Market Size of Power Strip Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Power Strip Market Analysis
The Global Power Strip Market is expected to grow at a CAGR of 7% over the forecast period (2022 to 2027).
- Power strips are useful when electrical sockets are unavailable in the required area. There are instances when multiple appliances must operate simultaneously, yet there aren't enough sockets to accommodate them. In that case, power strips are essential for connecting all devices for use. These power strips are portable and conveniently handy, which makes them flexible for usage at any location.
- The use of power strips aids in energy saving by detecting idle devices connected to power strip sockets. When a device becomes motionless, the power strip detects it within a predetermined time frame and disconnects power from the socket. This is supposed to help save even more energy and reduce the extension's power consumption. Power strips are predicted to save more energy by reducing standby power loss and active energy waste.
- Growing demand for steady power supply and energy saving are major drivers for the power strip industry. Many consumer electronics continue to use power even when switched off, known as a "Vampire Load." According to the National Renewable Energy Laboratory (NREL) of the U.S. Department of Energy, vampire load adds up to around USD 200 in yearly average costs for an average home in the United States. This wasted energy could have powered about 11 million homes.
- Overall, Global Power Strip Market is fragmented, as several global electrical companies and many small and medium enterprises provide a range of power strip products to cater to the varying needs of the vast end-user sectors. Citing the variety in installation type and usage, there is demand for various specifications in power strip products. Integration of technologies such as WiFi, USB, etc., is adding a large pool of product differentiation in the market, which is expected to benefit small and medium enterprises to get a significant market share.
- The COVID-19 pandemic has been a major driver for the power strip market. Work from home resulted in a surge in demand for laptops and desktops as office workers and students were forced to quickly create home offices to telecommute or complete their online studies. The consumer electronics market experienced exponential growth, and this demand is expected to continue as telecommunications and remote work become the norm. This trend positively impacted the power strip market by increasing demand for power strips due to the increased density of electronic equipment in residential applications.
- The power strip market is predicted to be hampered by stringent rules and regulations. Power strip manufacturers must meet several standards and compliances when producing their products. These rules may differ from one country to another country. Every electronic device or equipment should meet the requirements established by the regulatory authorities in the region in which it is made. As a result, manufacturers face a significant issue because a power strip that meets the compliances of one region may not meet the compliances of another.
Power Strip Industry Segmentation
A power strip is a block of electrical sockets that provides additional cord length and mobility to otherwise immovable wall sockets that are generally placed in obscure and hard-to-reach places. Power Strips are made and installed as Furniture Power Distribution Units (FPDUs), Multioutlet Assemblies, and Relocatable Power Taps (RPTs). Power strips are used in Residential, Commercial, and Industrial applications.
| By Installation Type (Qualitative Analysis) | |
| Furniture Power Distribution Units (FPDUs) | |
| Multioutlet Assemblies | |
| Relocatable Power Taps (RPTs) |
| By Application | |
| Common Type (General Purpose) | |
| Special Protection (Surge Protection, Waterproof Protection, etc.) | |
| Smart Power Strips (USB, WiFi, etc.) |
| By End-User | |
| Industrial | |
| Commercial | |
| Residential |
| By Geography | |
| North America | |
| Europe | |
| Asia Pacific | |
| Rest of the World |
Power Strip Market Size Summary
The global power strip market is poised for significant growth, driven by the increasing demand for reliable power supply solutions and energy-saving technologies. Power strips serve as essential tools in environments where multiple electronic devices need to be powered simultaneously, especially in settings with limited electrical outlets. Their portability and convenience make them ideal for both residential and commercial use. The integration of advanced technologies such as WiFi and USB ports has further diversified product offerings, catering to the evolving needs of consumers. The market's expansion is also fueled by the rising trend of remote work and online learning, which has led to a surge in consumer electronics usage, thereby increasing the demand for power strips. However, the market faces challenges due to stringent regulatory standards that vary across regions, impacting manufacturers' ability to meet compliance requirements consistently.
In the Asia Pacific region, the power strip market is expected to experience robust growth due to the increasing adoption of renewable energy sources and the need for surge protection solutions. The region's emerging economies, with their growing consumer electronics ownership and rising consumer spending, present substantial opportunities for market players. The demand for power strips is further bolstered by the expansion of the home video sector and the shift towards digital recreational activities. Domestic companies are gaining traction by offering competitive pricing and catering to local market demands. The education sector's transition to hybrid learning models is also contributing to the increased demand for power distribution units. The market remains highly competitive and fragmented, with numerous global and regional players vying for market share, leading to intensified vendor engagement and strategic product differentiation efforts.
Power Strip Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porter's Five Forces Analysis
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1.2.1 Bargaining Power of Suppliers
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1.2.2 Bargaining Power of Buyers
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1.2.3 Threat of New Entrants
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1.2.4 Intensity of Competitive Rivalry
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1.2.5 Threat of Substitutes
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1.3 Industry Value Chain Analysis
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1.4 Assessment of the Impact of COVID-19 on the Industry
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2. MARKET SEGMENTATION
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2.1 By Installation Type (Qualitative Analysis)
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2.1.1 Furniture Power Distribution Units (FPDUs)
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2.1.2 Multioutlet Assemblies
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2.1.3 Relocatable Power Taps (RPTs)
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2.2 By Application
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2.2.1 Common Type (General Purpose)
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2.2.2 Special Protection (Surge Protection, Waterproof Protection, etc.)
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2.2.3 Smart Power Strips (USB, WiFi, etc.)
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2.3 By End-User
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2.3.1 Industrial
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2.3.2 Commercial
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2.3.3 Residential
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2.4 By Geography
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2.4.1 North America
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2.4.2 Europe
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2.4.3 Asia Pacific
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2.4.4 Rest of the World
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Power Strip Market Size FAQs
What is the current Power Strip Market size?
The Power Strip Market is projected to register a CAGR of 7% during the forecast period (2024-2029)
Who are the key players in Power Strip Market?
Belkin International, Inc., Leviton Manufacturing Co., Inc., Panasonic Corporation, Legrand SA and Hubbell Incorporated are the major companies operating in the Power Strip Market.
