Wiring Devices Market Projected to Reach $84.9 Billion by 2030 Amidst Rapid Urbanization and Technological Advancements

-

The global wiring devices market is experiencing significant growth, with its value estimated at $55.9 billion in 2023. Projections indicate that the market will reach $84.9 billion by 2030, advancing at a compound annual growth rate (CAGR) of 6.4% during the forecast period. This expansion is primarily driven by rapid urbanization, infrastructure development, and the increasing adoption of advanced technologies across various sectors.


Key Market Drivers:

  1. Infrastructure Development and Urbanization: The surge in global population has led to increased demand for residential and commercial spaces, resulting in heightened construction activities. This trend significantly boosts the need for wiring devices to support electrical installations in new buildings. Additionally, the shift towards renewable energy sources, such as wind and solar power, necessitates the installation of novel systems for transmitting electricity, further driving the demand for wiring devices.

  2. Technological Advancements: The growing adoption of smart home technologies has led to a rising demand for devices with advanced wiring that enable connectivity, automation, and energy efficiency in residential buildings. Moreover, the increasing use of digital technologies has escalated the requirement for Internet of Things (IoT) devices, creating a need for additional wiring in offices, industrial facilities, and homes.

  3. Electric Vehicle Adoption: The global shift towards electric vehicles (EVs) has necessitated the development of extensive infrastructure for charging stations. Wiring devices are essential components in electric vehicle supply equipment, thereby contributing to market growth.

  4. Safety Awareness and Regulatory Standards: There is a growing awareness among consumers regarding the safety of electrical circuits. Coupled with stringent regulatory standards ensuring the safety of these devices, this awareness leads to the replacement of outdated systems with compliant products, thereby increasing the demand for modern wiring devices.


Market Segmentation:

  • By Type:

    • Current-Carrying Devices: This segment holds a larger market share, accounting for approximately 65%. The growth is attributed to the expanding residential and commercial sectors, where the integration of new technologies necessitates advanced wiring devices to facilitate connectivity and support increased electrical loads.
    • Non-Current-Carrying Devices: This segment is also witnessing growth due to the rising need for supportive infrastructure in electrical installations.

  • By Product:

    • Receptacles: Widely used in residential and commercial applications, receptacles are essential components in electrical systems.
    • Light Dimmers: With the increasing focus on energy efficiency and ambiance control, light dimmers are gaining popularity.
    • Lamp Holders: The demand for lamp holders is driven by the continuous need for lighting solutions across various sectors.
    • Metal Contacts and Electric Switches: These components are crucial in ensuring the efficient operation of electrical circuits and are in steady demand.

  • By Application:

    • Residential: The residential sector is experiencing significant growth due to urbanization and the rising adoption of smart home technologies.
    • Commercial: The expansion of commercial spaces, including offices and retail establishments, contributes to the increased demand for wiring devices.
    • Industrial: Industrial applications require robust wiring devices to support heavy machinery and complex electrical systems.


Regional Insights:

The Asia-Pacific (APAC) region holds a significant position in the wiring devices market, accounting for a value of more than $30 billion by 2030. This is attributed to the growing construction activities and the rising requirement for an uninterrupted power supply. Additionally, increased investments by key players in advancing their smart home automation solutions further propel the market in this region.


Competitive Landscape:

The wiring devices market is fragmented, with several key players adopting strategic measures to maintain their positions. Major companies such as ABB Ltd., Hubbell Inc., Legrand S.A., Leviton Manufacturing Co Inc., and Orel Corporation are focusing on product launches, geographical expansions, and mergers and acquisitions to strengthen their market presence. For instance, in March 2023, Honeywell International Inc. announced the launch of Blenze Pro wiring devices as a premium range for the Indian market, catering to the needs of interior designers, builders, architects, and developers seeking high-end wiring solutions.

Explore the latest trends, growth drivers, and strategic developments shaping the industry's future: https://bityl.co/NwDi

Comments

Post a Comment

Popular posts from this blog

Exploring the Application of Blue Hydrogen

-
Image
With the worldwide drive to a cleaner form of energy, comes the paramount necessity for blue hydrogen. The technology’s capability to capture carbon but generate hydrogen is a direct answer to the urgent need to combat global warming. Blue hydrogen is a critical response to escalating demands of reducing carbon emissions across industries in the wake of the mounting pressures. As a transitional energy source and one that can leverage existing infrastructure to significantly reduce emissions, it is crucial for achieving sustainability goals. Blue hydrogen is a viable way of achieving net-zero emissions in countries and industries as they look for ways on how to go carbon neutral. What is Blue Hydrogen? Blue hydrogen is created by steam methane reforming from natural gas. Unlike grey hydrogen which allows CO2 emissions to go on unabated, Blue hydrogen has a differentiating advantage in that it integrates carbon capture and storage (CCS) technology. Using blue hydrogen, the produced carbo...
Read more

Tech News: #Robotics in #Spine #Surgery: Future Trends of Surgeries in Medical Field"

-
Image
ROBOTICS IN SPINE SURGERY. This transforms spine surgery from freehand procedures to highly-accurate, state-of-the-art robotic procedures, with less radiation. It is used for procedures including: Minimally invasive surgery (MIS) Correction of Scoliosis and other complex spinal deformities. A rapid rise in the use of spine surgical robots is attributed to a blend of technological improvements. Moreover, a rise in demand for minimally invasive surgeries has further boosted demand for surgical robots for spine. Spine surgical robots have been widely used for minimally invasive procedures, spine fusion, scoliosis correction surgery, vertebroplasty, spinal biopsies, and others. These techniques cause minimal complications, reduce the risk of infections, cause less pain, and have a faster recovery time, which leads to shorter hospital stays as compared to traditional therapies and treatments. Spine Surgical Robots are self-powered, computer-controlled devices programmed to aid in t...
Read more