Power Strip Market Size was evaluated at USD 11.65 billion in 2022 and is predicted to reach USD 17.75 billion by 2030, growing at a 5.4% CAGR from 2023 to 2030.
Power strips, also known as surge protectors or extension cords, have become an indispensable component of modern life. These unassuming devices provide multiple electrical outlets from a single source, accommodating the ever-growing array of electronic and digital devices that people rely on daily. The power strip market is a dynamic and evolving industry, driven by a combination of technological advancements, environmental concerns, and changing consumer needs.
The power strip market is experiencing a surge in demand that mirrors our increasingly connected world. With the proliferation of electronic devices, smart homes, and remote work setups, the need for multiple power outlets has never been more pronounced. Consumers seek not only functionality but also innovative features such as surge protection, USB ports, and energy-efficient designs. Moreover, the growing emphasis on sustainability has led to a demand for power strips with eco-friendly materials and smart energy management capabilities.
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Unveiling the Latest Trends of Power Strip Market
Increased Demand for Smart Power Strips:
The integration of smart technology in power strips was a growing trend. Smart power strips allow users to remotely control and monitor connected devices through smartphone apps or voice assistants. This added convenience and energy-saving features were driving demand.
Energy Efficiency:
Consumers and businesses were increasingly looking for power strips that offered energy-saving features. This included the ability to individually control outlets, monitor power usage, and even schedule power to devices to reduce standby power consumption.
USB Ports and Fast Charging:
Power strips equipped with USB ports were gaining popularity. With the proliferation of devices that charge via USB, many consumers were seeking power strips that offered not only traditional AC outlets but also fast-charging USB ports.
Compact and Travel-Friendly Designs:
Power strips designed for portability and travel were in demand. These strips were smaller and often had retractable plugs, making them suitable for people on the go, especially business travelers.
Power Strip Safety Features:
Consumers were becoming more aware of safety concerns related to power strips. As a result, there was a growing trend toward power strips with surge protection, overload protection, and fire-resistant materials.
Key Players
Key players in power strip market are Belkin International, Inc., Schneider Electric SE, Koninklijke Philips N.V, General Electri, Leviton Manufacturing Co., Inc, Legrand SA, Siemens AG, Panasonic Corporation, Delixi Electric Ltd., ABB Ltd, Cyber Power Systems, Inc., Falconer Electronics and other.
Competitive Landscape
The competitive landscape in the power strip market is evolving with the integration of smart technologies, energy-efficient features, and the need for surge protection. Customers are increasingly looking for power strips that not only provide extra outlets but also offer safety, convenience, and automation. As a result, companies that can innovate and provide value-added features are likely to remain competitive in this market.
Segmentation Of the Power Strip Market
By Protection
- Surge Protection
- Fuse-based Protection
- Others
By Application
- Household
- Commercial
- Industrial
By Type
- Common Power Strip
- Specialized Power Strip
- Smart Power Strip
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