|Market Size in 2022||Market Forecast in 2030||CAGR (in %)||Base Year|
|USD 2300 Million||USD 3800 Million||6.5%||2022|
Electrical Fittings Market
The global Electrical Fittings market size was worth around USD 2300 million in 2022 and is predicted to grow to around USD 3800 million by 2030 with a compound annual growth rate (CAGR) of roughly 6.5% between 2023 and 2030.
The report analyzes the global Electrical Fittings market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the electrical fittings market.
Electric cable connections to electrical equipment are made via electrical fittings. They offer a reliable and secure connection between the wires and the machinery. Electrical fittings are essential because they make it possible for electrical systems to run securely and dependably. Electrical fittings are made up of a variety of parts that each have a distinct function in electrical systems. The electrical fittings include switches, outlets & receptacles, circuit breakers, fuses, electrical boxes & enclosures, conduit & conduit fittings, and others. The market growth is being driven by numerous factors such as the growing construction activity, expansion of commercial spaces, technological advancements, growing infrastructure investment, and growing industrialization.
Rising infrastructural development drives the market growth
The need for electrical fittings is being driven by expanding infrastructure development, including residential, commercial, and industrial developments. Switches, outlets, lighting fixtures, and other electrical components are required as new structures and facilities are built. For instance, according to the India Brand Equity Foundation, through its "National Infrastructure Pipeline," India invested US$ 1.4 trillion in infrastructure over the next five years. Infrastructure-related operations made about 13% of the US$81.72 billion in overall FDI inflows in FY21. To realize the goal of housing for everybody by 2022, India will need to build 43,000 homes per day till that time. Under the Pradhan Mantri Awas Yojna plan (PMAY-Urban), 62.21 lakh houses have been finished as of August 22, 2022, 103.01 lakh houses have been grounded, and 122.69 lakh houses have been sanctioned. Thus, the aforementioned facts fuel the demand for the electrical fittings market.
Price volatility of raw material hamper the market growth
Fluctuations in the price of raw materials, particularly metals and polymers, can influence production costs, which in turn has an impact on product pricing. The capacity of manufacturers to retain profitability may be hampered by this. For instance, the World Bank projects that the price of aluminum will climb to $2,000 per metric ton (t) in 2021, an increase of 17% from the average of $1,703/t in 2020, and then moderately to $2,050/t in 2022. The World Bank projects that aluminum costs would rise to $2,400/t by 2035. In addition, according to the International Monetary Fund (IMF), is that aluminum prices would grow to $2,083/t in 2021 and to $2,126/t in 2022. The long-term IMF forecast is that in 2026, aluminum will cost $2,276 a tonne. Thus, the volatility in the raw material price is one of the major restraining factors to the electrical fittings industry growth.
Technological advancements provide a lucrative opportunity for the market growth
A wide range of prospects are made possible by the incorporation of smart technology into electrical fittings. Consumers may take advantage of convenience, energy efficiency, and customization choices provided by smart switches, outlets, lighting controls, and home automation systems. The global electrical fittings market players continuously invested in these efficient and smart technologies to launch innovative products in the market. For instance, in February 2023, the BV1LExxxEFJ-C and BM2LExxxFJ-C series of single- and dual-channel 40 V intelligent (smart) low-side switches were introduced by ROHM Semiconductor. The two product categories are perfectly suited for use in industrial and automotive applications. They are AEC-Q100 certified and appropriate for systems including industrial PLCs (programmable logic controllers), LED lighting modules, engine and transmission control units, and vehicle body control systems. Thus, this is expected to offer a lucrative opportunity for market expansion over the forecast period.
Complexity in the uses of smart switches acts as a major challenge to the market growth
Smart switches often come with advanced features and capabilities, but the complexity of installation, setup, and integration with other smart devices can be daunting for some consumers. A poor user experience can deter adoption. Thus, this might be a major challenge to the market expansion over the projected period.
The global Electrical Fittings industry is segmented based on type, application, and region.
Based on the type, the global electrical fittings market is bifurcated into metallic and non-metallic. The metallic segment is expected to dominate the market over the forecast period. The segment expansion is ascribed to its properties such as durability, conductivity, and ability to provide effective grounding. Moreover, metallic electrical fittings play a vital role in ensuring safe and reliable electrical installations, particularly in industrial and commercial settings. On the other hand, the non-metallic segment is expected to grow at the fastest rate over the forecast period. Plastic, like PVC or HDPE, is used to make non-metallic conduit. Contrary to the consensus, non-metallic conduit is cheaper and resistant to corrosion. Thus, this is expected to drive segment growth over the analysis period.
Based on the application, the global electrical fittings industry is bifurcated into industrial, commercial, and residential. The industrial segment is expected to hold the largest market share over the forecast period. Industrial expansion, infrastructure construction, technical progress, and regulatory changes all have an impact on the industrial electrical fittings market. The demand for specialized fittings that can endure the rigors of industrial settings is driven by the requirement for safe, dependable, and effective electrical systems. On the other hand, the commercial segment is expected to grow at a rapid rate over the forecast period owing to increasing commercial spaces across the globe.
|Report Attributes||Report Details|
|Report Name||Electrical Fittings Market Report|
|Market Size in 2022||USD 2300 Million|
|Market Forecast in 2030||USD 3800 Million|
|Growth Rate||CAGR of 6.5%|
|Number of Pages||217|
|Key Companies Covered||Madison Electric Company, Emerson Electric, AMFICO, Arlington Industries, Topaz, MK Electric, Eaton, SEPCO USA, Schneider Electric, Bridgeport Fittings, and Picoma among others.|
|Segments Covered||By Type, By Application, and By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Historical Year||2017 to 2021|
|Forecast Year||2023 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
The Asia Pacific is expected to dominate the market over the projected period
The Asia Pacific is expected to dominate the global electrical fittings market over the forecast period. The regional growth is attributed to the growing construction industry along with increasing urbanization. In the region, China, India, and Japan experiencing a rapid increase in the construction sector. For instance, the value of newly signed contracts in the China construction sector in 2021 was USD 19.52 billion, a rise of 2.5% year over year and a 7.1% point narrowing of the growth rate from the same time the previous year. China outlined plans in January 2022 to grow its construction sector during the 14th Five-Year Plan (2021-2025), putting one of the cornerstones of the economy on a greener, more intelligent, and safer route.
The government has set a goal that prefabricated structures, which may be manufactured in factories in part or in full before being sent to construction sites, will make up more than 30% of all new buildings built in the nation. Less than 300 tons of construction trash per 10,000 square meters will be produced at new development sites. Additionally, during the next 15 years, China's state-owned railway corporation wants to quadruple the size of its high-speed rail network. The industry of infrastructure building will develop as a result. Thus, the aforementioned facts support the market growth in the region.
North America is expected to hold a considerable market share over the forecast period due to the region's advanced infrastructure, urbanization, and technological advancements. The market has shown steady growth over the years, driven by factors such as new construction, renovation projects, industrial expansion, and the adoption of energy-efficient solutions. For instance, according to secondary analysis, in the US, private sector construction investment in 2021 was $1.25 trillion, compared to $346 billion for the public sector. In the US, single-family home building expenditures were $404 billion in 2022 compared to $97 billion for commercial development. Therefore, these facts fuel the market growth in the region.
The global Electrical Fittings market is dominated by players like:
Electric cable connections to electrical equipment are made via electrical fittings. They offer a reliable and secure connection between the wires and the machinery. Electrical fittings are essential because they make it possible for electrical systems to run securely and dependably. Electrical fittings are made up of a variety of parts that each have a distinct function in electrical systems. The electrical fittings include switches, outlets and receptacles, circuit breakers, fuses, electrical boxes and enclosures, conduit and conduit fittings, and others.
The construction industry is continually expanding on a global scale in the commercial, industrial, and residential categories, which is a major driver of market growth. In the building industry, electrical conduit systems are among the most often used wiring techniques. Therefore, the market for associated fittings is directly supported by the increase in demand for the electrical fittings market.
According to the report, the global electrical fittings market size was worth around USD 2300 million in 2022 and is predicted to grow to around USD 3800 million by 2030.
The global Electrical Fittings market is expected to grow at a CAGR of 6.5% during the forecast period.
The global Electrical Fittings market growth is expected to be driven by the Asia Pacific. It is currently the world’s highest revenue-generating market due to growing industrialization and the rising construction industry.
The global Electrical Fittings market is dominated by players like Madison Electric Company, Emerson Electric, AMFICO, Arlington Industries, Topaz, MK Electric, Eaton, SEPCO USA, Schneider Electric, Bridgeport Fittings, and Picoma among others.