Posted On: 2022-03-09
Socket segment acquired the largest market revenue share in the Singapore wiring devices market in year 2020 – 6Wresearch
Increasing social infrastructure development, including construction of shopping malls, hospitals, commercial buildings, Mass Rapid Transit and Singapore Green Plan 2030, to strengthen public infrastructure and increase the number of electric vehicles charging station in the country, will be the key market drivers for wiring devices market in Singapore over the coming years. Furthermore, rising per capita income, along with higher penetration of electronic devices, would drive up the demand for wiring devices in the coming years. Furthermore, the COVID 19 pandemic in 2020 impacted negatively on wiring devices growth due to lockdown measures, which resulted in a drop in wiring devices revenue during the pandemic. Although, as lockdown restrictions were gradually lifted, the demand for wiring devices began to pick up as operations in commercial and construction sectors resumed, returning the Singapore wiring devices market to its pre-COVID growth trajectory.
According to 6Wresearch, Singapore Wiring Devices Market revenue size is projected to grow at a CAGR of 4.0% during 2021-2027. The demand for wiring devices increased during 2017-2019 owing to the growth of public infrastructure and residential sector in country. In addition, stimulus package by government of Singapore for revival of economy after Covid-19 slump has boosted commercial sector and increased infrastructure development, thus proliferating demand for wiring devices in during 2021. Additionally, demand from the commercial end users is expected to increase during forecast period due to emerging start-up ecosystem in the country and improving income levels and living standards
According to Ramit Behl, Research Analyst, 6Wresearch, “In terms of verticals, commercial segment has captured highest market revenue share in 2020 due to the presence of high-end commercial infrastructure in the country including, luxury hotels, shopping centers, office spaces, data centres and other such facilities. Growing investment in the IT sector, along with government support through Tech.Pass and Tech@SG programm for robust start-up ecosystem is anticipated to bring more private investment in the country. Thus, contributing to the growing demand for wiring devices in the country.
According to Unnati Jain, Research Associate, 6Wresearch, “In terms of types, socket segment would continue to be the dominant revenue generating segment due to rise in public transportation infrastructure development and considerable inflow of investments in data centre development and digital infrastructure.”
Some of the major companies in Singapore wiring devices generator market include MK Electric (Singapore) Pte Ltd, Legrand Singapore, Hager Electro Systems PTE. Ltd, Siemens Pte. Ltd., Schneider Electric Singapore Pte Ltd, ABB Pte. Ltd., Caerus Electric Pte Ltd, Fung Yip Electrical (S) Pte Ltd, Schurter (S) Pte. Ltd., Panasonic Asia Pacific Pte Ltd.
“Singapore wiring devices market (2021-2027)” report provides an in-depth analysis with 23 figures and 2 tables, covered in 74 pages. The report estimates and forecast the overall Singapore wiring devices generator market by types. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.