The Industrial Plugs And Sockets Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Industrial Plugs And Sockets Global Market Report 2024, The industrial plugs and sockets market size has grown strongly in recent years. It will grow from $3 billion in 2023 to $3.18 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to industrialization and infrastructure growth, regulatory compliance and safety standards, sector-specific demand, global economic changes, energy sector dynamics.
The industrial plugs and sockets market size is expected to see strong growth in the next few years. It will grow to $4.03 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to resilience in supply chains, focus on durability and reliability, market shift towards modular solutions, demand from end-user industries, expansion of renewable energy sources. Major trends in the forecast period include increasing automation, stringent safety regulations, renewable energy expansion, global industrialization, increasing demand for portable equipment, evolving workplace trends.
The increasing demand for smart grid networks is expected to propel the growth of the industrial plugs and sockets market in the coming years. The smart grid is new electricity production, distribution and transmission infrastructure capable of automating and handling the rising complexity and demands of electricity in the 21st century. With an increasing tendency towards green energy, the substitution of the grid with the smart grid has gained prominence and is expected to increase the market for industrial plugs and sockets. For Instance, in March 2023, according to the Department for Energy Security and Net Zero and the Department for Business, Energy, and Industrial Strategy, a UK-based governmental department, report that a total of 3.7 million smart and advanced meters were installed in Great Britain in 2022, with 98% installed by large suppliers and 2% by small suppliers. Therefore, the increasing demand for smart grid networks drives the growth of the industrial plugs and sockets market during the forecast period.
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The industrial plugs and sockets market covered in this report is segmented –
1) By Type: Plug, Socket
2) By Protection: Waterproof, Dustproof and Splash-Proof, Explosion-Proof, Other Protections
3) By End User: Power Generation, Oil And Gas, Heavy Industry, Chemical And Pharmaceutical, Other End-Users
Major companies operating in the industrial plugs and sockets market are developing innovative products such as automotive glow plug to enhance greater performance and longevity and safeguard engine reliability and durability. These glow plugs are designed for performance and consistency and come in packages of two plugs. For instance, in July 2022, Nova Engines, an Italy-based production and labor cooperative of competition micro engines, launched their glow plugs such as Nova Glow Plug Turbo Offroad N.5 and Nova Glow Plug Turbo Offroad N.6. The Nova Glow Plug Turbo Offroad N.5 is designed for off-road use and is made from controlled expansion materials with a new filament resistant to pressure. The Nova Glow Plug Turbo Offroad N.6 is also designed for off-road use and is made from high-quality materials to ensure consistent performance. Both glow plugs have a guaranteed airtight seal, which helps to ensure efficient fuel combustion in the engine. The use of glow plugs can help improve engine performance, especially in cold weather conditions.
The industrial plugs and sockets market report table of contents includes:
- Executive Summary
- Industrial Plugs And Sockets Market Characteristics
- Industrial Plugs And Sockets Market Trends And Strategies
- Industrial Plugs And Sockets Market – Macro Economic Scenario
- Global Industrial Plugs And Sockets Market Size and Growth
………………
- Global Industrial Plugs And Sockets Market Competitive Benchmarking
- Global Industrial Plugs And Sockets Market Competitive Dashboard
- Key Mergers And Acquisitions In The Industrial Plugs And Sockets Market
- Industrial Plugs And Sockets Market Future Outlook and Potential Analysis
- Appendix
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