Insights Into The General Electrical Equipment And Components Market’s Growth Potential 2024-2033
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033
The general electrical equipment and components market have witnessed robust growth, marking a progression from $87.17 billion in 2023 to an anticipated $93.48 billion in 2024, boasting a Compound Annual Growth Rate (CAGR) of 7.2%. Projections for the future are equally promising, with the market expected to reach $121.73 billion by 2028, fueled by a CAGR of 6.8%. The evolving landscape is characterized by a multitude of factors and trends, shaping the trajectory of the industry.
Shift Toward Eco-Friendly And Energy-Efficient Electrical Equipment
- Environmental Imperative: The market is experiencing a significant shift toward eco-friendly and energy-efficient electrical equipment, driven by environmental concerns and the imperative to reduce energy consumption.
- Global Impact: According to the United States Environmental Protection Agency, the direct emissions from electrical equipment production and use in the U.S. were 2.5 million metric tons CO2e in 2022. This emphasizes the environmental impact of the production process, prompting the need for sustainable solutions.
- Major Players: Key market players contributing to this shift include Panasonic Corporation, ABB Ltd., and Siemens, highlighting a commitment to sustainability.
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Adoption Of Smart Technology In Electrical Equipment And Its Impact On Homes And Offices
- Consumer Trends: The rising adoption of smart technology in electrical equipment is transforming homes and offices, enhancing security, energy efficiency, and overall convenience.
- Market Dynamics: The increasing demand for smart homes and office spaces is reshaping the landscape of the general electrical equipment and components market.
- Innovative Offerings: Companies like Philips are developing cutting-edge solutions, such as wireless lighting systems, catering to the growing demand for smarter living spaces.
Schneider Electric Enters Into Partnership With S Electromec
- Strategic Partnership: Schneider Electric, a prominent player in digital automation and energy management, entered into a strategic partnership with JS Electromec in September 2023.
- Local Manufacturing Initiative: This collaboration aims to establish local manufacturing of Prisma iPM electrical switchboards in Tanzania, compliant with international standards.
- Industry Impact: The partnership seeks to bring safe, reliable, and cloud-connected switchgear to the Tanzanian building and industrial sectors, showcasing the global influence of such collaborations.
Market Segmentation: Navigating Diverse Channels and Users
The general electrical equipment and components market is intricately segmented, providing insights into various facets of its operations:
- By Mode:
- Online
- Offline
- By Sales Channel:
- OEM (Original Equipment Manufacturer)
- Aftermarket
- By End User:
- Commercial
- Residential
Regional Dynamics: Asia-Pacific Takes the Lead
- Regional Landscape: In 2023, Asia-Pacific emerged as the largest region in the general electrical equipment and components market, signifying the region’s dominance in the industry.
- Global Influence: The region’s prominence is underscored by its role in shaping the global trajectory of the market.
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The General Electrical Equipment And Components Global Market Report 2024 provides an overviewof the general electrical equipment and components market for the time series: historic years (2010 -2021) and ten years forecast (2023 – 2032).The general electrical equipment and components market forecast analyzesgeneral electrical equipment and componentsmarket size, general electrical equipment and components market share,leading competitor and their market positions.
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