Published: January 2024 | Report Code: 12841 | Available Format: PDF
The wiring devices market size stands at an estimated USD 55.9 billion in 2023, and it is expected to advance at a compound annual growth rate of 6.4% during 2024–2030, to reach USD 84.9 billion by 2030.
The growth can be primarily ascribed to the development of infrastructure and urbanization. Moreover, the growing adoption of electric vehicles and advancing technologies are propelling the market. Essentially, the demand for wiring devices is expected to increase over the forecast period because of their growing usage in the commercial, industrial, and residential sectors. Further, the escalating requirement for electricity, communication, and various other important utilities and services is propelling the market.
The population across the globe is rising, which is resulting in an increasing demand for commercial spaces and housing units. This has led to a massive growth in construction activities, which, in turn, contributes in the surge in the need for wires and related devices. Furthermore, the world has started to shift toward renewable energy sources, including wind and solar power. This necessitates the installation of novel systems for transmitting electricity and drives the demand for wires for connecting these sources of energy to the grid and power distribution centers.
The growing adoption of smart home technologies has further led to a growing demand for devices with advanced wiring and those that enable connectivity, automation, and energy efficiency in residential buildings. Further, the large-scale development of infrastructure for charging electric vehicles will boost the advance of the market, as these devices are necessary in electric vehicle supply equipment.
In addition, the advancing technology has increased the demand for more-efficient and sophisticated wiring devices. Essentially, the growing adoption of digital technologies has increased the requirement for internet of things (IoT) devices, which creates the need for additional wiring in offices, industrial facilities, and homes.
Moreover, the awareness regarding the safety of electrical circuits is increasing among consumers. Along with this, there are several regulatory standards that make sure that these devices are safe for people. The combination of these two factors raises the replacement rate of old systems, thus increasing the need for compliant products.
Market Size in 2023
USD 55.9 Billion
Market Size in 2024
USD 58.4 Billion
Revenue Forecast in 2030
USD 84.9 Billion
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
By Type; By Product; By Application; By Region
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Current-carrying devices hold the larger share, of 65%, because of the growing residential and commercial sectors. The integration of new technologies in offices and homes, such as smart electrical appliances and building automation systems, augments the need for advanced wiring devices in order to facilitate connectivity and support the rising electrical load. The automated electrical appliances increasingly being used in offices and houses include kitchen gadgets, entertainment systems, HVAC systems, and lights. Their rising adoption propels the demand for power outlets and devices that carry a current.
Further, the growing level of digitalization and the surging adoption of cloud computing have contributed in the rise in the number of data centers and server rooms. Such places contain a multitude of wiring devices for handling power and connecting servers and other pieces of equipment. In addition, wind turbines and solar panels are being used widely because of the rapid adoption of renewable energy sources. This further propels the demand for wiring devices that carry a current for the efficient generation of power and connection of these systems to the electrical grid.
Residential applications hold a significant share, of 55%, as the security of homes is becoming important. This is augmenting the usage of both conventional and smart, connected home security systems, which themselves consist of cameras, biometric trackers, and sound recording features. The use of Zigbee protocol and the Z-Wave technology in smartphones and computers helps in home automation projects, helping users operate and control these and many other connected appliances remotely.
APAC has a significant position in wiring devices market, and it will account for a value of more than USD 30 billion by 2030. This is attributed to the growing construction activities and the rising requirement for an uninterrupted power supply. The market is also growing because of the increasing investment by the key players in advancing their smart home automation solutions. In APAC, China holds the leading position, and it will grow with a CAGR of 6.6%, attributed to the increasing urbanization rate and the rising electrification rate.
The market in North America is also growing significantly, because of the rising urbanization rate and enhancing economic conditions. In regional countries, the wealthy lifestyle provides an opportunity for the growth of the market by driving the demand for luxurious-looking electrical fixtures in homes and offices.
Moreover, the presence of various key players across the region and the high investments in next-generation IoT devices propel the market. Apart from North America, this trend and the rising consumer electronics usage is vividly visible in Europe, which is also home to numerous electrical equipment companies.
Electrical switches are leading the market, with a share of 30%, attributed to the growing adoption of the internet and rising rate of urbanization. Switches are an essential component of electrical circuits as they control the operation of all kinds of high- and low-voltage appliances, including HVAC, lighting, security systems, fire alarms, TVs, and laptops. Further, radiofrequency waves are used in smart switches for transmitting signals and communicating with each other, with the use of Wi-Fi, tablets, and smartphones. These fixtures can also work with Bluetooth, Zigbee, and other proprietary systems to control lighting and other home appliances. Additionally, these smart wiring devices are more convenient, safe, and energy-efficient.
The growing urbanization rate widely contributes to the growth of the market, by leading to the building of homes, offices, and other pieces of infrastructure on a large scale. Because of this, the demand for electrical products has increased, which has, in turn, propels the sale of wiring devices. At all kinds of residential, commercial, and industrial locations, these components are widely required for communications, lighting, electricity supply, and various other purposes.
Due to the increase in the construction of housing units, the population in urban areas is growing significantly. Urbanization happens together with industrialization, and the degrees of both become apparent in the growing number of industries and commercial spaces. The demand for wiring devices is increasing for supporting all kinds of electrical and electronic systems inside offices, homes, and industrial sites.
The advancing technologies in urban areas enable industries to carry on with their activities and even enhance their productivity. Along with this, the combination of connectivity, automation, and smart technologies necessitates modern wiring devices in the urban infrastructure.
Governments across the globe have launched various initiatives so that the growing population in cities has proper accommodation. Thus, as the construction of residential units and other facilities picks up, so will the demand for wiring devices. The market is also propelled by the implementation of various codes and regulations by governments for the safety of individuals, especially in urban areas. This will boost the installation of compliant and modern wiring devices for ensuring that residents are safe from electrocutions and that the electrical systems function over extended periods.
This report unveils significant trends and opportunities in the wiring devices market, providing in-depth segmentation analysis from 2017 to 2030. The breakdown by type, product, applications, and geographical regions offers a comprehensive understanding of the market landscape.
The 2023 size of the market for wiring devices is USD 55.9 billion.
In 2030, the wiring devices industry will generate USD 84.9 billion.
The market for wiring devices is propelled by the growing demand for electricity.
The current-carrying type dominates the wiring devices industry.
Electrical switches hold the largest share in the market for wiring devices.
EVs and smart homes are trending in the wiring devices industry.
APAC is a significant market for wiring devices.
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