market research analysts forecast the global
home electrical consumables market to grow at a CAGR of close
to 7% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global
home electrical consumables market for 2017-2021. The report
also lists plugs and sockets and extension cords as the two major
product segments, of which the plugs and sockets segment accounted for
more than 90% of the market share in 2016.
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Technavio analysts highlight the following three market drivers that are
contributing to the growth of the global home electrical consumables
- Rising need for energy conservation
- Increasing use of electronics in the residential sector
- Increasing electrification through hybrid decentralized power systems
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Rising need for energy conservation
There is a continuous surge in electricity generation worldwide owing to
growing population and urbanization. Due to this reason, utilities are
running plants at full capacity to generate more power from the existing
infrastructure. With the increase in power production, there is also a
simultaneous gradual increase…