Research Nester has released a report titled “Faceplates Market — Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global faceplates market in terms of market segmentation by product type, application, distribution channel, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global faceplates market is estimated to attain a noteworthy CAGR throughout the forecast period i.e. 2021–2029. On the basis of product type, the market is segmented into socket faceplates, switch panels, Ethernet wall plates, and others. The market is further branched by application into residential, commercial, and industrial, out of which, the commercial segment is anticipated to garner the maximum revenue in the year 2021 on the back of the rising need for offices and working complexes to provide employment to the growing population. On the basis of distribution channel, the market is divided into online, and offline distribution channel.
The market is anticipated to thrive on account of growing commercialization and increasing adoption of technology in urban as well as suburban areas. Additionally, increasing trends for custom designer faceplates for modular switchboards, growing investments for smart cities, along with the rapid advancements in the construction industry, and the increasing need for protection of electric cables are further expected to drive the market growth by the end of 2029.
Furthermore, the global faceplates market is geographically segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these regions, the market in North America is estimated to hold a significant market share by the end of 2029 owing to the need amongst the population of the region for personal accommodation as well as the need amongst businesses for commercial properties. In North America, over 80% of its total population lives in cities or urban areas, as per the statistics by the World Bank. Additionally, according to the data by the U.S. Energy Information Administration (EIA), United States has witnessed an upsurge of 6% in the number of commercial buildings from 2012 to 2018.
Asia Pacific market is estimated to experience remarkable growth and hold significant value on account of the increasing need for offices and commercial buildings coupled with the large population growth in the region. In 2019, in the East Asia & Pacific region, the GDP per capita growth (annual %) is valued to be 3.16%, as per the data of the World Bank.
Increasing Infrastructural Development and Urbanization on a Global Level Likely to Promote the Market Growth Throughout the Forecast Period
As of 2018, over 55% of the global population lives in urban areas. The global faceplate market is anticipated to grow on the back of growing global urbanization and construction development along with the surging demand for office and residential space. The market growth is further sustained by the easy availability and low cost of faceplates. Moreover, the growing demand for custom-made faceplates which are used popularly in modular switchboards to provide an enhanced look to the house is expected to boost the market expansion. However, the lack of high skilled staff for the production of faceplates amongst the manufacturers is accessed to pose a challenge to the market growth.
This report also provides the existing competitive scenario of some of the key players of the global faceplate market, which includes company profiling of Schneider Electric (EPA: SU), Leviton Manufacturing Co. Inc., Masco Corporation (Franklin Brass) (NYSE: MAS), AmerTac Inc., ELE (GROUP) Co. Ltd., Sleek lighting LLC, Legrand SA (EPA: LR), Lutron Electronics Co., Inc., Snap Power and Eaton Corporation (NYSE: ETN). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global faceplates market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.