Wilmington, Delaware, Nov. 28, 2023 (GLOBE NEWSWIRE) -- According to RationalStat’s most recent industry analysis, the Global Power Strip Market value is estimated at US$ 11.8 billion in 2023 and is expected to rise at a strong CAGR of over 5.8% over the forecast period of 2023-2030.
Market Definition, Market Scope, and Report Overview
A power strip, also known as an extension block, power board, or multi-socket, is a device that allows multiple electrical devices to be powered from a single electrical socket. It typically consists of a strip of electrical outlets, with a cable and plug for connection to a wall outlet. Power strips may also include features such as surge protection, overload protection, and individual switches for each outlet.
There is a growing demand for additional power outlets as electronic gadgets proliferate in households, offices, and numerous industries. Power strips are a practical way to power several devices at the same time, addressing the rising demand for electricity in a variety of scenarios.
According to a deep-dive market assessment by RationalStat, the global power strip market has been analyzed on the basis of market segments, including type, protection, application and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global power strip market covers market sizes on the basis of market value (US$/EUR Million) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global Power Strip market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Power Strip Market: Segmental and Market Share Analysis
- On the basis of protection, surge protection segment dominated the global power strip market in 2022 and accounted for more than 55% share of the global revenue. It is expected to expand at the highest growth rate over the forecast period.
- On the basis of application, commercial segment is expected to register the highest growth rate of 45% in 2022. It is important for all commercial applications and also several residential applications.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2023 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 11.8 billion |
| Market Size Forecast | US$ 17.6 billion |
| Growth Rate | 5.8% |
| Dominant Segment | Surge Protection |
| Dominant Region | North America |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
Some leading players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & and acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global power strip market include.
- In February 2020, Leviton introduced a medical-grade power strip that includes load-monitoring inform technology. It simplified and increased code compliance and electrical safety in the healthcare sector.
Some of the prominent players and suppliers operating and contributing significantly to the global power strip market growth include General Electric, Belkin International, Inc., Leviton Manufacturing Co., Inc, Schneider Electric SE, Legrand SA, Koninklijke Philips N.V., Siemens AG, ABB Ltd, Panasonic Corporation, and Cyber Power Systems Inc., among others.
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RationalStat has segmented the global Power Strip market based on type, protection, application and region
- Global Power Strip Market Value (US$ Million), and Market Share (2019-2030) Analysis by Type
- Smart Power Strip
- Common Power Strip
- Specialized Power Strip
- Global Power Strip Market Value (US$ Million), and Market Share (2019-2030) Analysis by Protection
- Surge Protection
- Fuse-based Protection
- Others
- Global Power Strip Market Value (US$ Million), and Market Share (2019-2030) Analysis by Application
- Household
- Commercial
- Industrial
- Global Power Strip Market Value (US$ Million), and Market Share (2019-2030) Analysis by Region
- North America Power Strip Market Value (US$ Million), Market Volume (Units), and Market Share (2019-2030) Analysis by Country
- US
- Canada
- Latin America Power Strip Market Value (US$ Million), Market Volume (Units), and Market Share (2019-2030) Analysis by Country
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Power Strip Market Value (US$ Million), Market Volume (Units), and Market Share (2019-2030) Analysis by Country
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Power Strip Market Value (US$ Million), Market Volume (Units), and Market Share (2019-2030) Analysis by Country
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Power Strip Market Value (US$ Million), Market Volume (Units), and Market Share (2019-2030) Analysis by Country
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Power Strip Market Value (US$ Million), Market Volume (Units), and Market Share (2019-2030) Analysis by Country
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Power Strip Market Value (US$ Million), Market Volume (Units), and Market Share (2019-2030) Analysis by Country
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Key Questions Answered in the Power Strip Report:
- What will be the market value of the global Power Strip market by 2030?
- What is the market size of the global Power Strip market?
- What are the market drivers of the global Power Strip market?
- What are the key trends in the global Power Strip market?
- Which is the leading region in the global Power Strip market?
- What are the major companies operating in the global Power Strip market?
- What are the market shares by key segments in the global Power Strip market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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