Power Strip Market Size Worth $15.7 Billion By 2028 | CAGR: 5.7%: Grand View Research, Inc.

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Aug 26, 2021, 06:05 ET

SAN FRANCISCO, Aug. 26, 2021 /PRNewswire/ -- The global power strip market size is expected to reach USD 15.7 billion by 2028, expanding at a CAGR of 5.7% from 2021 to 2028, according to a new report by Grand View Research, Inc. With the rise in disposable income, there has been a surge in the demand for electrical equipment with advanced technology, which is the major factor driving the market growth. The need for power quality protection equipment is becoming essential as the use of electronic equipment is increasing in the residential sector, corporations, and manufacturing facilities.

Key Insights & Findings:

In terms of type, the common power strip segment dominated the market in 2020 and is expected to retain its dominance over the forecast period
In terms of protection type, the surge protection segment is expected to expand at a CAGR of 5.9% over the forecast period. The growing preference for smart power strips with surge protectors to protect smart and delicate appliances is expected to drive the segment growth
In terms of application, the commercial segment dominated the market in 2020 and is expected to retain its dominance over the forecast period. With the growing need to reduce electricity wastage, commercial sites are adopting smart power strips to monitor appliances that are on standby mode and shut down the power, thereby reducing power usage
The growth of sustainable development initiatives in emerging economies such as China and India is expected to create growth opportunities for the market players in the Asia Pacific region over the forecast period. Additionally, increased investment in high-quality and low-cost innovative products is also expected to propel market growth in the region.

Read 100 page market research report, "Power Strip Market Size, Share & Trends Analysis Report By Type, By Protection (Surge Protection, Fuse-based Protection), By Application (Household, Commercial, Industrial), By Region, And Segment Forecasts, 2021 - 2028", by Grand View Research

The need for power protectors for individual equipment as well as the entire facility is increasing as surges and transient voltages impact profitability and productivity. In recent years, the market, once dominated by household appliances, has branched out into a massive range of different offerings. The demand for sophisticated and highly technological appliances and such as personal computers, LED televisions, printers, washing machines, microwaves, and industrial equipment is increasing rapidly.

The adoption of technologically advanced equipment such as laptops, LCDs, washing machines, and LED televisions in emerging countries is driving the demand for technologically advanced power strips. The COVID-19 pandemic is anticipated to have a positive impact on the market growth. The pandemic has led to lockdowns across the globe, impelling people to work from home, increasing the need to connect several devices at the same time.

Grand View Research has segmented the global power strip market based on type, protection, application, and region:

Power Strip Type Outlook (Revenue, USD Million, 2016 - 2028)

Smart Power Strip
Common Power Strip
Specialized Power Strip

Power Strip Protection Outlook (Revenue, USD Million, 2016 - 2028)

Surge Protection
Fuse-based Protection
Others

Power Strip Application Outlook (Revenue, USD Million, 2016 - 2028)

Household
Commercial
Industrial

Power Strip Regional Outlook (Revenue, USD Million, 2016 - 2028)

North America

U.S.
Canada

Europe

U.K.
Germany
France
Italy
Rest of Europe

Asia Pacific

China
India
Japan
Rest of Asia Pacific

Latin America

Brazil
Mexico
Rest of Latin America

Middle East & Africa

South Africa
Rest of Middle East & Africa

List of Key Players of 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
Panasonic Corporation
Cyber Power Systems, Inc.
Delixi Electric Ltd.
Falconer Electronics.

Browse through Grand View Research's coverage of the Global Next Generation Technologies Industry:

Surge Protection Devices Market – The global surge protection devices market size was valued at USD 2.35 billion in 2020 & is expected to register a CAGR of 8.5% from 2021 to 2028. Growth attributed to growing usage of various consumer electronics & electrical equipment in residential & commercial applications.
Circuit Breaker and Fuse Market – The global circuit breaker and fuse market size was valued at USD 13.58 billion in 2016. The market is expected to flourish owing to increasing need for upgradation to efficient networks along with renewable energy connectivity.
Automotive Relay Market – The global automotive relay market size was valued at USD 11.39 billion in 2016, growing at an estimated CAGR of 5.9% from 2017 to 2025, further the demand is expected to reach 5.17 billion units by 2025.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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