Published Date: 26-Sep-2021
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According to a new report Global Power Strip Market, published by KBV research, The Global Power Strip Market size is expected to reach $16.2 billion by 2027, rising at a market growth of 6.4% CAGR during the forecast period.
The smart power strip segment is estimated to witness a maximum CAGR during the forecast period. Smart power strips are considered as smart replacements because these strips can identify the standby mode devices themselves and cut the power off, however, conventional power strips constantly consume electricity from the time when the devices are plugged in. There are many organizations that are using smart power strips to safeguard their devices from any fluctuations in power.
Based on application, the power strip market is divided into household, commercial and industrial segments. The commercial segment acquired the highest revenue share in the power strip market in 2020. The applications of commercial-grade power strips in the residential and commercial sectors are rapidly increasing. Any commercial equipment needs a power strip, which should be weather-resistant, temperature-resistant, and provides surge protection to protect the devices from the risks of damage.
North America emerged as the leading region in 2020 by obtaining the highest revenue share in the market. The growing number of manufacturing units and the rising adoption of smart electronics are among the major aspects fueling the demand for power strips in this region. The increasing demand for protection systems in electronic devices and the rising adoption of alternative energy programs are anticipated to bolster the demand for power strips with surge protection devices in the US.
Full Report: https://www.kbvresearch.com/power-strip-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of ABB Group, General Electric (GE) Co., Siemens AG, Schneider Electric SE, Panasonic Corporation, Koninklijke Philips N.V., Legrand S.A. (Raritan, Inc.), CyberPower Systems (USA), Inc., Leviton Manufacturing Co., Inc. and Hon Hai Precision Industry Co., Ltd. (Belkin International, Inc.).
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