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Luton, Bedfordshire, United Kingdom, Feb. 27, 2023 (GLOBE NEWSWIRE) — Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Electrical Equipment Market.
Electrical Equipment Market Overview:
The global Electrical Equipment Market size is estimated at USD 1315.8 billion in 2022 and is projected to reach USD 3393.5 billion by 2029, at a CAGR of 11.1% for the forecasted years 2023 to 2029.
The Electrical Equipment Market refers to the global industry that produces and sells electrical components, devices, and systems. This includes a broad range of products, such as wires and cables, transformers, generators, motors, circuit breakers, switchgear, lighting products, and various other electronic devices.
The demand for electrical equipment is driven by several factors, including the increasing need for electricity in both developed and developing countries, the rising demand for renewable energy sources, and the growing use of automation and robotics in various industries. Additionally, the increasing focus on energy efficiency and the adoption of smart grid technologies are also driving demand for more advanced and efficient electrical equipment.
The Electrical Equipment Market is expected to continue growing in the coming years, driven by the increasing demand for electricity and the rapid development of new technologies. However, the market is also facing several challenges, including the impact of the COVID-19 pandemic on global supply chains and the increasing competition from low-cost manufacturers in emerging markets.
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Key players operating in the Asia Pacific Electrical Equipment Market are :
- ABB Ltd
- Sumitomo Electric Industries Ltd
- Samsung Electronics Co Ltd
- Qualcomm Technologies, Inc.
- NVIDIA Corporation
- Broadcom, Inc.
- Huawei Technologies Co. Ltd.
- Emerson Electric Co
- Taiwan Semiconductor
- Toshiba Corporation
- OMRON Automotive Electronics Co. Ltd.
- Hitachi, Apple Inc.
- IBM among
Electrical Equipment Market Drivers:
The key drivers of the Electrical Equipment Market include:
Innovations In the Electrical Equipment Market
The rapid pace of innovations in Electrical Equipment Market technologies is stimulating consistent demand for newer and faster electrical equipment and applications. Technological developments are key for attracting both consumers and business users to either replace or upgrade the older products with advanced versions. Innovative technologies such as the internet of things (IoT), smart grid and energy-efficient lighting technologies are expected to aid in the development of advanced electronic equipment. This is expected to increase the demand for electrical equipment which will ultimately drive the market during the forecast period.
Electrical Equipment Market Restraints:
The key restraints on the electrical equipment market include:
Rising sustainability issues and stringent new regulation standards are compelling electrical equipment manufacturers to review the entire environmental impact of their products, from the use of harmful chemicals in manufacturing, and energy consumption during consumer use to waste disposal at the end of the product’s life. These rising new regulation standards are likely to be a major hindrance to electrical equipment manufacturers, especially for multinational organizations that have to keep up with different regulatory standards across different regions.
The global electrical equipment market includes a wide range of products such as generators, transformers, switchgear, cables, and various other electrical components. The market is driven by factors such as increasing industrialization, rising demand for power, and growing infrastructure development in emerging economies.
Some of the recent trends in the Electrical Equipment Market include:
Renewable energy sources: With a focus on reducing carbon emissions and increasing sustainability, there has been a growing demand for renewable energy sources such as solar and wind power. This has led to an increase in the production of equipment such as inverters, batteries, and transformers used in renewable energy systems.
Smart grids: The adoption of smart grid technology is increasing as it enables efficient power management and reduces power outages. This has led to an increase in the production of smart meters, sensors, and other equipment used in smart grid systems.
Electric vehicles: The demand for electric vehicles (EVs) is on the rise, and this has led to an increase in the production of EV charging stations, batteries, and other related equipment.
Internet of Things (IoT): The integration of IoT technology with electrical equipment is increasing, enabling real-time monitoring and control of electrical systems. This has led to an increase in the production of IoT-enabled electrical components such as sensors, controllers, and software.
Energy storage: With an increasing focus on energy storage, there has been an increase in the production of energy storage systems, such as lithium-ion batteries, used in various applications such as residential, commercial, and industrial sectors.
Overall, the electrical equipment market is expected to continue growing due to increasing demand for power, industrialization, and infrastructure development in emerging economies, as well as the growing focus on renewable energy sources and energy efficiency.
Electrical Equipment Market Trends:
Major trends influencing the electrical equipment market include:
Artificial Intelligence And Machine Learning In Electrical Equipment Market Manufacturing
Electrical equipment manufacturing companies are deploying artificial intelligence (AI) and machine learning (ML) applications to improve production efficiency, decrease cost and reduce manufacturing errors. Artificial intelligence is machine-based learning which makes use of human intelligence functionalities like reasoning and problem-solving abilities to obtain insights and provide useful information. The electrical equipment manufacturing companies are deploying AI applications to face complex challenges like a high precision and highly dynamic production environment.
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Electrical Equipment Market: Global Opportunity Analysis and Industry Forecast, 2023–2029 Report Highlights
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|By Sales Channel||
|Key Market Players||ABB Ltd, Sumitomo Electric Industries Ltd, Samsung Electronics Co Ltd, Qualcomm Technologies, Inc., NVIDIA Corporation, Broadcom, Inc., Huawei Technologies Co. Ltd., Emerson Electric Co, Taiwan Semiconductor, Toshiba Corporation, OMRON Automotive Electronics Co. Ltd., Hitachi, Apple Inc. and IBM among others.|
Recent Developments Of the Electrical Equipment Market:
- On February 16, 2022, Panasonic, using its unique roll-to-roll construction method, commercialized double sided full wiring transparent conductive film, combining low resistance and high transmissivity, which helps in contributing to the reduction of environmental impact by reducing display power consumption and by using fewer material
- On January 14, 2022, LG Electronics’ new innovation earned many honors. The company was recognized as the most-awarded brand by USA TODAY/Reviewed with LG’s OLED evo C2 Series, PuriCare™ AeroTower, DualUp Monitor, Soundbar S95QR and Washer and Dryer Pair, earning recognition based on four key criteria: innovation, technology, design, and value.
- On October 4, 2021, HP Inc. acquired Teradici, a company specializing in remote computing software that enables users to securely access high-performance computing from PC, Chromebooks, or tablets. The acquisition will help the company to enhance capabilities in the personal systems category by delivering new computation models and software-enabled digital services tailored for hybrid work.
- On July 14, 2021, Hitachi Completed acquired GlobalLogic, a company specializing in advanced digital engineering, design and data services. This acquisition is expected to enhance Hitachi group’s ability to deliver on its strategy to promote social innovation business through digital technology.
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