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General Electrical Equipment And Components Market Size, Share , Latest Trends, Key Players And Forecast To 2033
General Electrical Equipment And Components Market
As per the report, 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 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%.
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IOT Integration Enhancing Electrical Equipment And Components 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.
Adoption Of Smart Technology In Electrical Equipment And Its Impact On Homes And Offices
Consumers are increasingly adopting tools and devices equipped with smart technology as they maximize security, increase energy efficiency, improve appliance functionality, and are more convenient and flexible. The demand for smart homes and office spaces is increasing by the day. Innovation, adoption, and deployment of new technologies in various electrical equipment are making the world smarter. High-end technology devices are easy to use and help in the smooth flow of regular activities, encouraging companies to cater to such needs. For example, Philips has developed a personal wireless lighting system for smart homes that is easy to control and creates the perfect ambiance. Moreover, in August 2021, according to TradingPlatforms, a UK-based online media company, smart home users in the US amounted to 47.4 million in the year 2021, with the highest penetration rate of 40.1% and a penetration rate of 37.4%, respectively. The UK is the country with the second-highest number of smart homes worldwide. Thus, the adoption of high-end technologies directly impacts sales in the general electrical equipment and components market.
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
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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
Contents of the report:
1. Executive Summary
2. General Electrical Equipment And Components Market Report Structure
3. General Electrical Equipment And Components Market Trends And Strategies
4. General Electrical Equipment And Components Market - Macro Economic Scenario
5. General Electrical Equipment And Components Market Size And Growth
…..
27. General Electrical Equipment And Components Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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