Global Power Strip Market Worth USD 57.84 Billion With a CAGR of 5.57%

Introduction

In contrast to ordinary wall sockets, power strips are a group of electrical outlets that offer greater mobility and the flexibility to handle longer wires. Wall sockets are typically installed in inconvenient and difficult-to-reach places across the room. Because there are only a few wall outlets accessible in a space like the living room, it is common practise to make use of power strips in those areas of the home that contain a large amount of equipment. For example, the living room.

Power strips typically have a master switch that can be used to turn off the power to the entire strip. This is possible for one person to turn off the power to all of the other electrical devices that are linked to the strip with only the press of a button. However, some models have separate switches for each and every socket on the strip. This provides a greater degree of adaptability in terms of selectively cutting off the power supply to any socket that the user chooses. These power strips are necessary because some electronic devices, such as computers and printers, should not be disconnected directly from their power sources since doing so might cause harm to the devices.

Market Dynamics

Reduces the standby power loss, which contributes to energy conservation

The utilisation of power strips allows for the detection of inactive appliances that are linked to the power strip sockets, which results in the savings of energy. The power strip is designed to identify when an appliance has stopped moving within a predetermined amount of time and turn off the flow of electricity to the socket. It is hoped that this will contribute further to the conservation of energy and will reduce the amount of electricity that the expansion requires. It is anticipated that power strips will contribute to greater energy conservation by minimising both the loss of power in standby mode and the waste of active energy.

Power strips are practical and palatable

When there are not enough electrical plugs in the desired area, power strips can serve an important function in these situations. There are instances when additional appliances are required to work simultaneously, but there are not enough plugs accessible for that to happen at the same time. In such a scenario, power strips are an absolute need in order to connect all of the gadgets that are to be used. The fact that these power strips are portable and easy to carry about makes it possible to use them in a variety of settings.

Demand for electronic items is increasing

The use of power strips has evolved throughout the years. Demand for electronic goods is on the rise as a result of both the expanding economic opportunities in emerging countries and the growing numbers of people living in those countries. Over the course of history, an increase in both personal discretionary income and the rate of industrialization have contributed to a general rise in the quality of life. As a result, both the amount spent on and the amount consumed by electronic goods has skyrocketed in recent years. The requirements of various customers are inspiring constant innovation in product design across industries. Alexa and the Google assistant are now compatible with smart power strips, which were just released.

Regional Overview of Power Strip Market

In 2020, North America dominated the market and generated over 30.0 percent of worldwide revenue. The need for power strips in the area is being fuelled by a number of important reasons, including the growth of industrial facilities and the use of smart gadgets. The need for power strips with surge protection goods in the US is being driven by the rising demand for protection systems in electronic appliances and the implementation of alternative energy programmes.

The Asia Pacific region to have the quickest growth. The increased usage of smart technologies and the raised level of living in the area are driving up demand for power strips. There is a considerable likelihood that smart electronic gadgets may be harmed in several developing nations in the Asia Pacific region since the availability of clean, dependable electricity is not always guaranteed.

Key Highlights

• The global market for power strip was valued at more than USD 10.24 billion in 2020 and is expected to reach USD 57.84 billion expanding at a compound annual growth rate (CAGR) of 5.57% from 2021 to 2028.
• Demand for electronic items is increasing which is further boosting the power strip market.
• Power strips are practical and palatable boosting the market.
• Reduces the standby power loss, which contributes to energy conservation driving the market growth for power strip market.
• In 2020, the common power strip category led the market for power strips and generated more than 57.0 percent of worldwide sales. Customers are adopting power strips to provide them more outlets so they can connect numerous gadgets at once as the number of linked televisions, lamps, and laptops, among other electronic items, increases.
• The surge protection sector was the most profitable in the market in 2020, accounting for more than 60 percent of the total revenue generated worldwide.
• The commercial sector amassed more than a half of a percentage point's worth of the whole revenue in 2020, propelling it to the forefront of the market.
• In 2020, North America dominated the market and generated over 30.0 percent of worldwide revenue.

Competitive Players

Competitors in Power Strip Market

• Belkin International, Inc.
• Leviton Manufacturing Co., Inc.
• Panasonic Corporation
• Legrand SA
• Hubbell Incorporated

Recent Developments

Recent Development by Key Players

Tripp Lite and Mayflex partnered in March 2021 to distribute Tripp Lite's product line in the United Kingdom. The UK-based company Mayflex provides scalable IP-based communications networks and building management solutions.

Leviton announced the release of a medical-grade power strip with load monitoring "Inform" technology in February 2020. Compliance with the National Fire Protection Association's (NFPA) 99: Health Care Institutions Code is a top concern for healthcare facilities, which is addressed by this new solution. This item is a part of the expanding line of Leviton devices that are fitted with Inform, a platform for technology that gives users access to real-time data to increase productivity, safety, and efficiency.

Segmentation

Segmentation of Power Strip Market

By Type

• Smart power Strip
• Common Power Strip
• Specialized Power Strip

By Protection

• Surge Protection
• Fuse-based Protection

By Application

• Household
• Commercial
• Industrial

By region

• North America
• Europe
• Asia pacific
• Latin America
• Middle East