Power Strip Market: Overview
The rising demand for stable power supply across residential, industrial, and commercial sectors is likely to add a boost to the growth of the global power strip market. A power strip is a square of electrical attachments that gives extra line length and versatility to in any case enduring divider attachments that are periodically positioned in the dark and difficult to arrive at places.
The global power strip market is classified based on type, protection, application, and region. In terms of type, the market is grouped into a specialized power strip, common power strip, and smart power strip. In terms of protection, the market is categorized into fuse-based protection, surge protection, and others. As per classification by application, the global power strip market is segmented into industrial, commercial, and household.
The report on the global power strip market offers insights into the market that will help carve the future CAGR. This is inclusive of drivers, restraint, challenges, and upcoming growth opportunities. Additionally, the report also highlights the table of segmentation and mentions the names of the leading segment with factors attributing to it. The report puts equal attention to the impact of the novel COVID19 pandemic and presents various tips and tricks that can be implemented for generating revenues during this period. Furthermore, the report lists the names of players functioning in this market and the major contributions in the form of new product launches, innovations, or research studies. For more information on the report, log on to the company website.
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Power Strip Market: Competitive Analysis
The nature of the global power strip market is highly fragmented, owing to the presence of multiple players. The key objective of players is to improve their product offering and provide innovative products as per the changing demands of the customers. Players are also investing heavily in the development of safe electrical power strips to contribute to the growing needs of consumers. Besides this, players are also engaging in collaborative efforts and merger strategies to ensure a major part of the revenue generated under their brand names.
Some of the notable players of the global power strip market include:
- Falconer Electronics
- Delixi Electric Ltd.
- Cyber Power Systems Inc.
- Panasonic Corporation
- ABB Ltd.
- Siemens AG
- Koninklijke Philips N.V.
- Legrand SA
- Schneider Electric SE
- Leviton Manufacturing Co. Inc
- Belkin International Inc.
- General Electric
Power Strip Market: Industry Developments
- A medical-grade power strip with load-monitoring technology was launched by Leviton in February 2020 for improving electrical safety and code compliance in the healthcare sector.
Power Strip Market: Drivers
The flood in the interest for utility and electrical gear is expanding the requirement for a steady power supply, which has expanded the significance of working on the nature of power in electrical frameworks. The COVID-19 pandemic has decidedly affected the market development attributable to a lofty ascent in online deals and the expanding utilization of different gadgets at home. Because of the lockdown, clients across the world have begun telecommuting; consequently, ensuring electrical gadgets have become more significant, subsequently flooding the deals of power strips with flood defenders.
With the expanding financial advancements in non-industrial countries and the ascent in the populace, the interest in electronic things is expanding. The way of life has worked on throughout the years because of an expansion in discretionary cash flow and development in industrialization. Consequently, the spending on and utilization of electronic things has expanded dramatically.
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Power Strip Market: Regional Insights
Region-wise, the market was dominated by North America on account of the increasing adoption of smart electronics, rising demand for power strips, and the rising number of production companies in the region. Besides this, the rising need to enable sustainable energy practices and increasing adoption of technological advancements will further augment the demand for smart power strips, thereby augmenting the growth of this market. Furthermore, the high disposable incomes of people and rising need for clean and reliable power will help this region continue dominance in the forecast period.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.