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Key Strategic Developments and Emerging Changes Shaping the General Electrical Equipment and Components Market Landscape
General Electrical Equipment And Components Market
Future Market Size and Growth Forecast for General Electrical Equipment and Components
The market for general electrical equipment and components is anticipated to grow substantially, reaching a valuation of $121.08 billion by 2030. This growth corresponds to a compound annual growth rate (CAGR) of 6.2% over the forecast period. Key factors propelling this rise include the integration of renewable energy systems, the adoption of smart infrastructure technologies, increased demand for Internet of Things (IoT) enabled devices, expansion in electric mobility, and a shift towards energy-efficient automation in industrial settings. Important trends expected to influence the market include smart grid integration, development of energy-efficient electrical components, predictive maintenance and diagnostics, modular and scalable system designs, along with advanced safety and compliance measures.
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Leading Companies Shaping the General Electrical Equipment and Components Market
Several prominent corporations dominate the landscape of the general electrical equipment and components market. These include Panasonic Corporation, Samsung Electronics Co., Ltd., ABB Ltd., Sumitomo Electric Industries, Ltd., Toshiba Corporation, Eaton Corporation plc, Emerson Electric Co., Schneider Electric SE, Siemens AG, Prysmian Group S.p.A., Yaskawa Electric Corporation, Vertiv Holdings Co., nVent Electric plc, Chint Group Corporation, Acuity Brands, Inc., Voltronic Power Technology Corporation, Walsin Technology Corporation, Hongfa Technology Co., Ltd., Orient Cable Co., Ltd., Belden Inc., MOONS' Industries Co., Ltd., China XD Group Corporation, Nexans S.A., Signify N.V., Ultralife Corporation, Preformed Line Products Company, Orion Energy Systems, Inc., and Asia Pacific Wire & Cable Corporation Ltd.
Strategic Acquisitions Accelerating Market Innovation
In January 2024, Hitachi Energy Ltd., a US-based technology firm, completed the acquisition of Coet, an electrical equipment manufacturer based in Italy, for an undisclosed sum. This move is aimed at accelerating the transition toward sustainable energy solutions by offering innovative technologies that improve the efficiency, reliability, and sustainability of energy systems.
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Emerging Trends Influencing the General Electrical Equipment and Components Market
A major focus among industry leaders is the development of advanced power protection relays, which enhance the reliability, flexibility, and stability of power distribution networks amid changing energy demands. These relays serve to detect electrical anomalies such as overcurrents or faults and automatically disengage circuits to safeguard equipment.
For example, in October 2024, Hitachi Energy introduced the Relion REF650 relay tailored for India's medium-voltage power distribution grid. This device features increased modularity, strong security measures, and a user-friendly interface, designed to meet the evolving power quality challenges faced by utilities and industrial users. It also supports the integration of renewable energy sources and electric vehicle charging infrastructure, contributing to a more resilient and adaptive electricity grid.
Segment-Wise Breakdown of the General Electrical Equipment and Components Market
This market is segmented based on mode, sales channel, and end user:
1) Mode:
- Online
- Offline
2) Sales Channel:
- OEM (Original Equipment Manufacturer)
- Aftermarket
3) End User:
- Commercial
- Residential
Subcategories within online modes include e-commerce platforms such as Amazon and eBay, manufacturer websites, B2B marketplaces like Alibaba and ThomasNet, specialized online retailers, and distributors such as Digi-Key and Mouser Electronics.
Offline distribution comprises brick-and-mortar retail outlets including hardware and electronics stores, electrical equipment distributors, wholesale suppliers, specialty showrooms focused on industrial electrical equipment, and trade events like electrical equipment expos.
Regional Market Focus and Outlook
While this report does not provide a detailed regional analysis, it is important to recognize that global trends such as smart grid adoption, renewable energy integration, and electric mobility expansion will vary in pace and scale across different geographies, influencing regional market dynamics accordingly.
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