The Latin America, Middle East and Africa Power Strip Market would witness market growth of 9.6% CAGR during the forecast period (2021-2027).
The requirement for power protectors for specific device and also the whole facility is rising because surges and transient voltages affect productivity and profitability. The major sector using these power strips is the household sector, under which there is a wide range of product offerings delivered by the manufacturers. There is an increasing demand for various hi-tech, sophisticated, and technologically advanced appliances like LED televisions, personal computers, printers, microwaves, washing machines, and industrial equipment.
Moreover, power strips are helpful in saving energy as they are capable of preventing standby power from being utilized by the devices that are connected to it. These strips include a master switch that could be turned off whenever electronics are not in usage, and some of the smart power strips can identify when devices are in standby mode. This can help in saving energy utilized in a person's home, which is measured by the household electric meter and can further save money on the electricity bill.
The rising demand for consumer electronics with advanced technologies is opening new growth prospects for the regional power strip market over the forecast period. In addition, numerous benefits offered by power strips to the users are motivating more consumers towards it and hence, boosting the demand for power strips in this region.
Moreover, the untapped potential of this region is encouraging various manufacturers to enter and prosper this regional market. With the increasing adoption of various advanced devices, the demand for power strips is estimated to fuel in this region over the forecast period. In addition, the rising disposable income of the consumers is creating lucrative opportunities for the key manufacturers of the power strips market. Thus, all these factors would together surge the growth of the regional power strip market.
The Surge Protection market dominated the South Africa Power Strip Market by Protection 2020, thereby, achieving a market value of $75.9 million by 2027. The Fuse-based Protection market is expected to witness a CAGR of 9.8% during (2021 - 2027).
Based on Type, the market is segmented into Common, Smart and Specialized. Based on Protection, the market is segmented into Surge Protection, Fuse-based Protection and Others. Based on Application, the market is segmented into Commercial, Household and Industrial. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Power Strip Market is Predict to reach $16.2 Billion by 2027, at a CAGR of 6.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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.).
By Type
By Protection
By Application
By Country
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