Market Leaders - Industrial Plugs and Sockets Market
The global industrial plugs and sockets market size is projected to grow from USD 2.5 billion in 2020 to USD 3.2 billion by 2025; it is expected to grow at a CAGR of 4.9% from 2020 to 2025. The key factors driving the growth of the industrial plugs and sockets industry include rapid industrialization in Asia Pacific and increased investments in infrastructure development projects to contribute to the global economy post-COVID-19.
A few major players have a wide regional presence dominate the industrial plugs and sockets market along with a large number of local players. The leading players in the industrial plugs and sockets market include Amphenol Corporation(US), ABB (Switzerland), Emerson Electric (US), Schneider Electric(France), and Legrand (France).
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These players' major strategies include contracts & agreements, product launches, investments & expansions, and mergers & acquisitions. Product launches and mergers & acquisitions were the two most commonly adopted strategy from January 2017 to October 2020.
Amphenol Corporation designs, manufactures, and markets electrical, electronic and fiber optic connectors, interconnect systems, antennas, sensors and sensor-based products, and coaxial and high-speed specialty cables. The company has a presence in high growth sectors such as automotive, broadband communications, commercial aerospace, industrial, information technology and data communications, military, mobile devices, and mobile networks. Amphenol Corporation operates through two segments, namely, interconnected products & assemblies and cable products & solutions. Industrial plugs and sockets are part of the interconnect products and assemblies segment. Amphenol has a strong foothold in the US and Chinese markets, which accounted for around 60% of the total revenue in 2019. China and the US are one of the largest markets for industrial plugs and sockets. The company’s entire product portfolio is dedicated to interconnection and cable products compared to other major players such as ABB, Schneider, and Emerson, which have diverse portfolios.
ABB is a power and automation technology provider that serves segments such as robotics, process automation, automation products, power systems, and power products. The company operates through four business segments: electrification, motion, industrial automation, robotics, & discrete automation. It offers industrial plugs and sockets under the electrification segment. This segment also offers automation and services, low and medium voltage control, and protection products. The low voltage products division includes products and services that provide control, protection, and measurement for switchboards, enclosures, electrical installations, electronics, and electromechanical devices. Industrial plugs and sockets are a part of the low voltage products division. ABB offers a wide range of products in the industrial plugs and sockets category but is also one of the global leaders providing electrical products and solutions, especially for industrial applications. This strong, diverse portfolio allows the company to package and market integrated solutions to industrial applications. This gives the company an edge as it can upsell its products to existing customers.
Related Reports:
Industrial Plugs and Sockets Market by Type, End User (Heavy Industries, Oil & Gas, Chemicals & Pharmaceuticals, Power Generation), Current (up to 32 A, 32 to 125 A, Above 125 A), Protection (Dustproof & Splash Proof, Waterproof, Explosion Proof), and Region - Global Forecast to 2025
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