The global current-carrying wiring devices market size is projected to reach US$ 49.2 billion in 2023. Over the forecast period from 2023 to 2033, global current-carrying wiring device sales are anticipated to surge at 7.7% CAGR. By 2033, total market value is predicted to reach US$ 103.5 billion. In 2022, the worldwide fault current industry valuation totaled US$ 45.6 billion. For the projection period, an absolute $ opportunity of US$ 54.3 billion is expected to be generated by the target market. Global sales of current-carrying wiring devices are expected to remain positive during the assessment period owing to the rising demand from various sectors. Sales are likely to remain high for electric switches due to their increasing usage in residential and commercial sectors. As per Future Market Insights (FMI), electric switches segment is forecast to thrive at 7.6% CAGR through 2033. To gain maximum profits and meet end user demand, key current-carrying wiring device manufacturing companies are focusing on strengthening their portfolio of electric switches. They are also introducing smart electric switches as well as those that can be remotely controlled.
Key Market Shaping Factors:
Over the years, importance of wiring devices has increased exponentially due to their various advantages. These devices are being increasingly used to control and provide connection points for low-voltage outlets, appliances, and lighting systems. Wiring devices ensure safety and convenience in industrial, residential, and commercial settings due to their ability to allow for safe transfer of electrical power to several electric equipment. These devices are categorized into current-carrying devices and non-current-carrying devices. Current-carrying wiring devices serve primarily as a connection or control point for electrical circuits. These devices enhance both functionality and aesthetic of electrical systems. They help end users manage power and significantly save energy. The ability of current-carrying wiring devices to control and connect electrical distribution and circuits is expected to fuel their demand globally. Robust growth of residential sector triggered by increasing government investments is anticipated to boost the global current-carrying devices industry during the assessment period. Exponential growth of the world population is generating a high demand for residential buildings. As new buildings are being developed, demand for electrical wiring and devices including current-carrying wiring devices is set to rise rapidly.
Rising focus on energy efficiency and growing popularity of green building are other factors positively influencing current-carrying wiring device sales. Governments throughout the world are promoting energy efficiency to reduce environmental concerns. This is prompting end users to employ energy-efficient current-carrying wiring devices. Increasing need for upgrading electrical infrastructure by replacing existing wiring devices with modern & more efficient ones will further boost the target market. Enforcement of stringent safety standards and regulations for electrical devices is anticipated to create a plethora of opportunities for current-carrying device manufacturers. Compliance with these standards has become necessary for end users and will fuel market expansion. Growing adoption of automation and industry 4.0 is expected to create demand for reliable and high-quality current-carrying wiring devices that can ensure safe and seamless electrical connections. Manufacturers are introducing new wiring devices with smart features, remote control capabilities, and compatibility with automation systems. These new wiring devices are ideal for smart home revolution that is gathering momentum globally. Technological advancements are allowing manufacturers to develop innovative, safer, and highly efficient current-carrying wiring devices. The new devices feature smart connectivity, energy efficiency, and enhanced safety. You can quickly set up or delete access for employees, get access-triggered alerts when certain doors are opened, and quickly find video clips of access events. You can also lock and unlock any door remotely, and even have your business lock itself automatically at closing time. Smart fire alarm systems assist in providing vital protection to businesses, landlords and public sector buildings by enhancing traditional fire detection equipment. Find out how smart fire alarm systems work and what t…
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