Power Strip Industry Overview
The global power strip market size was valued at more than USD 10.1 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2028.
The market is expected to benefit from the increasing demand for a stable power supply. The surge in the demand for utility and electrical equipment is increasing the need for a stable power supply, which has increased the importance of improving the quality of power in electrical systems. The COVID-19 pandemic has positively impacted the market growth owing to a steep rise in online sales and the increasing usage of multiple devices at home. Due to the lockdown, customers across the world have started working from home; therefore, protecting electrical devices has become more important, thus surging the sales of power strips with surge protectors.
Gather more insights about the market drivers, restrains and growth of the Global Power Strip Market
Using power strips with surge protectors can protect expensive equipment and other electronic products from voltage surges, which amplifies the demand for power strips globally. 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.
Power strips have advanced with time. With the increasing economic developments in developing nations and the rise in population, the demand for electronic items is increasing. The standard of living has improved over the years due to an increase in disposable income and growth in industrialization. Hence, the spending on and consumption of electronic items has increased exponentially. Companies are innovating their products to suit different customer needs. Recently, smart power strips were made compatible with Alexa and Google assistant. For instance, the Syska SSK-EBW-0304 Smart extension board is compatible with Google Assistant and Alexa. It can control all sockets or each socket with voice commands.
Although there is a surge in demand for power strips, stringent regulations imposed by different regions are expected to be a major challenge for the market growth over the forecast period. As different power strips are designed for different uses, manufacturers must make sure to follow all the standard regulations as well as international regulations. The regulations change from region to region, for instance, the basic standard used by United States UL 962A to investigate FPDU products, the Standard for Furniture Power Distribution Units, and the Canadian basic standard CSA-C22.2 No. 308, Cord Reels and Multi-Outlet Assemblies. Several power strips manufactured in a particular region are not compatible with other regions due to which, companies are required to manufacture different power strips for different regions.
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Power Strip Market Segmentation
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
- Europe
- Asia Pacific
- Latin America
- Middle East Africa
Market Share Insights
- February 2020: Leviton launched a medical-grade power strip with load-monitoring Inform technology. It improved code compliance and electrical safety in the healthcare sector in a simple and efficient manner. These power strips are the only med-strips meeting NFPA 99 load monitoring requirements.
Key Companies profiled:
Some of the prominent players operating in the global power strip market are:
- 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
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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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