General Electrical Equipment And Components Global Market Report 2024

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 observed during the historical period can be attributed to several key factors, including industrialization, technological advancements, urbanization, and increased 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 anticipated growth in the forecast period can be primarily attributed to factors such as the increasing adoption of renewable energy sources, electrification initiatives, the development of smart grid technologies, and the ongoing process of digitalization. Notable trends expected to shape this period include the continued focus on electrification and renewable energy, the integration of smart and IoT-enabled devices, the progression of digitalization aligned with industry 4.0 principles, and advancements in battery technology.

The integration of IoT (Internet of Things) into electrical tools presents a significant advantage in their control and management. IoT, constituting a network of physical devices, software, sensors, and connectivity, facilitates data exchange, enhancing the reliability of data transmission and enabling remote operation. For example, products like the August Home Doorbell Cam Pro allow homeowners to respond to door interactions from any location. This technological progression is positively influencing the sales of electrical equipment and is a contributing factor to the growth of the general electrical equipment and components market.

The primary types within the general electrical equipment and components market are categorized into online, offline, and offline. In general, the online mode pertains to electrical equipment that is accessible to customers through online means. Various sales channels for these products include OEM (Original Equipment Manufacturer) and aftermarket channels. These electrical equipment and components find applications in both commercial and residential segments.

The general electrical equipment and components market research report is one of a series of new reports that provides general electrical equipment and components market statistics, including general electrical equipment and components industry global market size, regional shares, competitors with general electrical equipment and components market share, detailed general electrical equipment and components market segments, market trends and opportunities, and any further data you may need to thrive in the general electrical equipment and components industry. This general electrical equipment and components market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The trajectory toward environmentally friendly and energy-efficient electrical tools is poised to propel the expansion of the general electrical equipment market. The necessity for such tools stems from environmental concerns and the impetus to curtail energy consumption. These eco-friendly products minimize carbon emissions, preserve resources, and reduce electricity costs. As the world increasingly prioritizes sustainability, the adoption of green electrical solutions becomes paramount for a more sustainable and efficient future. Notably, in August 2023, the United States Environmental Protection Agency reported total direct emissions from electrical equipment production and usage. The figures, 2.5 million metric tons CO2e in 2023 and 1.9 million metric tons CO2e in 2022, illustrate the significant environmental impact of these emissions. The production process involves energy-intensive activities, contributing to greenhouse gas emissions, making the shift to eco-friendly and energy-efficient electrical equipment pivotal for future market growth.

Government regulations wield substantial influence over electrical equipment manufacturing companies. These regulations elevate operating expenses across the supply chain, impacting production, packaging, distribution, and equipment disposal. For instance, larger American companies with over 100 employees have incurred costs of approximately $9,083 per employee due to regulatory compliance. The cumulative regulatory cost, estimated at around USD 2.03 trillion, encompasses the electronics sector and other American industries. Consequently, stringent government regulations present a hindrance to the growth of the electrical equipment and component market.

The rising trend among consumers to incorporate smart technology into their daily lives is driven by its benefits in enhancing security, energy efficiency, appliance functionality, convenience, and flexibility. This growing demand extends to both residential and office spaces. Constant innovation and the integration of new technologies into electrical equipment are contributing to a smarter world. High-end technological devices, characterized by ease of use and support for daily activities, are spurring businesses to cater to these evolving needs. For instance, Philips has developed a user-friendly wireless lighting system for smart homes, enabling easy control and ambiance customization. Notably, as of August 2021, the United States had 47.4 million smart home users, with a penetration rate of 40.1%, while the United Kingdom ranked second globally in smart home adoption. The incorporation of advanced technologies has a direct impact on sales within the general electrical equipment and components market.

In September 2023, Schneider Electric, a prominent French multinational specializing in digital automation and energy management, announced a strategic partnership with JS Electromec, with the financial details undisclosed. This collaboration centers around JS Electromec's establishment of local manufacturing capabilities for Prisma iPM electrical switchboards, aligning with IEC standards. The objective is to provide the Tanzanian building and industrial sectors with safe, reliable, and cloud-connected switchgear solutions. JS Electromec, a leading electrical panel builder and supplier of electrical products in Tanzania, plays a pivotal role in this venture.

In March 2021, Siemens, a distinguished German multinational conglomerate, completed the acquisition of C&S Electric Limited for a substantial deal valued at $285.27 million (INR 21 billion). This strategic move by Siemens aimed to establish a stronger presence in the Indian market while also positioning India as an export hub for the supply of low-voltage products. C&S Electric Limited, an India-based electric equipment manufacturer, played a key role in facilitating Siemens' expansion and market diversification efforts.

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

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

The countries covered in the general electrical equipment and components market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The general electrical equipment and components market consist of sales of power converters (i.e., AC to DC and DC to AC), power supplies, surge suppressors, and other general electrical equipment. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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