Pune, July 23, 2024 (GLOBE NEWSWIRE) -- Electrical Equipment Market Size Analysis:
“According to SNS Insider Research, The Electrical Equipment Market size is projected to value at USD 276.89 Billion in 2023 and is estimated to reach USD 312.40 Billion by 2032, reflecting a notable CAGR of 1.35% over the forecast period from 2024 to 2032.”
Electrical Equipment Market Overview
Electrical equipment signifies a great variety of machinery, specialized systems, distribution gear and cables for numerous applications and used across all industries. These meters, transformers, switchgear, circuit breakers, distribution boards etc. are required for the proper distribution of electrical power and, therefore, are in high demand. This equipment helps to analyse total power consumption and distribution which, in turn, significantly contributes to the growth of the global market.
The use of smart grids and smart cities seems to be the most visible opportunity for gaining a foothold in the market. The smart grid utilizes various technologies for the better management and monitoring of electricity flow, making it more effective and efficient. The most illustrative example of the smart grid is the supposed SmartMeter, as well as all kinds of sensors and telecommunication equipment. Smart city is carefully designed to include as many information and communication technologies as possible and to improve urban living. To support such infrastructure, high quality electric systems are required as well, which is another opportunity to expand in the market. It should be emphasized that the electric equipment market is one of the most prospering ones because of the highest rate of urbanization and industrialization of the world, especially in developing countries.
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Major Players Analysis Listed in this Report are:
- Samel
- Solar LED Powers
- Hellenic Cables
- incotex Group
- Fincom-2
- ABB
- Datecs
- Monbat
- Emka
- Gamakabela
- Octa light,
- Legrand
- Other Players
Electrical Equipment Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 276.89 Billion |
| Market Size by 2032 | US$ 312.40 Billion |
| CAGR | CAGR of 1.35% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • In Infrastructure expansion rapid urbanization and economic growth globally are fueling the need for new buildings, factories, and transportation networks, all requiring significant electrical equipment. |
Segmentation Analysis
By Product
The market is dominated by electronic and electrical wires and cables segment with a share of 42.14% in 2023. Their dominance is owing to the critical role played by wires and cables in transmitting electricity. Further, the development of infrastructure is boosting the growth of this segment.
The wiring devices segment is anticipated to grow the fastest during the forecast period. This is attributed to factors like growth in infrastructure, rise of smart homes trend amongst the masses and the use of Electric vehicles that require the usage of charging stations.
By Application
the market is dominated by transformers with a share of 39.53% in 2023. Their dominance is because of their reliability and economic nature in regulating the voltage at achievable levels of power transmission and distribution.
The fastest growing product within the forecast period is electricity meters. This product helps in measuring and monitoring the usage of electricity facilitating the process of billing and overall electrical consumption made by an entity.
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By End User
In terms of end-user of these products based on the revenue collections, the industrial sector dominates the market with a share of 44.02% in 2023. The dominance of industry is attributed to the massive usage of electrical materials in the form of heavy electrical machinery for various industrial processes.
The fastest growing segment during the forecast period is the commercial end users. The growth of the commercial sector is because of the rising construction of the commercial buildings, and the growing focus on efficient energy usage through the adoption of smart electrical equipment.
Electrical Equipment Market Key Segmentation:
By Product
- Wiring devices
- Batteries and accumulators
- Electronic and electrical wires and cables
- Electrical Lightning
- Electric household appliances
- Others
By Applications
- Transformers
- Electricity meter
- Distribution boards
- Circuit Breakers
- Others
By End User
- Residential
- Commercial
- Industrial
Key Regional Developments
The Asia-Pacific with a market share of 33.62%, holds a leading position in the global electrical equipment market. It is attributed primarily to the accelerated industrialization and widespread urbanization implemented by the high-income and developing countries within the region. Furthermore, proactive government measures contribute to the overall success of the market. Asia-Pacific’s surging urbanization demands significant investments in the power grid, residential building, and commercial infrastructure.
Future Growth
The rise in the adoption of the electrical equipment market can be attributed to the growing need for the continuous and flawless functioning of industries. Added to that, increased investment in smart grid infrastructure is another driving force. The transition toward energy-efficient and sustainable equipment is an essential factor propelling the growth of the market. Notably, many countries have begun the roll-out of smart city projects, positively affecting the establishment of this market. Even more, the adoption of IoT and AI within electricity-related devices is a technological advancement that further expands.
Recent Developments in the Electrical Equipment Market
In March 2024: The International Electrical Testing Association (NETA) introduced its Qualified Electrical Equipment Maintenance Contractor and Worker Program at PowerTest24, a leading annual safety and reliability conference. This program addresses the newly implemented ANSI-approved NFPA 70B Standard, which mandates and enforces proper electrical equipment maintenance practices.
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Key Takeaways
- Clients will benefit from understanding how innovations in smart grids and smart cities are driving market growth and offering new opportunities.
- Information into market dynamics, including key drivers and challenges, will help clients make informed decisions about investments and strategy.
- The report highlights emerging trends and growth opportunities in various segments, aiding clients in identifying lucrative market segments.
- Detailed regional analysis provides clients with a clearer understanding of market opportunities and challenges in different geographic areas.
- Information on recent product launches and mergers helps clients stay ahead of the competition by understanding the latest market developments and innovations.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Electrical Equipment Market Segmentation, By Product
8. Electrical Equipment Market Segmentation, By Applications
9. Electrical Equipment Market Segmentation, By End User
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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