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wiring devices market
By the end of 2033, the wiring devices market is projected to generate US$ 100,877.0 Mn in sales, up from an anticipated US$ 53,231.6 Mn in 2022. The market is expected to reach US$ 55,627.0 Mn by 2023. The market for wired devices is anticipated to develop at a CAGR of 6.1% during the following ten years, which accounts for the massive increase.
Connections for outlets and low-voltage devices are made using electrical apparatus referred to as wiring devices. The category of wiring devices includes both current-carrying and non-current-carrying devices. Moreover, wire devices are used to connect switches, low-voltage lighting control system points, and electrical systems.
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The wiring devices market refers to the industry that produces and sells devices used in electrical wiring systems, such as switches, outlets, plugs, connectors, and other accessories. Wiring devices are used in residential, commercial, and industrial buildings to provide safe and efficient electrical connections.
The global wiring devices market is expected to experience steady growth in the coming years due to the increasing demand for smart homes and automation, as well as the growing trend towards energy efficiency and sustainability. The market is also being driven by the rising demand for electrical infrastructure in emerging markets.
The Asia-Pacific region is expected to be the largest market for wiring devices, with countries such as China and India leading the way in production and consumption. North America and Europe are also significant markets, driven by the presence of established electrical equipment manufacturers and the high demand for advanced wiring devices.
The wiring devices market faces challenges such as the need for compliance with safety regulations and the high cost of advanced wiring devices. However, the market also offers opportunities for innovation and collaboration between manufacturers and other stakeholders in the electrical industry.
For example, smart wiring devices that can be controlled via smartphones or other mobile devices are becoming increasingly popular, and manufacturers are exploring ways to integrate these devices with other smart home technologies. Additionally, the market is experiencing a shift towards sustainable materials and manufacturing processes, as consumers and businesses seek to reduce their environmental impact.
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Companies in the market are also focusing on new product development and strategic partnerships with several other vendors in order to expand their portfolios and meet the demands of a growing customer base. In this landscape, the development of new products and business alliances are critical.
In May 2021, Honeywell launched MK Aria, a low-voltage stylish wiring device that is simplistic and aimed at modern consumers. It supports USB type A+C and can connect to multiple devices at once, as well as having a fast charging feature.
In May 2021, Schneider Electric invented its Square D wiring range, which includes a smart home feature centred on interior design and aesthetics.
Honeywell International, Inc.
Leviton Manufacturing Company, Inc.
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