Global General Electrical Equipment And Components Market Report 2024, Forecast To 2033
11 Jan, 2024
The general electrical equipment and components market size increased from $87.17 billion in 2023 to $93.48 billion in 2024, showcasing a 7.2% CAGR. Historical growth is linked to industrialization, technological advancements, urbanization, and energy demand. Predicting strong growth, the market is expected to reach $121.73 billion in 2028, with a 6.8% CAGR. Growth drivers include renewable energy, electrification, smart grids, and digitalization. Key trends encompass electrification and renewable energy, smart and IoT-enabled devices, digitalization, and Industry 4.0, and battery technology.
Global General Electrical Equipment And Components Market Key Driver
IoT integration enhances electrical equipment functionality, positively impacting the general electrical equipment and components market. IoT enables remote operation, intelligent processing, and safety during electrical fluctuations. August Home's Doorbell Cam Pro exemplifies IoT's influence, allowing remote door answering. IoT contributes to increased electrical equipment sales.
Get A Free Sample Of The Global General Electrical Equipment And Components Market ReportGlobal General Electrical Equipment And Components Market Segments
The general electrical equipment and components market covered in this report is segmented –
1)By Mode: Online, Offline
2)By Sales Channel: OEM, Aftermarket
3)By End User: Commercial, Residential
By Geography: 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, and Africa. Among these regions
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
Major General Electrical Equipment And Components Industry Players
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
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General Electrical Equipment And Components Market Overview
General electrical equipment is defined as an electronic device that generates, distributes, and uses electrical power.
General Electrical Equipment And Components Global Market Report 2023 provides data on the global general electrical equipment and components market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The general electrical equipment and components market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.