Press release
Fostering Growth In Electrical Equipment Market Through Technological Innovation And Rising Demand Driver: Leading Transformation in the Electrical Equipment Market in 2025
Electrical Equipment
The accelerated flow of breakthroughs in electronic technology is driving a steady request for advanced and swifter electronic devices. The attraction of both consumer and business users for replacing or enhancing older devices with upgraded models is crucially tied to technological progression. Digital methodologies, encompassing the Internet of Things (IoT) and cutting-edge communication technologies like 5G, are anticipated to bolster the creation of inventive electronic goods. This surge in tech development is predicted to ramp up the demand for electronic products, consequently fuelling the expansion of the electronic equipment manufacturing market in the projected period.
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What is the projected compound annual growth rate (CAGR) of the electrical equipment market from 2025 to 2034, and what factors influence it?
The size of the electrical equipment market has seen robust growth in the past few years. It's projected to rise from $1712.93 billion in 2024 to $1836.18 billion in 2025, exhibiting a Compound Annual Growth Rate (CAGR) of 7.2%. The historical growth in this market is due to factors like economic progression in developing markets, positive government initiatives, and advancements in technology.
In the coming years, the electrical equipment market is projected to witness robust growth, reaching a market size of $2338.87 billion in 2029, growing at an annual compounded rate (CAGR) of 6.2%. This growth during the forecast period is expected due to advancements in electrical equipment, increased investment in energy-efficient infrastructure, and positive government initiatives. Foreseen trends within the prediction period involve upgrade of electrical equipment, creating smart appliances, developing energy-efficient products, establishing and implementing e-commerce platforms, and forming strategic partnerships for expansion of development activities.
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How are the latest trends influencing the growth of the electrical equipment market?
The rise in popularity of mobile devices like smartphones and tablets has spurred the production of USB receptacles. These receptacles provide easy access for charging an array of electronic devices. The utilization of USB receptacles further eradicates the necessity for transporting charging adapters. For example, EATON produces USB receptacles equipped with tamper-proof shutters and LED lights, which can be used for charging electronic equipment such as tablets, cell phones, cameras, and MP3 players. Key players in the production of USB receptacles include companies such as Eaton, GE, and Philips.
What are the major segments of the electrical equipment market and their role in driving growth?
The electrical equipment market covered in this report is segmented -
1) By Type: Electric Lighting Equipment, Household Appliances, Power Generation, Transmission And Control Equipment, Batteries, Wires And Cables
2) By Mode: Online, Offline
3) By Sales Channel: OEM, Aftermarket
4) By End-Use: Business To Business (B2B), Business To Customer (B2C)
Subsegments:
1) By Electric Lighting Equipment: LED Lighting, Fluorescent Lighting, Incandescent Lighting, Smart Lighting Solutions, Street Lighting
2) By Household Appliances: Major Appliances, Small Appliances, Heating and Cooling Equipment
3) By Power Generation: Renewable Energy Sources, Conventional Power Generation, Generators
4) By Transmission and Control Equipment: Transformers, Switchgear, Circuit Breakers, Relay Systems, Power Distribution Units (PDUs)
5) By Batteries: Lead-Acid Batteries, Lithium-Ion Batteries, Nickel-Cadmium Batteries, Lithium Polymer Batteries, Flow Batteries
6) By Wires and Cables: Low Voltage Cables, Medium Voltage Cables, High Voltage Cables, Specialty Cables, Conductors
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Which regions are key players in the growth of the electrical equipment market?
Asia-Pacific was the largest region in the electrical equipment market in 2024. Western Europe was the second largest region in the electrical equipment market. Africa was the smallest region in the global electrical equipment market. The regions covered in the electrical equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the key firms paving the way for growth in the electrical equipment market?
Major companies operating in the electrical equipment market include Panasonic Corporation, Samsung Electronics Co Ltd, Whirlpool Corporation, Schneider Electric, Siemens AG, ABB Ltd., Sumitomo Electric Industries Ltd, Eaton Corporation, Nexans, Iberdrola, Grand Tech Group Ltd, Haier, Electrolux, Hi-mix Eletronicos S.A, Lidertrans Groupe, Bosch, Yago Electronic, Changqinglin Electronic Company Ltd, Transmission Equipment Industry LLC, Makelsan Power Systems, Solaris Technologies Llc, Nicolay GmbH & Co.KG, Arcelik, Daikin, Electrodomesticos Taurus SL, Cata Electrodomesticos SL, Edesa Industrial, NKT Cables Group GmbH, Permanoid, Polystar, British Cables Company, Industrial Group Mida (Microelectronic Sensors), Serdia Eletrônica Industrial, Liebherr, J.J. Consultancies S.A, Suyuanyineng Electricity Machinery Equipment (Wuxi) Company Ltd, SMEG, Zvetlit, Leoni AG, Glen Dimplex Group, Emersion Electric, Wuxi Meida Electro Technical Co. Ltd, Furukawa Electric Industries Ltd, QASA, Amphenol Corp, LG, General Cable Corporation, Belden Inc, Sharp, Hisense, Castelo Angel, Electroquil S.A, KCM Trading Co, Comercializadora Mjb Spa, Comercial Autosystem Limitada, Miele, Wesco International, Trojan Power, Alderly FZE, Comeca Middle East Electrical Equipment LLC, Arabian Falcon, Prysmian Group, Elsewedy Electric, Roto Oil, Prime Electrical Manufacturing, Shiandg Der Enterprise Co. Ltd, Hitachi, Fareast Mercantile Co Ltd, First National Battery Pty Ltd
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What Is Covered In The Electrical Equipment Global Market Report?
• Market Size Forecast: Examine the electrical equipment market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the electrical equipment market for a structured understanding.
• Key Players Overview: Analyze major players in the electrical equipment market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the electrical equipment market.
• Segment Contributions: Evaluate how different segments drive overall growth in the electrical equipment market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the electrical equipment market.
• Industry Challenges: Identify potential risks and obstacles affecting the electrical equipment market.
• Competitive Landscape: Review strategic developments in the electrical equipment market, including expansions, agreements, and new product launches.
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