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General Electrical Equipment: Forecast and Market Trends for 2024
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
General Electrical Equipment And Components Market 2024 Key Insights:
• 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%.
• IOT Integration Enhancing Electrical Equipment And Components Market Growth
• Adoption Of Smart Technology In Electrical Equipment And Its Impact On Homes And Offices
• Asia-Pacific was the largest region in the general electrical equipment and components market in 2023
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