Global Industrial Plugs and Sockets Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Industrial Plugs and Sockets Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Plug and socket are a mechanism for regular coupling between a flexible cable and an electrical circuit, it comprises a socket outlet and a plug. The socket is built to be linked to the electrical circuit. The plug is a component that is attached or intended to be connected to the end of a flexible cable that is connected to a device or connector. Industrial plugs and sockets are utilized for the purpose of establishing secure electric connections in machines and equipment, which work on different frequencies and voltages. Industrial plugs and sockets are used to avoid accidental or deliberate mismatching of plugs and prevent connections that are not compatible in terms of frequency, current, polarity, voltage, and type of use. Furthermore, industrial plugs and sockets have typical features, such as a large connection area, excellent conductivity, and compact design. Moreover, industrial plugs and sockets have multifunctional applications in agriculture, industry, construction, and provide safety for appliances to which they are connected.

Market Overview:

The latest research study on the global Industrial Plugs and Sockets market finds that the global Industrial Plugs and Sockets market reached a value of USD 2261.02 million in 2022. It’s expected that the market will achieve USD 3145.31 million by 2028, exhibiting a CAGR of 5.66% during the forecast period.

Impact of Russia and Ukraine War

The Russian-Ukrainian war affected the upstream industries of industrial plugs and sockets, namely brass, polycarbonate, etc. The implications of the Russia-Ukraine war have diverted plastics shortage progress, pricing, and other ongoing challenges. Polycarbonate is located in the middle reaches of the polycarbonate industry chain, and the upstream of the industry chain includes oil, natural gas, chemical and other industries. Oil and gas prices are set to spike further as the Russia-Ukraine crisis escalates. The wars outbreak met with severe economic sanctions, including the U.S. ban of oil imports from Russia. Crude oil prices quickly exceeded $100 per barrel, which signaled a rise in resin pricing. War in Ukraine, rising costs, and logistics are having an unprecedented economic impact on industry, according to the European Polycarbonate Sheet Extruders association. Prices are not only drastically increasing on the raw material side, but EPSE members are also confronted with additional consequences such as radically increased packaging and energy costs. Russia also controls about 10% of global copper reserves. The proven reserves of Russian copper mines reached 92.7 million tons, accounting for about 10% of the world's total reserves, mainly concentrated in Norilsk, Urals and Transbaikal.

Increasing electrification of different industries to drive demand for industrial plugs and sockets

Industries are energy-intensive and require large amounts of fuel and electricity for operating mechanical drives; boilers; furnaces; heating, ventilation, air-conditioning (HVAC) systems; etc. Traditionally, applications such as IC engines, fossil fuel-based boilers, furnaces, etc. used non-electric sources of energy. As a part of the transition to a low-carbon future and to ensure their reliable operations, industries are increasingly carrying out their electrification. This trend is prominent in developed regions such as Europe and North America, wherein governments of different countries are actively pursuing carbon-neutral goals. Even in other regions, industries have started carrying out their electrification to ensure economic savings, resulting in increased investments. Through electrification, companies can reduce their energy and overhead costs while meeting sustainability goals simultaneously.

Growing technological advancements

The growing technological advancements is a major trend gaining popularity in the industrial plugs and sockets market. Major companies operating in the industrial plugs and sockets sector are focusing on developing technologically advanced solutions for industrial plugs and sockets. For instance, in April 2019, Marechal Electric SA, a France-based electrical and electronic manufacturing company, introduced it's first 40 A switch disconnector, EVO and its first separable switch disconnector, which allows users to attach and detach devices securely. Switch, connector and disconnector integrate three tools into one for easy usage and less space and it can be utilized in all industries.

Region Overview:

In global comparison, a significant portion of the revenue was generated in Americas (39.22% in 2021).

Company Overview:

Legrand is one of the major players operating in the Industrial Plugs and Sockets market, holding a share of 13.02% in 2022.

Legrand

Legrand designs and manufactures electrical devices. The Company offers switches, sockets, fuses, cables, security systems, circuit breakers, solar energy panels, energy management components, and accessories. Legrand serves offices, hotels, shopping centers, residential, and data centers. Legrand serves customers worldwide.

Schneider Electric

Schneider Electric is a French multinational company established in 1836. It is one of the worlds largest energy management companies and optimized solution providers. Its main products include circuit breakers, sensors, controllers, etc. Provide overall solutions for industry, data center, network, and building.

Segmentation Overview:

Among different product types, Socket segment is anticipated to contribute the largest market share in 2027.

Plugs

Industrial plugs, as the name suggests, are suitable for use in the industry, and the protection levels can be divided into IP44 and IP67. In general, it is used in conjunction with industrial sockets and industrial connectors.

Socket

The industrial sockets segment is expected to lead the industrial plugs and sockets market from 2022 to 2028. Typically, industrial sockets and plugs are used in equal numbers. However, multiple sockets are installed to easily connect to fixed electrical main circuits, thereby allowing operators to connect and access electrical power units easily. The price of industrial sockets is higher than plugs. These factors are expected to drive the growth of the market's industrial sockets segment from 2022 to 2028. In addition, this segmentation does not include interlocked socket.

Interlock

Industrial interlocks are surface-mounted outlet sockets made from hard plastic housing with a socket cover. They're designed to enhance electrical safety in industrial applications.

Application Overview:

The market's largest segment by application is the Industry segment Industry, with a market share of 59.82% in 2021.

Key Companies in the global Industrial Plugs and Sockets market covered in Chapter 3:

Marechal Electric
Havells
Eaton
Proconect
PC Electric
Scame
IDE ELECTRIC
ABL GmbH
Hubbell
Schneider Electric
CEE Norm
ROSI Materiale Elettrico s.r.l.
KEDU ELECTRIC Co. Ltd.
Bals
Palazzoli
Famatel
Cavotec
Lewden
Gewiss
Emerson Electric
Mennekes
SEZ DK a.s.
Legrand
Garo AB
ABB
Fanton Spa
Walther Werke
Zhejiang Yuanya Electrical co.,ltd
I.L.M.E. Spa
Leviton
Steck Connections
Amphenol
C&S Electric Limited

In Chapter 4 and Chapter 14.2, on the basis of types, the Industrial Plugs and Sockets market from 2018 to 2029 is primarily split into:

Plugs
Socket
Interlock

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Industrial Plugs and Sockets market from 2018 to 2029 covers:

Agriculture
Industry
Construction
Other

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)