Floor sockets characterize as sockets for household & similar purposes. These kinds of sockets are made for a wide variety of plugs, and are usually used for telephone, electrical, or cable connectivity. They are generally installed on the ground or similar places and are used to connect with fixed-wiring sockets. They are generally used as the terminal & outlet of the ground wiring system to take out the signal, power and data in the ground wiring system. It is primarily used in large-open indoor places including shopping malls, offices, hotels, airports, and homes, with a wide range of uses. Owing to high safety operational requirements, different associations have outlined the standards & regulations for the use of industrial socket for preventing any untoward accident. Therefore, rise in construction activities and surge in industrial applications are likely to drive the global floor sockets market over the forecast period.
Some of the key advantages of floor sockets include strong surface corrosion resistance requirements and easy to install. Apart from this, few of the disadvantages are variety of single floor socket is simple and product application range is small.
As per analysis, “Global Floor Socket Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use” the key companies operating in the global floor socket market include MK Electric, Mita, City Electrical Factors, British General, Tlc, Zhejiang Jinhao Electrical Co., Ltd., Toolstation, Vynco, Shenzhen Keding Hardware Co., Ltd., Legrand, City Electrical Factors, Ningbo Jiangdong Join Industry Co., Ltd and among others. Leading renowned players are adopting various strategies like regional expansion and product portfolio expansion to improve their market position in the market. These players are estimated to take advantage of the increasing industrial expenditure and novel infrastructure development driven by growth in the number of industries in the region. The companies are focusing on increasing mergers & acquisitions (M&A) to gain an edge over the competitors. The market is likely to see an upsurge in the trend of increasing sale owing to higher infrastructure facilities.
Based on type, floor socket market is segmented as 3 digits, 4 digits, 6 digits and 8 digits. In addition, based on application, market is segmented as hospital, industrial, laboratory, commercial, residential/general-purpose and industrial.
The floor socket market is driven by growth in residential socket installation, followed by rise in construction & development activities and rapid industrialization. However, continuous change in manufacturing process may impact the market. Moreover, rise in government spending is a key opportunity for market.
Based on geography, the North-America is a leading region in global floor socket market owing to stringent regulation about the safety in the industrial places which has enhanced global sales of floor sockets across the region. The Asia-Pacific and Europe regions are estimated to witness higher growth rate due to increase in setting up of a variety of manufacturing plants & processing industries over the forecast period. It is estimated the global floor socket market will be reached at rapid pace as on account of rise in industrial activities during the forecast period.
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Ankur Gupta, Head Marketing & Communications