Current Carrying Wiring Devices Market Key Highlights:
Market Size (2024): USD 61.13 Billion
Projected Market Size (2034): USD 112.61 Billion
CAGR (2024-2034): 6.3%
Pricing Analysis:
Price Growth
Regional Variations
Market Historic Sales
Total sales volume, year-over-year growth, product categories, and market share.
Revenue Estimation
Forecasting future revenues based on historical data, market trends, and economic indicators.
Sales by Region
Breakdown of sales performance across different geographical areas.
Revenue by Manufacturer
Analysis of revenue contributions from different manufacturers in the market.
Current Carrying Wiring Devices Market Definition
The current-carrying wiring devices market includes electronic or electrical products that carry current and control or connect electrical circuits. Primarily these devices are used to connect sockets and lighting control. Switches and appliances. The market is poised to grow due to the increasing requirement for receptacle devices and the rising popularity of electric switches.
In January 2024, Panasonic Electric Works India, a subsidiary of Panasonic Life Solutions announced to capture a 50 percent market share of India's wiring devices market by 2030, a top company official said.
The lack of infrastructure to integrate innovative wiring devices may hamper the market growth. Also, the lack of advanced infrastructure across the many building types and sectors can develop compatibility concerns. This further leads to hurdles in the incorporation of cutting-edge wiring devices. Despite this, the increasing adoption of wiring devices in the residential sector is fuelling the market growth soon. Furthermore, the rising adoption of LED lighting systems in commercial and industrial sectors can propel market growth.
In February 2024, Leviton Manufacturing Co., Inc. unveiled a new 50A Heavy Duty EV charging receptacle. This receptacle is built to endure the high-power levels and numerous insertions related to EV charging.
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