According to a recent report published by Allied Market Research, titled, “Europe Industrial Plugs & Sockets Market by Product and End User: Opportunity Analysis and Industry Forecast, 2018 – 2025,”the Europe industrial plugs & sockets market was valued at $2,463.6 million in 2017 and is projected to reach at $3,614.4 million by 2025, growing at a CAGR of 4.7% from 2018 to 2025.’
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Industrial plugs & sockets are devices, which facilitate a secure electrical connection between an equipment and the power source. They prevent accidental or deliberate mismatching of plugs. These industrial plugs & sockets avoid electrical connections that are not compatible in terms of current, polarity, voltage frequency, and type of use.
The market is majorly driven by growth of the industrial sector in the emerging economies and rise in manufacturing activities. In addition, increasing need to establish secured connections between high voltage and high current electrical circuits in industries drives the growth of the industrial plugs & sockets market in Europe. Moreover, there is increase in demand for dust-proof & splash-proof plugs & sockets due to increased awareness and government regulations about safer work environment. However, downshift in the overall production rate across various industry verticals restrains the market growth. For instance, mining and metal companies in Europe are in recovery mode due to sluggish prices of minerals, increased imposition of environmental regulations, and development of renewable energy sources.
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Key Findings Of The Europe Industrial Plugs & Sockets Market:
In 2017, the Dach generated the highest revenue in the Europe industrial plugs & sockets market.
In 2017, the power generation segment generated the highest revenue in the Europe industrial plugs & sockets market.
The major players operating in the Europe industrial plugs & sockets market are Mennekes Elektrotechnik GmbH & Co. KG, PC Electric GmbH, Bals Elektrotechnik GmbH & Co. KG, , Palazzoli Group, Marechal Electric Group, Schneider Electric S.E., ABB Group, Eaton Corporation PLC, Legrand SA, KATKO, and Lovato Electric S.p.A. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations to enhance their market penetration.
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