Overview and Scope
General electrical equipment is defined as an electronic device that generates, distributes, and uses electrical power.Sizing and Forecast, The general electrical equipment and components market size has grown strongly in recent years. It will grow from $87.17 billion in 2023 to $93.48 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to industrialization, technological advancements, urbanization, energy demand.
The general electrical equipment and components market size is expected to see strong growth in the next few years. It will grow to $121.73 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to renewable energy, electrification, smart grids, digitalization. Major trends in the forecast period include electrification and renewable energy, smart and iot-enabled devices, digitalization and industry 4.0, battery technology.
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Segmentation & Regional Insights
The general electrical equipment and components market covered in this report is segmented –
1) By Mode: Online, Offline
2) By Sales Channel: OEM, Aftermarket
3) By End User: Commercial, Residential
Asia-Pacificwas the largest region in the general electrical equipment and components market in 2023. North Americais the second-largest region in the general electrical equipment and components market. The regions covered in the general electrical equipment and components market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Electrical equipment is being equipped with IoT (Internet Of Things) which provides an edge on how tools are controlled and managed. IoT is the network of physical devices, vehicles, and other items embedded with electronics, software, sensors, actuators, and connectivity that enables them to connect, collect and exchange data. IoT is useful for reliable transmission, intelligent processing, and electrical safety during overcurrent or overvoltage and can be operated remotely. For instance, August Home released Doorbell Cam Pro which enables the owner to answer the door from any location. Thus, IoT is positively impacting the sales of electrical equipment and contributes to the growth of the general electrical equipment and components market.
Key Industry Players
Major companies operating in the general electrical equipment and components market include Panasonic Corporation, Samsung Electronics Co. Ltd, Asea Brown Boveri (ABB) Ltd., Sumitomo Electric Industries Ltd, Toshiba Corporation, Eaton, Emerson Electric, Schneider Electric, Siemens, Automattic Inc., Intel, Taiwan Semiconductor Manufacturing Company (TSMC), Micron Technology, Qualcomm, Prysmian S.p.A., Yaskawa Electric Corporation, Vertiv Holdings Co., nVent Electric plc, Zhejiang Chint Electrics Co. Ltd, Acuity Brands Inc., Voltronic Power Technology Corp, Walsin Lihwa Corp, Hongfa Technology Co. Ltd, Ningbo Orient Wires & Cables Co. Ltd., Belden Inc., Shanghai MOONS’ Electric Co. Ltd., China XD Electric Co. Ltd, Nexans SA, Signify N.V., Ultralife Corporation, GrafTech International Ltd., Preformed Line Products Company, Eos Energy Enterprises Inc., Orion Energy Systems Inc., Asia Pacific Wire & Cable Corporation Limited
The general electrical equipment and components market report table of contents includes:
- Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
……….
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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