Socket segment acquired the largest market revenue share in the Malaysia wiring devices market in year 2020 – 6Wresearch
The COVID 19 pandemic in 2020 had a severe impact on the demand for wiring devices, due to curb measures, which resulted in reduced construction activity across the country. Although, as lockdown restrictions were gradually lifted, 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. The market is expected to increase significantly over the forecast period as a result of rising infrastructure, tourism, and IT sector investment under the umbrella of Malaysia Vision 2030, which would be the key contributors to the growing demand for wiring devices in the country.
According to 6Wresearch, the Malaysia Wiring Devices Market revenue size is projected to grow at a CAGR of 6.5% during 2021-2027. The demand for wiring devices increased during the historic period owing to the expansion of public infrastructure and residential sector in country. In addition, enhanced technological capabilities, attractiveness to international investors and stimulus packages by government of Malaysia for revival of economy after Covid-19 slump, have boosted commercial activity and increased infrastructure development, thus supporting the demand for wiring devices in during recent times. The growth trajectory is expected to persist over coming years. due to robust retailing and hospitality sector growth in the country.
According to Ramit Behl, Research Analyst, 6Wresearch, “In terms of verticals, commercial applications account for majority of the wiring devices deployment, due to growing development in construction of office buildings, lounges, medical centers and shopping malls. Furthermore, the tourism industry contributes 6% of Malaysia's GDP and 23% of national employment (3.5 million jobs), thus also having a major impact on the demand for wiring devices in the country.
According to Unnati Jain, Research Associate, 6Wresearch, “In terms of types, sockets segment continues to be the key focus over the coming years due to rise in public and transport infrastructure, along with increase in smart devices usage, due to a growth in working-age population and labour-force involvement in the country coupled with the introduction of designer sockets with enhanced utility.”
Some of the major companies in Singapore wiring devices generator market include ABB Malaysia Sdn Bhd, MK Electric (Malaysia) Sdn Bhd, Eaton Industries Sdn Bhd, Schneider Electric Industries (Malaysia) Sdn Bhd, Siemens Malaysia Sdn Bhd, Hager Engineering (M) Sdn. Bhd., Panasonic Malaysia Sdn. Bhd., Simtone Marketing Sdn. Bhd., Art DNA (M) Sdn Bhd, Liwida Electric Sdn Bhd.
“Malaysia wiring devices market (2021-2027)” report provides an in-depth analysis with 23 figures and 1 table, covered in 75 pages. The report estimates and forecast the overall Malaysia 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.
Email Us: firstname.lastname@example.org
Call Now: +91-11-430-24-305