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Power Strip Market Trends

ID: MRFR//10795-CR | 128 Pages | Author: Garvit Vyas| October 2023

Global Power Strip Market Overview

Power Strip Market Size was valued at USD 12,756.2 million in 2022. The Power Strip Market industry is projected to grow from USD 13,404.5 million in 2023 to USD 17,942.6 million by 2030, exhibiting a compound annual growth rate (CAGR) of 4.3% during the forecast period (2023 - 2030). A power strip, also known as an extension block, power board, power bar, plug board, or multi-socket extension cord, is a device that allows multiple electrical devices to be connected to a single power source. It typically consists of a plastic or metal housing with multiple electrical outlets (sockets) into which you can plug various electronic or electrical devices.

Power Strip Market Overview

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Power Strip Market Trends

  • Rising Demand for Electronic Devices is fueling the market growth

One of the primary drivers of the power strip market is the increasing number of electronic devices in homes and workplaces. With the proliferation of smartphones, laptops, tablets, smart TVs, gaming consoles, and other electronic gadgets, the need for additional power outlets has grown substantially. Consumers and businesses rely on power strips to conveniently charge and power multiple devices simultaneously, driving the demand for power strips with multiple outlets and USB charging ports. As consumer electronics become more affordable and accessible, people are owning and using a greater number of devices. This includes smartphones, laptops, tablets, e-readers, smartwatches, and various other portable gadgets. Furthermore, the proliferation of smart home devices like voice assistants, thermostats, and security cameras contributes to the growing number of electronic devices in households. With limited wall outlets available, power strips provide a practical solution for charging and operating multiple devices simultaneously. In addition to personal device usage, the demand for electronic devices in the workplace is also on the rise. Offices, corporate settings, and businesses of all sizes increasingly rely on computers, monitors, printers, scanners, and other electronic equipment to conduct daily operations. Power strips play a crucial role in providing a centralized power source for these devices, helping to manage cables and ensure efficient use of workspace. Power strips offer a convenient way to manage the power needs of electronic devices. They help reduce clutter and cable tangling by allowing users to consolidate the power cords of multiple devices in one location. This organization not only simplifies cable management but also enhances safety by reducing trip hazards and preventing damage to cables. As people strive for a cleaner and more organized living and working environment, power strips become an essential accessory.

Surge Protection and Safety Concerns is fueling the market growth

As electronic devices become more sophisticated and valuable, there is a growing awareness of the importance of protecting them from voltage spikes and electrical surges. Power strips equipped with surge protection features have gained popularity as they provide an added layer of safety for expensive and sensitive electronics. The increasing concern for device protection and data integrity has led consumers and businesses to invest in surge-protected power strips, boosting their demand in the market. The proliferation of high-value electronic devices, such as laptops, gaming consoles, home theaters, and smart appliances, has made consumers increasingly aware of the need to protect their investments from electrical damage. Surge protection in power strips helps safeguard these devices from voltage spikes and surges that can occur due to lightning strikes, power grid fluctuations, or electrical faults. As people become more concerned about protecting their valuable electronics, surge-protected power strips gain popularity. Beyond the financial cost of replacing damaged devices, there's also the concern of data loss and system integrity. Many electronic devices store critical data, and voltage spikes can corrupt or permanently destroy this data. Businesses, in particular, rely on data integrity for operations, making surge protection crucial in preventing data loss and ensuring the continued reliability of electronic systems. Surge protection is not only about protecting devices but also about ensuring the safety of users and their homes or workplaces. Power strips with surge protection are designed to divert excess voltage away from connected devices, reducing the risk of electrical fires and potential hazards. As safety standards and awareness increase, consumers and businesses are more likely to choose surge-protected power strips to minimize risks associated with electrical accidents.

Remote Work and Home Office Trends is fueling the market growth

The global shift towards remote work and the rise of home offices have further accelerated the demand for power strips. Many individuals are now working from home, requiring a reliable power source for their computers, monitors, peripherals, and other office equipment. Additionally, the power needs of home entertainment systems, including smart TVs, streaming devices, gaming consoles, and sound systems, have surged. Power strips are essential for efficiently managing and organizing the various devices in home offices and entertainment setups, contributing to the continued growth of the power strip market. The transition to remote work and the rise of home offices have led to a surge in the number of electronic devices used at home. Professionals working remotely require computers, monitors, keyboards, and other peripherals, which, along with personal devices like smartphones and tablets, demand ample power outlets. Power strips provide a practical solution to address the increased power needs, enabling users to connect and power multiple devices simultaneously in a home office environment. Remote work often means that employees set up their workspaces in various locations within their homes. This flexibility can lead to situations where power outlets are not conveniently located near the workspace. Power strips help bridge this gap by extending the reach of available power outlets, allowing individuals to create efficient workspaces wherever they are most comfortable. With the proliferation of devices in home offices, cable management becomes a significant concern. Power strips not only provide additional outlets but also help organize and manage the tangle of power cords and cables associated with multiple devices. This is crucial for maintaining a clean and organized workspace, reducing clutter, and minimizing tripping hazards.

Power Strip Market Segment Insights

Power Strip by Type Insights

The Power Strip Market segmentation, based on type has been segmented as common power strip, smart power strip, and specialized power strip. Among these, the common power strip type is projected to dominate the Power Strip Market revenue through the projected period. A power strip is a group of electrical sockets attached to the end of a flexible cable that allows many electrical devices to be powered from a single outlet. Common power strips are often used when many electrical devices are in proximity, such as video, computer systems, appliances, power tools, and lighting. Common power strips often include a circuit breaker to interrupt the electric current in case of an overload or a short circuit. Some common power strips protect against electrical power surges. Typical housing styles include strip, under-monitor, rackmount, and direct plug-in.

Power Strip by Protection Type Insights

The Power Strip Market segmentation, based on protection type, the market is segmented as surge protection and fuse-based protection. Out of which the surge protection segment dominated base year market and is also projected to be holding a dominating share in the forecasted period as well. Surge protection is a device that protects electrical devices from voltage spikes in AC circuits. A voltage spike is a transient event, typically lasting up to 30 microseconds, that may reach over 1,000 volts. Lightning, short circuit, or high voltage that hits a power line can give a spike of over 100,000 volts and burn through wiring insulation, causing fires. Still, even modest spikes can destroy a wide variety of computers, TVs, chargers and batteries, and, other appliances that happen to be plugged in at the time. The surge device will typically activate at a certain voltage, usually 3 to 4 times the mains voltage, and divert the current to earth. The surge may be absorbed by some gadgets and released as heat. They are often assessed in terms of the amount of energy they can absorb in joules.

Power Strip by Application Insights

The Power Strip Market segmentation, based on application, the market is segmented as household, commercial, and industrial. Out of which the commercial segment dominated base year market and is also projected to be holding a dominating share in the forecasted period as well. Commercial buildings are used for commercial purposes such as education facilities, government & office buildings, hospitals & medical centers, and hotels. Widespread installation of electrical appliances such as lighting systems, ventilators, and air conditioners in commercial spaces and increasing the demand for power strip equipment will boost the demand for power strip equipment in the commercial sector. Moreover, the launch of various smart cities has led to the modernization of electrical grids, another crucial factor contributing to market growth. Additionally, increasing investments in renewable energy facilities and awareness regarding the need to reduce energy losses encourage the adoption of technologically improved power strips across the globe.

Power Strip Regional Insights

By Region, the study segments the Power Strip market into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. The sizable power strip industry in North America is likely to make the region the largest expanding global market for power strip. North America has one of the highest adoption rates of electronic devices in the world. The region has a large population of tech-savvy consumers who own a wide range of electronic gadgets, including smartphones, laptops, tablets, gaming consoles, smart TVs, and more. As the number of devices per household continues to increase, the demand for power strips with multiple outlets and USB charging ports grows, driving market growth. North America has witnessed a significant shift towards remote work, even before the COVID-19 pandemic accelerated this trend. The ongoing adoption of remote work has led to a surge in home offices and the need for power strips to accommodate the power requirements of computers, monitors, printers, and other office equipment. With a substantial portion of the North American workforce now working remotely or in hybrid arrangements, the demand for power strips remains high.

Power Strip Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Power Strip Market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Power Strip Market industry must offer cost-effective products to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the global power strip industry to benefit clients and expand the Power Strip market sector is partnerships and acquisitions. The market for Power Strip is recognized as being extremely competitive and fragmented. The market for Power Strip offers considerable potential opportunities for domestic and unorganized companies. Some of the key players operating in the market are ABB Ltd, (Switzerland), Siemens AG (Munich), Schneider Electric SE (Paris), Delixi Electric Ltd (China), General Electric (US), Belkin International Inc. (US), Falconer Electronics (US), Panasonic Corporation (Japan), Legrand SA (France), and Cyber Power Systems Inc. (US). To increase their global reach and client base, key firms are concentrating on acquisitions and product innovation.

Cyber Power Systems Inc.:Cyber Power Systems Inc. designs and manufactures a high-quality line of award-winning products, including uninterruptible power supply (UPS) systems, power distribution units (PDUs), surge protectors, mobile charging devices, connectivity devices and Fiber-to-the-Premise (FTTx) backup power solutions. It develops strong relationships by creating trusted power solutions. The company serves customers in the enterprise, corporate, government, education, and small office/home office environments. The company offers various products and services 3-Phase Modular UPS, UPS Systems, PDUs, Surge Protectors, Telecom, Racks, General Power, Power Accessories, Software, and Extended Warranties and services such as pre-sale services, post sale services, start-upnd assembly services, and other valuable services remote monitoring, battery recycling service, technician certification, system re-new, and de-commissioning service.

Legrand SA:Legrand SA is a global electrical and digital building infrastructure specialist. It offers product ranges for wiring devices, home automation, door entry, lighting management systems, cable management, and structured cabling to add its core offers of circuit breakers and distribution boards. The company has various products such as electrical infrastructure, wiring devices, home automation, door phones, lighting management systems, cable management systems, and digital infrastructure. It has advanced solutions for the residential, commercial, industrial, and hospitality sectors. The company has various network brands such as bticino, cablofil, neat, numeric, vantage, and adlec. The company has three manufacturing facilities, ten training centers, and an extensive network of over 750 distribution partners and over 11,500 retailers, allowing it to quickly penetrate new market and product segments and generate economies of scale.

Key Companies in the Power Strip Market includes

  • ABB Ltd, (Switzerland)

  • Siemens AG (Munich)

  • Schneider Electric SE (Paris)

  • Delixi Electric Ltd (China)

  • General Electric (US)

  • Belkin International Inc. (US)

  • Falconer Electronics (US)

  • Panasonic Corporation (Japan)

  • Legrand SA (France)

  • Cyber Power Systems Inc. (US)

Power Strip Industry Developments

April 2021:Schneider Electric launched EcoStruxureTM Rail in India. Through this end-to-end digital solution, the company aims to build a collaborative digital environment for safe, efficient, reliable, and sustainable metro rail operations in the country.

March 2021:Schneider Electric launched product under its Clipsal X range and is powered by Silver Ion technology. Available in two variants, these products have been conceptualized and manufactured in India as part of Schneider Electric’s commitments towards making an Atmanirbhar Bharat. 

July 2022:Cyber Power Systems Inc. launched a new resource to help users choose the right uninterruptible power supply (UPS) system for their needs. This resource is suitable for consumers, home-office users, and IT professionals.

Power Strip Market Segmentation

Power Strip Type Outlook

  • Common Power Strip

  • Smart Power Strip

  • Specialized Power Strip

Power Strip Protection Type Outlook

  • Surge Protection

  • Fuse Based Protection

Power Strip Protection Application Outlook

  • Household

  • Commercial

  • Industrial

Power Strip Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • Russia

    • Italy

    • France

    • Spain

    • UK

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia & New Zealand

    • South Korea

    • Rest of Asia-Pacific

  • Middle East & Africa

    • Turkey

    • South Africa

    • GCC Countries

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Rest of Latin America

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