Power Strip Market Size & Growth Analysis to 2030

The global power strip market size is anticipated to register a significant CAGR of over 5% during the forecast period from 2021 to 2027. The increasing demand for stable power in the residential and commercial sectors is a primary factor driving market growth. Furthermore, the increasing use of electric equipment and other utilities is further anticipated to increase the demand for power strips in upcoming years. Moreover, the rising population, increasing disposable income, and improving life standard is expected to increase the demand for electrical equipment, which is projected to spur the market growth over the forecast period.

Market Drivers:

Increasing demand for multiple power outlets: With the proliferation of electronic devices in homes, offices, and commercial spaces, there is a growing need for multiple power outlets to connect and power these devices. Power strips provide a convenient solution by offering multiple sockets in a single device, allowing users to plug in and operate multiple devices simultaneously. The increasing demand for multiple power outlets drives the growth of the power strip market.

Surge protection requirements: Electronic devices are susceptible to voltage spikes and power surges that can cause damage to sensitive components. Surge protection is essential to safeguard electronic devices from such power fluctuations. Power strips with built-in surge protection capabilities offer an added layer of protection by suppressing voltage spikes and diverting excess energy. The increasing need for surge protection drives the demand for power strips with surge protection features.

Growing emphasis on energy efficiency: Energy efficiency is a significant concern in households, offices, and commercial buildings. Power strips equipped with energy-saving features such as individual outlet switches or smart power management systems help reduce energy consumption by allowing users to turn off power to specific devices when not in use. The growing emphasis on energy efficiency and sustainable practices drives the demand for power strips with energy-saving features.

Expansion of the IT and telecommunications industry: The IT and telecommunications industry heavily relies on electronic equipment such as computers, routers, modems, and telecommunication devices. These devices require a stable and reliable power supply to ensure uninterrupted operation. Power strips with surge protection and additional features tailored for the IT and telecommunications sector, such as network surge protection or Ethernet ports, are in high demand, driving the growth of the power strip market.

Increasing adoption of smart homes and home automation: Smart homes and home automation systems are gaining popularity, driven by the convenience and energy efficiency they offer. Power strips integrated with smart features, such as Wi-Fi connectivity, voice control compatibility, or scheduling capabilities, align with the needs of smart homes. These smart power strips enable users to remotely control and manage their connected devices, contributing to the growth of the power strip market.

Advancements in power strip design and functionality: Manufacturers are continuously innovating power strip designs and incorporating new functionalities to cater to evolving customer needs. This includes features such as USB charging ports, wireless charging pads, swivel outlets, compact designs, and improved cable management. Advancements in power strip design and functionality enhance user experience and drive the adoption of power strips.

Increasing awareness of electrical safety: Electrical safety is a critical concern, particularly in residential and commercial settings. Power strips with features like overload protection, child-proof outlets, and fire-resistant materials help mitigate the risks associated with electrical hazards. The increasing awareness of electrical safety drives the demand for power strips that prioritize safety features.

Growth in commercial and office spaces: Commercial buildings, offices, and co-working spaces require a reliable and organized power distribution system to cater to the power needs of various electronic devices and equipment. Power strips offer a practical solution by providing multiple outlets in a compact form factor. The growth of commercial and office spaces contributes to the demand for power strips.

Market Outlook:

Market Insights:

The global power strip market is bifurcated into type, protection, application, and geography. On the basis of type, the market is further segmented into common power strips, smart power strips, and specialized power strips. The common power strip segment dominated the global market in 2020 and accounted to hold the largest market share of over half of the market. The increasing number of lights, televisions, laptops and other electric equipment is a major factor to drive the segment growth. In contrast, the smart power strip segment is estimated to grow at the fastest growth rate over the forecast period due to its smart features such as auto power cut-off.

On the basis of protection, the market is bifurcated into surge protection, fuse-based protection, and others. The surge protection segment dominated the global power strip market in 2020 and estimated to hold the largest revenue share of around two-third percent of the market. The segment is also expected to grow at the highest growth rate over the forecast period. The increasing incidence of voltage surges can lead to the destruction of electronic equipment, which is expected to increase the demand for this equipment.

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The power strip comprehensive study offers an in-depth analysis of industry trends, market size, competitive analysis, and market forecast – 2021 to 2027. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The power strip market research report presents the analysis of each segment from 2018 to 2027 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

• 2018-19 – Historical Year
• 2020 – Base Year
• 2021-2027 – Forecast Period

Market Segmentation:

By Type:

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

By Protection:

• Surge Protection
• Fuse-based Protection
• Others

By Application:

• Household
• Commercial
• Industrial

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Geographic Coverage:

Geographically, North America dominated the global power strip market in 2020 and estimated to hold the largest revenue share of around one-third percent of the market. The increasing number of manufacturing units and the growing adoption of smart electronic equipment are some major factors to drive the market growth in the region.  Furthermore, the increasing demand for protection equipment in electronic appliances is further anticipated to fuel the market growth in North America. On the other hand, the Asia Pacific is estimated to grow at the highest growth rate over the forecast period owing to the increasing adoption of smart electronics.

Competition Assessment:

Some of the prominent market players operating in the global power strip market are General Electric, Leviton Manufacturing Co., Inc., Belkin International, Inc., Legrand SA, and Schneider Electric SE. Companies are exploring markets through expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• General Electric
• Leviton Manufacturing Co., Inc,
• Belkin International, Inc.
• Legrand SA
• Schneider Electric SE
• Siemens AG
• Koninklijke Philips N.V.
• ABB Ltd
• Cyber Power Systems, Inc.
• Panasonic Corporation

Key Questions Answered by Power Strip Market Report

• Global power strip market forecasts from 2021-2027
• Regional power strip market forecasts from 2021-2027 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2021-2027 covering 15 major countries from the aforementioned regions
• Power strip submarket forecasts from 2021-2027 covering the market by type, by protection, by application, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis pertaining to the power strip market
• Analysis of the key factors driving and restraining the growth of the global, regional and country-level power strip markets from 2021-2027
• Competitive Landscape and market positioning of top 10 players operating in the power strip market