New York, NY, Aug. 15, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Electrical Fittings Market By Type (Metallic And Non-Metallic), By Application (Industrial, Commercial, And Residential) And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the demand of global Electrical Fittings Market size & share in terms of revenue was valued at USD 2300 million in 2022 and it is expected to surpass around USD 3800 million mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 6.5% during the forecast period 2023 to 2030.”
What are Electrical Fittings? How big is the Electrical Fittings Industry?
Electrical Fittings Report Coverage & Overview:
Electrical fittings are used to make connections of electric cable to various pieces of electrical equipment. They provide a connection that is both reliable and secure between the wires and the machines. Electrical fittings are necessary because they ensure the reliability and safety of the operation of electrical systems. This makes them a vital component. Fittings for electrical systems are assembled from a wide variety of components, all of which have a specific purpose in the overall operation of the system. Switches, outlets and receptacles, circuit breakers, fuses, electrical boxes and enclosures, conduit and conduit fittings, and a variety of other electrical components are included in the electrical fittings. The expansion of the market is being fueled by a variety of factors, including increasing levels of construction activity and commercial space expansion, as well as technical advancements, expanding levels of infrastructure investment, and growing levels of industrialization.
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Our Free Sample Report Consists of the Following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
- About 216+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2023
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- Zion Market Research research methodology
(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)
Global Electrical Fittings Market: Growth Dynamics
The expansion of the market is being driven by rising levels of infrastructure development.
The expansion of infrastructure construction, including residential, commercial, and industrial developments, is one of the primary drivers of the growing need for electrical fittings. When new buildings and facilities are constructed, it is necessary to install electrical components such as switches, outlets, lighting fixtures, and other electrical components. For instance, the India Brand Equity Foundation reports that over the next five years, India would invest $1.4 trillion in infrastructure by way of its "National Infrastructure Pipeline." Inflows of foreign direct investment of US$81.72 billion in FY21 were approximately 13% contributed by infrastructure-related enterprises. In order for India to meet its target of providing a roof over everyone's head by 2022, the country will need to construct 43,000 new homes every single day until then. As of the 22nd of August in the year 2022, the Pradhan Mantri Awas Yojna plan (PMAY-Urban) had resulted in the completion of 62.21 lakh homes, had resulted in 103.01 lakh homes being grounded, and had resulted in 122.69 lakh homes being sanctioned. Therefore, the aforementioned facts contribute to the growth of demand in the market for electrical fittings.
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Report Scope
| Report Attribute | Details |
| Market Size in 2022 | USD 2300 million |
| Projected Market Size in 2030 | USD 3800 million |
| CAGR Growth Rate | 6.5% CAGR |
| Base Year | 2022 |
| Forecast Years | 2023-2030 |
| Key Market Players | Madison Electric Company, Emerson Electric, AMFICO, Arlington Industries, Topaz, MK Electric, Eaton, SEPCO USA, Schneider Electric, Bridgeport Fittings, and Picoma among others. |
| Key Segment | By Type, By Application, and By Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Purchase Options | Request customized purchase options to meet your research needs. Explore purchase options |
Electrical Fittings Market: Segmentation Analysis
The global Electrical Fittings industry is segmented based on type, application, and region.
Based on the type, The global electrical fittings market is divided into two main categories: metallic and non-metallic. Forecasts indicate that the metallic segment will exert dominance throughout the projected period. This segment's growth is attributed to its notable properties such as durability, conductivity, and its capacity to facilitate effective grounding. Moreover, metallic electrical fittings assume a crucial role in ensuring secure and dependable electrical installations, particularly within industrial and commercial environments. Conversely, the non-metallic segment is poised to experience the most rapid growth over the forecast period. Non-metallic conduit, made from materials like plastic (such as PVC or HDPE), characterizes this segment. Contrary to common belief, non-metallic conduit is cost-effective and corrosion-resistant. Consequently, these factors are anticipated to propel the growth of this segment during the analytical timeframe.
Based on the application, The worldwide electrical fittings sector is categorized into industrial, commercial, and residential segments. Forecasts predict that the industrial segment will command the most significant market share throughout the projected period. Industrial growth, infrastructure development, technological advancements, and regulatory shifts collectively influence the industrial electrical fittings market. The need for specialized fittings capable of withstanding the challenges of industrial environments is propelled by the demand for secure, reliable, and efficient electrical systems. Conversely, the commercial segment is projected to exhibit rapid growth over the forecast period, driven by the expanding landscape of commercial spaces worldwide.
The global Electrical Fittings market is segmented as follows:
By Type
- Metallic
- Non-metallic
By Application
- Industrial
- Commercial
- Residential
Browse the full “Electrical Fittings Market By Type (Metallic And Non-Metallic), By Application (Industrial, Commercial, And Residential) And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/electrical-fittings-market
Competitive Landscape
Some of the main competitors dominating the global Electrical Fittings market include -
- Madison Electric Company
- Emerson Electric
- AMFICO
- Arlington Industries
- Topaz
- MK Electric
- Eaton
- SEPCO USA
- Schneider Electric
- Bridgeport Fittings
- Picoma
Key Insights from Primary Research:
- As per the analysis shared by our research analyst, the global Electrical Fittings market is estimated to grow annually at a CAGR of around 6.5% over the forecast period (2023-2030).
- In terms of revenue, the global Electrical Fittings market size was valued at around USD 2300 million in 2022 and is projected to reach USD 3800 million, by 2030.
- The global Electrical Fittings market is being driven by the growing industrialization and increasing construction industry along with rising urbanization.
- Based on the type, the metallic segment is expected to dominate the market during the forecast period.
- Based on the application, the industrial segment is expected to hold the largest market share over the forecast period.
- Based on region, the Asia Pacific is expected to dominate the market over the forecast period.
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Key questions answered in this report:
- What is the market size and growth rate forecast for Electrical Fittings industry?
- What are the main driving factors propelling the Electrical Fittings Market forward?
- What are the leading companies in the Electrical Fittings Industry?
- What segments does the Electrical Fittings Market cover?
- How can I receive a free copy of the Electrical Fittings Market sample report and company profiles?
Key Offerings:
- Market Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Type, By Application, and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Regional Analysis:
The Asia Pacific Region's Projected Market Dominance:
Anticipated dominance of the global electrical fittings market is expected to be held by the Asia Pacific region throughout the forecast period. This growth trajectory can be attributed to the burgeoning construction industry, coupled with the rapid pace of urbanization in the area. Notably, countries such as China, India, and Japan are witnessing substantial growth in their construction sectors. In 2021, for instance, China's construction sector saw newly signed contracts valued at USD 19.52 billion, marking a year-over-year increase of 2.5% and a 7.1% reduction in growth rate from the previous year. During the 14th Five-Year Plan (2021-2025), China laid out strategies to steer its construction sector toward a greener, smarter, and safer path, aligning with its economic goals.
The Chinese government aims for prefabricated structures, which can be manufactured partly or entirely in factories before assembly on-site, to constitute more than 30% of all new buildings. The target is to limit construction waste to less than 300 tons per 10,000 square meters at new development sites. Furthermore, China's state-owned railway corporation intends to quadruple the expanse of its high-speed rail network over the next 15 years, propelling infrastructure growth. These factors collectively underpin the region's market growth.
Prospective Market Share in North America:
Over the forecast period, North America is poised to command a significant share of the market due to its advanced infrastructure, urbanization trends, and technological advancements. The region's market has exhibited consistent growth driven by factors such as new construction projects, renovation initiatives, industrial expansions, and the adoption of energy-efficient solutions. For instance, analysis indicates that in the US, private sector construction investments in 2021 reached $1.25 trillion, overshadowing the public sector's $346 billion. Similarly, single-family home construction expenditures were $404 billion in 2022, dwarfing commercial development at $97 billion. These robust indicators play a pivotal role in propelling the market's growth in the region.
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
Market Opportunities in the Electrical Fittings Industry:
The growth of the market is poised to benefit from advancements in technology.
The integration of intelligent technology into electrical fittings opens up a diverse array of possibilities. Consumers stand to gain from the convenience, energy efficiency, and customizable options that come with smart switches, outlets, lighting controls, and home automation setups. Key players in the global electrical fittings market consistently invest in these efficient and smart innovations to introduce cutting-edge products to the market. For instance, in February 2023, ROHM Semiconductor unveiled the BV1LExxxEFJ-C and BM2LExxxFJ-C series, encompassing intelligent (smart) low-side switches with single and dual channels, operating at 40 V. These offerings find optimal utility in industrial and automotive applications, boasting AEC-Q100 certification. They are well-suited for use in a range of systems, including industrial PLCs, LED lighting modules, engine and transmission control units, as well as vehicle body control systems. Consequently, this is projected to create a highly advantageous avenue for expanding the market throughout the forecast period.
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