Market Overview
The global power strip market size was valued at more than USD 10.81 billion in 2021 and is expected to reach USD 17.61 billion expanding at a compound annual growth rate (CAGR) of 5.57% from 2022 to 2030.
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. In addition, power strips come equipped with indicator lights that are located on the switches. These lights make it simple to determine whether or not a certain socket is connected to a power source. Some of the more advanced types have one or more fuses to protect the electronic devices that are plugged into the power strip from being adversely affected by power surges.
Market Dynamics
Market Drivers
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. One example would be the Syska SSK-EBW-0304 Smart extension board, which is compatible with both Alexa and Google Assistant. Voice commands can be used to control either all sockets or individual sockets.
Market Restraints
The market for power strips is anticipated to suffer from strict laws and restrictions
During the production process, makers of power strips are required to adhere to a number of regulations and standards in order to ensure the quality of their goods. It is possible for these rules to vary from nation to nation. Every piece of electronic hardware or apparatus need to be compliant with the standards that are established by the regulatory authorities of the location in where they are made. As a consequence of this, the most significant difficulty that the manufacturers face is the fact that one power strip that satisfies the compliance requirements of one location could not meet the requirements of another region.
Regional Analysis
In 2020, North America dominated the market and generated over 30.0% of worldwide revenue. The need for power strips in the area is being fueled 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. Additionally, the area is working to promote the use of sustainable energy by emphasising technology breakthroughs and the adoption of smart power strips. One of the factors fueling the expansion of the regional market is the ability of consumers with high disposable income to acquire intelligent items.
Over the course of the projected period, the Asia Pacific region is anticipated 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. Appliance damage is prevented by the usage of power strips. Huntkey debuted its new Magic Series of power strips at World Expo in March 2017. These products were designed for both everyday usage and vacation.
Segmental Analysis
The global power strip market is segmented by type, protection, application, and region.
By Type Analysis
In 2020, the common power strip category led the power strip market and generated more than 57.0% 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. Additionally, because they include an integrated on/off switch, common power strips are good for energy conservation.
Over the projection period, the smart power strip category is predicted to develop at the fastest rate. As opposed to conventional power strips, which constantly use electricity after the devices are plugged in, smart power strips can identify devices that are in standby mode and turn the power off. To safeguard their equipment from unforeseen power spikes, several firms are implementing smart power strips.
As the number of smart gadgets increases, businesses are producing smart power strips. To give one example, Tp-link introduced the Kasa Smart Wi-Fi Power Strip. It has surge protection and guards’ delicate electronics and appliances against power spikes brought on by thunderstorms. It works with Alexa and Google Assistant.
By Protection Analysis
The surge protection sector was the most profitable in the market in 2020, accounting for more than 60% of the total revenue generated worldwide. During the time under consideration, it is anticipated to see growth at the fastest pace possible. Voltage surges are the most common cause of equipment failure. Voltage surges can be generated by lightning strikes, electrical mishaps, tripped circuit breakers, or the turning on and off of heavy-load devices that are located nearby. The components of electrical devices are susceptible to being ruined by surges. It's possible that the cost of repairing damaged equipment won't even come close to covering the expenses of lost service, operation, data, and output. If the equipment is exposed to low-level overvoltage for an extended period of time, the equipment may age before its time.
A reliable power strip that also has a surge protector may be found in the Belkin Power Strip Surge Protector. The energy rating of the power strip is 3,940 Joule, making it a dependable power extension cable that can safeguard broadband modems, printers, and other equipment. It protects the devices against things like overload, power spikes, and fluctuations, as well as short circuits and lightning strikes.
By Application Analysis
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. Power strips of a commercial quality have become more significant for use in all business applications, in addition to various home ones. In order to keep electronic devices from being damaged by electrical surges, outdoor or commercial equipment needs a power strip that can withstand extreme temperatures, can withstand the elements, and has surge protection. In corporate workplaces, it is common practise to make use of power strips equipped with a number of specialised outlets, such as USB outlets and modem outlets, in order to accommodate a wide range of electronic equipment. The electronic devices in the office are protected from power surges by the surge protection that is integrated into these power strips.
UL, ETL, and CSA standards are adhered to during the production process of power strips that are being produced by businesses expressly for commercial use. For example, Falconer Electronics manufactures commercial power strips that are built with steel to build power strips that have a casing that is both protective and durable.
Top Key Players
Belkin International, Inc.
Leviton Manufacturing Co., Inc.
Panasonic Corporation
Legrand SA
Hubbell Incorporated
Others
