- Industrial sockets are used to establish secure electric connections allowing electric equipment to connect to the power source.
- These sockets are well sealed and made from chemical resistant materials and atmospheric agents, which protect them from harsh conditions. These sockets have high strength, absorb the impact of electric shock, and helps in avoiding major short circuits and accidents.
- Economic condition of developing countries is improving due to rapid industrialization and urbanization. This is anticipated to fuel the demand for Industrial Sockets during the forecast period.
Awareness Increasing Popularity of the Product to Drive the Global Industrial Sockets Market
- Industrial sockets have become popular in recent years due to their various advantages, such as long maintenance interval, high impact absorption, chemical resistance, etc. These sockets are used in different environments where there are chemicals, flammable substances, gases from liquids, volatile substances, vapors, and dust. Rise in industrial activity is driving the demand for industrial sockets. Due to high safety operational requirements, various associations have outlined the standards and regulations for the use of industrial socket to prevent any untoward accident. Thus, increase in industrial applications and rise in construction activities are expected to drive the global industrial sockets market during the forecast period.
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North America to Hold a Leading Share of Global Industrial Sockets Market
- Geographically, the global Industrial Sockets market can be divided into five regions: North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA).
- North America country-level analysis features the U.S., Canada, and Rest of North America. Analysis and forecast of the Industrial Sockets market in Europe includes markets across the U.K., Germany, France, and Rest of Europe. Similarly, Asia Pacific includes India, China, Japan, and Rest of Asia Pacific. Middle East & Africa includes the Industrial Sockets market analysis and forecast of GCC countries, South Africa, and Rest of Middle East & Africa. The South America Industrial Sockets market is segmented into Brazil, and Rest of South America.
- North America dominates the market share due to stringent regulation about the safety in the industrial places which has increased global sales of Industrial Sockets.
- However, Asia Pacific is anticipated to grow at a fastest CAGR growth rate during the forecast period. Increase in setting up of various manufacturing plants and processing industries in the region helps in increasing the demand for the product.
Key Players Operating in the Industrial Sockets Market:
The industrial sockets market is competitive with several global and regional players. Major players are adopting various strategies, such as regional expansion and product portfolio expansion to enhance their position in the market.
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These players are expected to take advantage of the rising industrial expenditure and new infrastructure development driven by increase in the number of industries in the region. The players are focusing on increasing mergers and acquisitions to gain an edge over competitors. The market is projected to see an upsurge in the trend of rising sale owing to higher infrastructure facilities.
Companies are expanding their business across different region to cater to the demand of consumers. A few of the key players operating in the global industrial sockets market are:
- ABB
- ABL SURSUM
- Amphenol Corporation
- Bals Deutschland
- BCH Electric Ltd
- Cee Norm UK Ltd.
- Eaton
- KATKO Oy
- Labhya Tech Systems
