Power Strip Market Size, Share & Trends Analysis Report By Type, By Protection (Surge Protection, Fuse-based Protection), By Application (Household, Commercial, Industrial), By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global power strip market size was valued at more than USD 10.1 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2028. The market is expected to benefit from the increasing demand for a stable power supply. The surge in the demand for utility and electrical equipment is increasing the need for a stable power supply, which has increased the importance of improving the quality of power in electrical systems.

The COVID-19 pandemic has positively impacted the market growth owing to a steep rise in online sales and the increasing usage of multiple devices at home. Due to the lockdown, customers across the world have started working from home; therefore, protecting electrical devices has become more important, thus surging the sales of power strips with surge protectors.

Using power strips with surge protectors can protect expensive equipment and other electronic products from voltage surges, which amplifies the demand for power strips globally. The need for power quality protection equipment is becoming essential as the use of electronic equipment is increasing in the residential sector, corporations, and manufacturing facilities.

Power strips have advanced with time. With the increasing economic developments in developing nations and the rise in population, the demand for electronic items is increasing. The standard of living has improved over the years due to an increase in disposable income and growth in industrialization. Hence, the spending on and consumption of electronic items has increased exponentially. Companies are innovating their products to suit different customer needs. Recently, smart power strips were made compatible with Alexa and Google assistant. For instance, the Syska SSK-EBW-0304 Smart extension board is compatible with Google Assistant and Alexa. It can control all sockets or each socket with voice commands.

Although there is a surge in demand for power strips, stringent regulations imposed by different regions are expected to be a major challenge for the market growth over the forecast period. As different power strips are designed for different uses, manufacturers must make sure to follow all the standard regulations as well as international regulations. The regulations change from region to region, for instance, the basic standard used by United States UL 962A to investigate FPDU products, the Standard for Furniture Power Distribution Units, and the Canadian basic standard CSA-C22.2 No. 308, Cord Reels and Multi-Outlet Assemblies. Several power strips manufactured in a particular region are not compatible with other regions due to which, companies are required to manufacture different power strips for different regions.

Type Insights

The common power strip segment dominated the power strip market in 2020 and accounted for more than 57.0% share of the global revenue. The increasing number of connected televisions, lights, and computers, among other electronic products, is prompting customers to adopt power strips to provide them with extra outlets to connect multiple devices simultaneously. Additionally, the common power strips are suitable for conserving energy as they include a built-in on/off switch.

The smart power strip segment is anticipated to expand at the highest growth rate over the forecast period. Smart power strips are smart alternatives as they can detect standby mode devices and cut the power off, whereas traditional power strips continuously consume electricity once the devices are plugged in. Several organizations are adopting smart power strips to protect their devices from sudden surges in power.

Companies are manufacturing smart power strips due to the rise in the number of smart devices. For instance, Tp-link launched Kasa Smart Wi-Fi Power Strip. It includes surge protection and protects sensitive appliances and electronics during power surges due to thunderstorms. It is compatible with voice assistants such as Google Assistant and Alexa.

Protection Insights

The surge protection segment dominated the market in 2020 and accounted for more than 60.0% share of the global revenue. It is expected to expand at the highest growth rate over the forecast period. The major cause of equipment failure is voltage surges, which are often caused due to lightning strikes, electrical accidents, circuit-breaker tripping, and turning nearby heavy-load machines on/off. Surges can lead to the destruction of electronic components. Loss of service, operation, data, and production can be more than the cost of damaged equipment. The equipment can age prematurely if they are subject to low-level overvoltage for the long term.

Belkin’s Power Strip Surge Protector is a reputable power strip with a surge protector. The power strip has a 3,940-Joule energy rating providing a reliable power extension cord to protect broadband modems, printers, and other systems. It secures the devices from short circuits, lightning strikes, overload, power spikes, and fluctuations.

Application Insights

The commercial segment dominated the market in 2020 and accounted for more than 50.0% share of the global revenue. Commercial-grade power strips have become important for all commercial applications and also several residential applications. Outdoor or commercial equipment requires a power strip that is temperature-resistant, weather-resistant, and offers surge protection to prevent the devices from the risk of damage. Power strips with multiple specialty outlets, such as USB outlets and modem outlets, are usually used in corporate offices for a variety of devices. These power strips are equipped with built-in surge protection to keep the office equipment safe.

Companies are manufacturing power strips specifically for commercial purposes while complying with UL, ETL, and CSA standards. For instance, Falconer Electronics makes commercial power strips fabricated with steel to develop power strips with a protective and strong case.

Regional Insights

North America dominated the market in 2020 and accounted for over 30.0% share of the global revenue. Some of the key factors driving the demand for power strips in the region are increasing number of manufacturing factories and increasing adoption of smart electronics. The growing demand for protection systems in electronic appliances and the adoption of alternative energy programs are driving the demand for power strips with surge protection products in the U.S. Moreover, the region is trying to enable sustainable energy practice by majorly focusing on technological advancements and adoption of smart power strips. The high disposable income is permitting customers to purchase smart products, which is one of the reasons driving the regional market growth.

The Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period. The improved standard of living and surge in the adoption of smart electronics is propelling the need for power strips in the region. Some developing countries in the Asia Pacific do not always get clean or reliable power, due to which, there is a high chance of smart electronic devices getting damaged. The use of power strips prevents the appliances from getting damaged. At World Expo, March 2017, Huntkey launched the new Magic Series of power strips, which were manufactured for daily use and travel purposes.

Key Companies & Market Share Insights

The competitive landscape of the market is highly fragmented. The market players are focused on enhancing their product offerings to better cater to the changing needs of users and stay competitive. For instance, in February 2020, Leviton launched a medical-grade power strip with load-monitoring Inform technology. It improved code compliance and electrical safety in the healthcare sector in a simple and efficient manner. These power strips are the only med-strips meeting NFPA 99 load monitoring requirements. Some of the prominent players operating in the global power strip market are:

• General Electric

• Belkin International, Inc.

• Leviton Manufacturing Co., Inc

• Schneider Electric SE

• Legrand SA

• Koninklijke Philips N.V.

• Siemens AG

• ABB Ltd

• Panasonic Corporation

• Cyber Power Systems, Inc.

• Delixi Electric Ltd.

• Falconer Electronics

Power Strip Market Report Scope

Segments Covered in the Report

The report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For this study, Grand View Research has segmented the global power strip market report based on type, protection, application, and region:

• Type Outlook (Revenue, USD Million, 2016 - 2028)

  • Smart Power Strip

  • Common Power Strip

  • Specialized Power Strip

• Protection Outlook (Revenue, USD Million, 2016 - 2028)

  • Surge Protection

  • Fuse-based Protection

  • Others

• Application Outlook (Revenue, USD Million, 2016 - 2028)

  • Household

  • Commercial

  • Industrial

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Rest of Europe

  • Asia Pacific

    • China

    • India

    • Japan

    • Rest of Asia Pacific

  • Latin America

    • Brazil

    • Mexico

    • Rest of Latin America

  • Middle East & Africa

    • South Africa

    • Rest of Middle East & Africa