consumer tastes and regulations, are fueling growth in demand. Wired devices are produced in novel material and designs; and varied shapes, sizes and colors to suit to evolving consumer requirements, while innovations such as timer wall switches and switches with multiple controls enhance functionality and hence their appeal. Additionally, introduction of new receptacles designed to reduce installation time, enable easy wiring and also minimize the risk of wiring errors, and tamper resistant receptacles that prevent accidental shock, are also driving demand. Automated electronic switches, driven by numerous features, are finding greater appeal in the institutional, residential and construction sectors, driving their adoption. Growing product options such as energy-efficient of light dimmers, and rising demand for tamper-resistant receptacles due to increasing regulatory pressure are also expected to fuel growth in the market. There is also a growing push from major organizations for promoting locking-type and straight-blade receptacles and plug caps along with temper-less receptacles to ensure safe use of wiring devices, which is expected to drive future growth. 

As stated by the new market research report on Current-Carrying Wiring Devices, Asia-Pacific represents the largest market worldwide. Demonstrating a CAGR of 6.4% over the analysis period, the region also ranks as the fastest growing market. Rapid industrialization, economic expansion, growing urbanization, increasing incomes and growing construction activity are the major factors driving growth in the region. Upgrade activities involving replacement of obsolete electrical infrastructure with the latest electrical infrastructure is also expected drive demand for wiring devices. Electric Switches represent the largest segment in the US current-carrying wiring devices, driven by increasing demand for energy-efficient lighting systems and adoption of protocols related to lighting control. Meanwhile, Wire Connectors are expected to spearhead growth.

Major players in the market include 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. 

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.

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