The global sales of current carrying wiring devices is estimated to be worth USD 61.8 billion in 2024 and anticipated to reach a value of USD 112.6 billion by 2034. Sales are projected to rise at a CAGR of 6.2% over the forecast period between 2024 and 2034. The revenue generated by current carrying wiring devices in 2023 was USD 58.3 billion. The industry is anticipated to exhibit a Y-o-Y growth of 6.1% in 2024.
The current carrying wiring devices market includes a extensive range of electrical components such as switches, dimmers, and receptacles, among others. These components are important for the safe and efficient distribution of power in residential, commercial, and industrial sector.
These devices are critical for connecting, controlling, and protecting electrical circuits. These ensures electricity is safely delivered to various appliances and systems, supporting the current carrying wiring devices market.
These devices are fundamental to any operation of electrical system since they ensures the reliable power delivery to equipment and appliances. They also protects against potential hazards like overloads and electrical faults. The current carrying wiring devices market is driven by increasing complexity of electrical systems and ongoing construction activities across the globe.
Moreover, growing awareness of the safety regulations and increasing adoption of smart technologies are boosting demand for advanced wiring devices. As safety codes become more rigorous, the demand for these advanced devices increases.
Additionally, smart homes and building requires specialized components, such as USB outlets and smart switches, to integrate with digital controls. These devices support the smooth operation of smart systems by providing effective connectivity and control features.
Global Current Carrying Wiring Devices Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2023 | USD 58.3 billion |
| Estimated Size, 2024 | USD 61.8 billion |
| Projected Size, 2034 | USD 112.6 billion |
| Value-based CAGR (2024 to 2034) | 6.2% |
Growing population across the globe and remarkable urbanization is fueling the growth of current carrying wiring devices market. As populations increase, more residential, commercial, and industrial buildings are constructed to accommodate people and address their needs. This surge in construction activities directly translates to higher demand for wiring devices. These devices are essential for establishing safe and reliable electrical systems.
Further Urbanization intensifies this demand as it leads to the development of densely populated areas with complex infrastructure requirements. Modern urban environments needs sophisticated electrical systems to support a wide range of applications. This includes residential apartments, shopping centers, and office buildings, industrial facilities.
Governments in countries across the globe such as India, Brazil, and South Africa are focusing on improving country’s various infrastructures.
This effort aims to fuel fiscal growth and enhance the citizens’ lifestyle. These countries are investing heavily in housing, education, smart grids, and transport. With the increase in infrastructures development, demand for energy efficient wiring demands also increases. This is expected to fuel the current carrying wiring devices market growth in projected timeframe.
For instance, European Investment Bank (EIB) has approved around USD 9.2 billion n new financing aimed at enhancing housing, education, clean energy, water infrastructure, and business innovation in European countries. Key projects involve constructing energy-efficient homes in Germany, Spain, and Sweden, upgrading schools in France and Germany, and improving transport networks in Poland and Spain.
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The below table presents the anticipated CAGR for the global current carrying wiring devices market over several semi-annual periods spanning from 2024 to 2034. This assessment outlines changes in the current carrying wiring devices industry and identify revenue trends, offering key decision makers an understanding about market performance throughout the year.
H1 represents first half of the year from January to June, H2 spans from July to December, which is the second half. In the first half (H1) of the year from 2023 to 2033, the business is predicted to surge at a CAGR of 5.8%, followed by a slightly higher growth rate of 6.5% in the second half (H2) of the same year.
| Particular | Value CAGR |
|---|---|
| H1, 2023 | 5.8% (2023 to 2033) |
| H2, 2023 | 6.5% (2023 to 2033) |
| H1, 2024 | 5.5% (2024 to 2034) |
| H2, 2024 | 6.9% (2024 to 2034) |
Moving into the subsequent period, from H1 2024 to H2 2034, the CAGR is projected to increase slightly to 5.5% in the first half and remain higher at 6.9% in the second half. In the first half (H1) the market witnessed decrease of 30 BPS while in the second half (H2), the market witnessed an increase of 40 BPS.
Smart Cities Projects in Various Countries is Propelling the Demand for Wiring Devices
There are many smart city projects implemented in most of the large cities in the USA, Germany, UK, and Singapore, among others. Many established players are creating value for themselves by providing more wiring devices solutions to customers. They are supporting smart city projects and trying to gain a larger share in the global current-carrying wiring devices market.
Moreover, smart cities focus on sustainability and energy efficiency. This focus leads to the use of innovative wiring solutions that reduce energy loss and improve control. For example, smart meters are essential in these cities. They require specialized wiring devices that can manage both data transmission and power delivery. These advanced devices are crucial for the smooth operation of smart city infrastructure.
There are many utilities, which are already connected through the foundation between businesses and homes. With increasing number of customers focused on installing smart wiring devices, companies operating in the market are making investments and are focused on offering more advanced products.
For instance, Companies like Honeywell International, Inc., Panasonic Holdings Corporation are offering smart wiring devices combined with intelligent automation, advanced analytics and data visualization with the contemporary user experience of home and mobile electronics.
They feature simple, intuitive displays to enhance experience and comfort. Due to these elements, the wiring devices market is estimated to grow during the forecast period.
Increased Adoption of Wiring Devices in Residential Sector is boosting the Current Carrying Wiring Devices Market Growth
Growing residential construction activities are driving the demand for current-carrying wiring devices. The market growth is also supported by the use of these devices in residential homes for preventing electrical hazards. The increased number of houses built will augment the demand for basic electrical components such as outlets, switches, circuit breakers, and junction boxes, among others.
Home improvement, renovation, and upgrading activities have also remained critical in creating a surge in demand. Many homeowners upgrade their electrical systems to meet current safety standards, and accommodate new technologies especially to reduce energy consumption.
Shift towards building renovation especially during pandemic when consumer spent most of the time at home contributed remarkably to the market growth. It has subsequently led to increased installation of modern age wiring devices that enhance safety, accessibility, and energy consumption.
The awareness of homeowners on matters regarding electricity safety within premises has been increasing over time. Homeowners, therefore, become aware of the inherent dangers that come with bad wiring and increasingly become conversant with using good-quality, reliable wiring devices. This translates to increased demand for certified safety-compliant products that reduce the risk of electrical fires and shock.
This is encouraging various established market players to adopt strategies to improve their net sales in residential sector and gain high profits. These companies are strengthening their presence in emerging markets by unveiling their innovative products.
For instance, in July 2024, automation and power solution company, ABB introduced a new range of switches and sockets in Vietnam. This new range is designed to enhance the experience of building users and are compatible with smart home technologies.
Growing Adoption of LED Lighting is creating Robust Opportunities for Current Carrying Wiring Devices Market
LED lightings are becoming popular for their low energy consumption, long life expectancy, and several environmental benefits. Due to this, they have become key choice in residential, commercial, and industrial sectors. The consumers and businesses transition to LED lighting is boosting demand for compatible wiring devices. LED lighting systems mainly require specific types of wiring devices to function optimally.
LED lighting systems majorly require specialized wiring devices to function perfectly. For instance, dimmer switches made for traditional incandescent or CFL bulbs are not always compatible with LED lights. This incompatibility necessitates the installation of LED-compatible dimmers, supporting the growth of current-carrying wiring devices market.
Additionally, as LED lighting is increasingly used in outdoor and industrial applications. This is stimulating the need for sturdy, weather-resistant, and high-capacity current carrying wiring devices. This includes rugged connectors, weatherproof junction boxes, and innovative circuit protection devices.
These devices are designed to handle the demands of outdoor and industrial environments. This is expected to create favorable environment for current-carrying wiring devices market through 2034.
Lack of Infrastructure to Integrate Advanced Current Carrying Wiring Devices may Restrict Market Growth
The lack of infrastructure to incorporate advanced wiring devices may challenge the market expansion. Advanced current carrying wiring devices, such as ground-fault circuit interrupters (GFCIs), smart switches, and USB outlets, are important for contemporary electrical systems.
These devices are mostly important in smart homes and commercial buildings. However, many existing buildings may lack the necessary electrical infrastructure to support these advanced devices. This include particularly old buildings electrical wiring and panels might be outdated. These electrical wiring and panels may not handle the load and complexity of modern wiring devices.
For instance, fixing smart switches or dimmers in a home with old wiring might need huge upgrades to the electrical system. This could include rewiring and the installation of new circuit breakers. These improvements can be expensive and time-consuming. As a result, they may deter homeowners and building owners from adopting advanced wiring devices.
Additionally, the lack of standardized infrastructure across different regions and building types can create compatibility issues. This further complicates the integration of advanced wiring devices. Manufacturers may need to develop different products or provide extensive support to ensure compatibility. This can add to costs and potentially slow market penetration, thereby growth of current carrying wiring devices market.
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The global current carrying wiring devices market recorded a CAGR of 3.3% during the historical period between 2019 and 2023. The growth of current carrying wiring devices industry was positive as it reached a value of USD 58.3 billion in 2023 from USD 51.1 billion in 2019.
Current carrying wiring devices market experienced steady growth from 2019 to 2023. This can be due to the increasing demand for modern electrical infrastructure across various sectors. In 2019, market growth was mainly driven by the remarkable construction activities in multiple sectors. This period saw notable installations of receptacles, switches, and circuit breakers due to continuing urbanization.
In 2020, COVID-19 pandemic adversely affected the current carrying wiring devices market. The market experienced a substantial drop in manufacturing due to lockdowns and limitations on production activities in various regions. Many factories were forced to close or operate at reduced capacity.
This led to delays in the supply of raw materials and components important for manufacturing wiring devices. However, it also augmented the market growth in several ways. The increasing adoption of remote work fueled the demand for home office setups. This, in turn, increased the need for residential electrical infrastructure improvements.
After pandemic, the current carrying wiring devices market experienced an upward trend. This can be credited to the noteworthy investment by various countries in infrastructure development. This initiatives were aimed to revive pandemic affected economy. This led to a rise in demand for various current carrying wiring devices, such as power strips, outlets, and smart home devices.
Tier 1 companies comprise market players capturing considerable market share of 30% to 35% in global current carrying wiring devices market. These companies actively invests in R&Ds for new product innovation and stay competitive in the current carrying wiring devices market.
These market players have extensive product portfolio, dealers & distributors network, and customer bases worldwide. Their global presence allows them to develop the product as per evolving market needs. Prominent companies in tier 1 includes Legrand, Schneider Electric, ABB, Eaton Corporation PLC, and Honeywell International, Inc.
Tier 2 companies include mid-sized companies that may not have extensive resources as compared to tier 1 players but holds respectable market share. These market players focuses on developing the niche segment product and targets specific industry.
By targeting specific industry these companies establish unique brand image. Key companies in tier 2 includes Panasonic Holdings Corporation, Leviton Manufacturing Co., Inc., Hubbell, Inc., Siemens, and Signify Holding.
Tier 3 companies are small enterprise or emerging startups in this market. This companies may not have large client bases and dealer network as compared to tier 1 and tier 2 players. However, these companies may adapt to new market trend quickly. Tier 3 players targets companies which are seeking cost-effective and tailored solutions.
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The section below covers the industry analysis for the current carrying wiring devices market for different countries. Market demand analysis on key countries in several regions of the globe, including the USA, India, China, UK, and Germany is provided. USA is anticipated to remain at the forefront in North America, with a value share of 85.6% through 2024. In East Asia Pacific, South Korea is projected to witness a CAGR of 5.2% by 2034.
| Countries | Value CAGR (2024 to 2034) |
|---|---|
| USA | 6.3% |
| Germany | 4.6% |
| China | 7.0% |
| India | 10.6% |
| UK | 8.3% |
The USA currently holds around 85.6% share of the North America current carrying wiring devices market. USA is likely to continue its dominance in North America through 2034. USA market is anticipated to grow at a CAGR of 6.3% throughout the forecast period.
As per Security.org, around 76% of people in the USA are familiar with the smart home technologies. USA current carrying wiring devices market is driven by increased home renovations, and rising popularity of home automation.
Established regional players such as Honeywell International, Inc., Hubbell, Inc., and Leviton Manufacturing Co., Inc. are adopting various strategies to accelerate their net sales. These players are launching advanced wiring devices possess various features such as supports communication networks, energy efficiency, and compatible with smart home devices.
China’s current carrying wiring devices market is poised to exhibit a CAGR of 7.0% between 2024 and 2034. Currently, the country holds the highest market share in the East Asia market. This trend is expected to continue by 2034.
The government of China has taken initiatives to improve urban infrastructure and initiated various smart cities projects. According to the National Bureau of Statistics of China, the country invested over USD 1 trillion in infrastructure development projects in recent years.
These projects require high-capacity components to ensure reliable and efficient electrical systems. Further, local ley players in the region are investing in R&Ds to launch hi-tech wiring devices to attract potential clients. This is fueling the growth of current carrying wiring device requirements across country.
India’s current carrying wiring devices market is expected to grow at a CAGR of 10.6% between 2024 and 2034. Currently, it holds the remarkable market share in the South Asia & Pacific market.
In India, the increasing demand for current-carrying wiring devices is largely driven by the booming construction sector and rising urbanization. According to the Ministry of Housing and Urban Affairs, the Indian government has aimed to construct millions of new homes under various housing schemes. The Indian government's focus on affordable housing and infrastructure projects is expected to propel the market growth in forecast period.
The section contains information about the leading segments in the industry. By product, the dimmers segment is estimated to grow at a CAGR of 8.5% throughout 2034. Additionally, the by application, commercial segment is projected to expand at 6.8% till 2034.
| Type | Receptacle Adapters |
|---|---|
| Value Share (2024) | 21.6% |
Current carrying wiring devices segment is expected to acquire share of 21.6% in the market in terms of type in 2024. Receptacle adaptors segment are witnessing high growth due to several factors. As people rely more on electronic devices and gadgets, the demand for adapters has risen.
These adapters are needed to accommodate different plug types and expand available outlets. The rise in travel and mobility contributes to this trend. People seek portable adapters that allow them to use their electronics across different regions with varying outlet standards.
| Application | Residential |
|---|---|
| Value Share (2024) | 42.9% |
The consumer electronics segment is poised to capture share 42.9% in 2024. The growing residential construction activities across the globe due to urbanization and notable population is driving the segment growth. Further, residents are focusing on renovating their homes to improve their lifestyle. This has created positive outlook for current carrying wiring devices in residential sector.
Key players operating in the current carrying wiring devices market are investing in advanced technologies and also entering into partnerships. Key current carrying wiring devices providers have also been acquiring smaller players to grow their presence to further penetrate the market across multiple regions.
Recent Industry Developments in Current Carrying Wiring Devices Market
In terms of product, the industry is divided into receptacles (outlets), switches, dimmers, plugs & connectors, circuit breakers, fuse holders & fuses, junction boxes, terminal blocks, power strips, receptacle adapters, ground fault circuit interrupters (GFCIs), arc fault circuit interrupters (AFCIs), USB outlets, and others.
In terms of wiring configuration, the industry is divided into single phase and three phase.
In terms of distribution channel, the industry is segregated into online and offline.
The industry is classified by application as residential, commercial, and industrial.
Key countries of North America, Latin America, East Asia, South Asia & Pacific, Western Europe, Eastern Europe, and Middle East & Africa (MEA) have been covered in the report.
The global current carrying wiring devices industry is projected to witness CAGR of 6.2% between 2024 and 2034.
The global current carrying wiring devices industry stood at USD 58.3 billion in 2023.
The global current carrying wiring devices industry is anticipated to reach USD 112.6 billion by 2034 end.
South Asia & Pacific is set to record the highest CAGR of 6.2% in the assessment period.
The key players operating in the global current carrying wiring devices industry include Legrand, Schneider Electric, ABB, Eaton Corporation PLC, and Honeywell International, Inc.
1. Executive Summary
2. Application Introduction, including Taxonomy and Market Definition
3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Application Developments
4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections
5. Pricing Analysis
6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Product
6.1. Receptacles (Outlets)
6.2. Switches
6.3. Dimmers
6.4. Plugs and Connectors
6.5. Circuit Breakers
6.6. Fuse Holders and Fuses
6.7. Junction Boxes
6.8. Terminal Blocks
6.9. Power Strips
6.10. Receptacle Adapters
6.11. Ground Fault Circuit Interrupters (GFCIs)
6.12. Arc Fault Circuit Interrupters (AFCIs)
6.13. USB Outlets
6.14. Others
7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Wiring Configuration
7.1. Single Phase
7.2. Three Phase
8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Distribution Channel
8.1. Online
8.2. Offline
9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Application
9.1. Residential
9.2. Commercial
9.3. Industrial
10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Region
10.1. North America
10.2. Latin America
10.3. Western Europe
10.4. Eastern Europe
10.5. East Asia
10.6. South Asia and Pacific
10.7. Middle East and Africa
11. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
12. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
13. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
14. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
15. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
16. South Asia & Pacific Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
17. Middle East and Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
18. Sales Forecast 2024 to 2034 by Product, Wiring Configuration, Distribution Channel, and Application for 30 Countries
19. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard
20. Company Profile
20.1. Legrand
20.2. Schneider Electric
20.3. ABB
20.4. Eaton Corporation PLC
20.5. Honeywell International, Inc.
20.6. Panasonic Holdings Corporation
20.7. Hubbell, Inc.
20.8. Leviton Manufacturing Co., Inc.
20.9. Siemens
20.10. Signify Holding.
20.11. Havells India Ltd.
20.12. SIMON
20.13. SMK Corporation
20.14. Vimar SpA
20.15. Orel Corporation
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Current Carrying Wiring Devices Market
