Faceplates Market size is anticipated to witness lucrative growth rate during the forecast period i.e., between 2025-2037.
The growth of the faceplates market can further be attributed to the global surge in commercialization and infrastructural development, which has led to an increase in the demand for faceplates worldwide. Moreover, growing demand for custom designer faceplates in modular switch boards to provide enhanced interior aesthetic decor, and the need to protect the electrical cables from any external damage, followed by the rapid development in sub urban areas, especially in the construction of residential and commercial establishments, are some of the significant factors anticipated to drive the market growth during the forecast period. Furthermore, the growing investments for smart cities is also anticipated to create numerous opportunities for the market growth in the coming years.
Growth Drivers
Challenges
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2025-2037 |
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The faceplates market is segmented by product type into socket faceplates, switch panels, ethernet wall plates and others. Additionally, the market is also segmented by application into residential, commercial and industrial, out of which, the commercial segment is anticipated to hold the largest market share by the end of 2021. The growth of the segment can be attributed to the growing need for offices and working complexes for employment amongst the rising population. Moreover, the rising development of smart buildings on the back of growing investments for smart cities, is also estimated to boost the growth of the segment during the forecast period. Research from secondary sources stated that as of 2020, the total expenditure for the development of smart cities from both public and private companies was valued over USD 600 billion.
Our in-depth analysis of the global faceplates market includes the following segments
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By Application |
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By Distribution Channel
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North America Market Analysis
On the basis of regional analysis, the global faceplates market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America industry is likely to dominate majority revenue share by 2037,attributed to growing infrastructural development in the region, backed by need for housing and employment facilities amongst the population. According to the statistics by the World Bank, over 80% of North America’s total population lives in urban areas, which is anticipated to increase the demand for housing and employment facilities. Moreover, secondary research analysis stated that the United States is the largest construction faceplates market in the world, with expenditure amounting to more than 1 billion. Additionally, as of 2020, the construction industry in the United States holds over 4% of the GDP of the nation. Furthermore, increasing investments for building new commercial infrastructures in the region is also estimated to boost the market growth by the end of 2021. According to the data by the U.S. Energy Information Administration (EIA), the total number of commercial buildings in the United States increased by 6% from 2012 to 2018.
APAC Market Statistics
Alternatively, the Asia Pacific market is estimated to experience a remarkable CAGR over the forecast period and garner notable revenues on account of the escalating urbanization coupled with the growing population in the region. As per the data of World Bank, the GDP per capita growth (annual %) in the East Asia & Pacific region recorded 3.16% as of 2019.
Author Credits: Abhishek Verma
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