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Specialty Electricals Market Report 2024 - Specialty Electricals Market Growth, Demand And Drivers
Specialty Electricals Market
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According to The Business Research Company's, The specialty electricals market size has grown rapidly in recent years. It will grow from $254.32 billion in 2023 to $296.78 billion in 2024 at a compound annual growth rate (CAGR) of 16.7%. The growth in the historic period can be attributed to industrialization and infrastructure development, energy sector investments, urbanization and commercial construction, regulatory compliance and standards, technological advancements in equipment.
The specialty electricals market size is expected to see rapid growth in the next few years. It will grow to $533.24 billion in 2028 at a compound annual growth rate (CAGR) of 15.8%. The growth in the forecast period can be attributed to focus on energy efficiency, increasing demand for data centers, expansion of telecommunication networks, modernization of existing facilities, growing awareness of environmental impact. Major trends in the forecast period include integration of artificial intelligence (AI), wireless connectivity and remote control, focus on fire and safety solutions, circular economy practices, global standards and certifications.
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Market Drivers and Trends:
The growing trend of electric vehicles is expected to propel the specialty electrical market going forward. Electric vehicles are those that are powered entirely or partially by electricity and run on an electric engine rather than a traditional combustion engine. In the manufacturing of electrical vehicles specialty, electricals offer a range of specialized electric power solutions that are focused on heavy demand and load power distribution systems of vehicles. Also, these substance acts as a shield against the frequently erratic outside factors, assisting in maintaining ideal battery temperatures whatever the conditions. For instance, in May 2022, according to the International Energy Agency, a Paris-based autonomous intergovernmental organization, sales of electric cars (including fully electric and plug-in hybrids) had doubled in 2021 to set a new record of 6.6 million, where the number of electric cars on the world's roads by the end of 2021 was about 16.5 million. Therefore, the growing trend of electric vehicles is driving the specialty electrical market.
Technological advancements are a key trend gaining popularity in the specialty electrical market. Major companies operating in the specialty electrical market are focused on developing new technological solutions to strengthen their position. For instance, in February 2022, Lubrizol Corporation, a US-based chemicals company launched a new non-halogenated, flame-retardant grade polymer compound for wire and cable applications. The new compound is made without the use of halogens and has improved key performance attributes like drying time, drying temperature, mechanicals, and flame retardant properties.
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Major Key Players of the Market:
Samsung Electronics Co Ltd., Hitachi Ltd., Huawei Technologies Co Ltd., Siemens AG, Taiwan Semiconductor Manufacturing Company Limited, Panasonic Corporation, Qualcomm Technologies Inc., Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., Broadcom Inc., ABB Ltd., Sumitomo Electric Industries Ltd., Toshibo Corporation, Eaton Corporation, TE Connectivity Ltd., Emerson Electric Co, Rockwell Automation Inc., OMRON Automotive Electronics Co Ltd., Encore Wire Corporation, Superior Essex Inc., Southwire Company LLC, Monbat Group, Legrand AV Inc., Specialty Electric Co Inc., Incotex Group, Fincom-2 Ltd., General Cable Technologies Corporation, Furukawa Electric Co Ltd., LS Cable & System Ltd.
Specialty Electricals Market 2024 Key Insights:
• The specialty electricals market size is expected to see rapid growth in the next few years. It will grow to $533.24 billion in 2028 at a compound annual growth rate (CAGR) of 15.8%.
• Specialty Electrical Market Surges With The Growing Trend Of Electric Vehicles
• Technological Advancements Drive Growth In The Specialty Electrical Market
• Asia-Pacific was the largest region in the specialty electricals market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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