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General Electrical Equipment And Components Market Insights 2025-2034: Growth Forecast and Strategic Priorities
General Electrical Equipment And Components Market
General Electrical Equipment And Components Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent years, there has been substantial growth in the size of the general electrical equipment and components market. It is projected to rise from $89.26 billion in 2024 to $95.82 billion in 2025, with a compound annual growth rate (CAGR) of 7.4%. The expansion during the historical period is a consequence of industrialization, progress in technology, urbanization, and a rise in energy demand.
General Electrical Equipment And Components Market Size Forecast: What's the Projected Valuation by 2029?
The overall market for electrical equipment and components is anticipated to witness substantial growth in the coming years. It is projected to reach a value of $123.29 billion by 2029, growing at a Compound Annual Growth Rate (CAGR) of 6.5%. Several factors such as the rise in renewable energy, electrification, the advent of smart grids, and digitalization could drive this growth in the predicted period. Notable emerging trends during this period include the increased use of electrification and renewable energy, smart and IoT-enabled devices, digitalization alongside industry 4.0, and advancements in battery technology.
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What Are the Drivers Transforming the General Electrical Equipment And Components Market?
The integration of IoT (Internet Of Things) in electrical equipment is revolutionizing the control and management of these devices. Essentially, the IoT consists of a network of physical objects, such as vehicles, equipped with electronics, software, sensors, actuators, and connectivity features, granting them the ability to gather, share, and connect data. IoT is highly beneficial for consistent transmission, smart processing, and electrical security during instances of overcurrent or overvoltage, with the added benefit of remote operation. An illustration of this is the Doorbell Cam Pro released by August Home, which allows the user to respond to their door from anywhere. Therefore, the application of IoT is having a beneficial effect on the sales of electrical devices and contributing to the expansion of the general electrical equipment and components market.
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What Long-Term Trends Will Define the Future of the General Electrical Equipment And Components Market?
Leading businesses in the general electrical equipment and components market are concentrating on creating advanced power protection relays to improve the dependability, versatility, and stability of the power distribution grid amidst changing energy requirements. An advanced power protection relay is a high-tech gadget intended to supervise electrical systems for irregular conditions like overcurrents or faults and automatically activate circuit breakers to isolate and safeguard equipment from harm. For example, in October 2024, Hitachi Energy, a technology company based in Switzerland, debuted the Relion REF650, which is tailored for India's mid-voltage power distribution grid. This invention provides amplified modularity, robust security, and a streamlined interface to cater to the flexible power quality needs of utilities and industrial establishments. It is vital in aiding the inclusion of renewable energy sources and EV charging mechanisms, thereby contributing towards a more balanced and adaptive electricity distribution network.
Which Segments in the General Electrical Equipment And Components Market Offer the Most Profit Potential?
The general electrical equipment and components market covered in this report is segmented -
1) By Mode: Online, Offline
2) By Sales Channel: OEM, After market
3) By End User: Commercial, Residential
Subsegments:
1) By Online: E-Commerce Platforms (Amazon, EBay), Manufacturer Websites, B2B marketplaces (Alibaba, ThomasNet), Online Retailers Specializing In Electrical Components, Online Distributors (Digi-Key, Mouser Electronics)
2) By Offline: Brick-And-Mortar Retail Stores (Hardware Stores, Electronics Shops), Electrical Equipment Distributors, Wholesale Suppliers, Specialized Showrooms (For Industrial Electrical Equipment), Trade And Industry Events (Electrical Equipment Expos)
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Which Firms Dominate the General Electrical Equipment And Components Market by Market Share and Revenue in 2025?
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
Which Regions Offer the Highest Growth Potential in the General Electrical Equipment And Components Market?
Asia-Pacific was the largest region in the general electrical equipment and components market in 2023. North America is 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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