General Electrical Equipment and Components Market:
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Executive Summary
The global general electrical equipment and component market was worth $373.73 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 8.59% and reach $519.65 billion by 2023.
The general electrical equipment and component market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America, Middle East and Africa. In 2019, Asia-Pacific was the largest region in the general electrical equipment and component market.
The general electrical equipment and component market consist of sales of general electrical equipment and component by entities (organizations, sole traders and partnerships) that manufacture general electrical equipment and component. The general electrical equipment and component consist of power converters (i.e., AC to DC and DC to AC), power supplies, surge suppressors among others.
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The general electrical equipment and component market covered in this report is segmented by end user into commercial, residential.
Government regulations related to environment and product quality significantly affect the electrical equipment manufacturing companies. These regulations increase the operating expenses throughout the supply chain including production, packaging, distribution and electronic equipment disposal. For example, during 2012, large American companies with employees more than 100, have paid an amount of $9,083 per employee in regulatory costs. In total, the regulatory cost is around $2.03 trillion USD though out the electronics sectors and other American industries. Thus, stringent government regulations obstruct the growth of the electrical equipment and component market.
Consumers are increasingly adopting tools and devices equipped with smart technology as they maximize security, increase energy efficiency, improve appliance functionality, are more convenient and flexible. Demand for smart homes and office spaces are increasing by the day. Innovation, adoption and deployment of new technologies in various electrical equipment is making the world smarter. High end technology devices are easy to use and help in smooth flow of regular activities encouraging companies to cater to such needs. For example, Philips has developed a personal wireless lighting system for smart homes that are easy to control and create the perfect ambience. Moreover, in 2019, the average revenue per installed smart home was US $77.07. Thus, the adoption of high-end technologies directly impacts the sales in general electrical equipment and components market.
Electrical equipment are being equipped with IoT (Internet Of Things) which provides an edge on how tools are controlled and managed. IoT is the network of physical devices, vehicles, and other items embedded with electronics, software, sensors, actuators, and connectivity that enables them to connect, collect and exchange data. IoT is useful for reliable transmission, intelligent processing and electrical safety during over current or over voltage and can be operated remotely. For instance, in 2017 August Home released Doorbell Cam Pro that enables the owner to answer the door from any location. Thus, IoT is positively impacting the sales of electrical equipment and contributes to the growth of the market.
In March 2019, Siemens, a German multinational conglomerate company announced plans to acquire solar string inverter business of KACO new energy GmbH for an undisclosed amount. This acquisition will give Siemens access to the latest technology in energy and KACO will benefit from the resource that required to expand. KACO new energy is a German manufacturer offering inverter and system technology for solar power plants.
Major players in the general electrical equipment and component market are Panasonic Corporation, Samsung Electronics Co Ltd, ABB Ltd, Sumitomo Electric Industries Ltd, Toshiba Corporation, Eaton, Emerson Electric, Schneider Electric, Siemens, Wix.com Inc.
Continuous…
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The Business Research Company published its General Electrical Equipment And Components Global Market Report 2020 which provides strategists, marketers and senior management with the critical information they need to assess the global general electrical equipment and component market.
The report provides in-depth analysis of the impact of COVID-19 on the market, along with revised market numbers due to the effects of the coronavirus.The report covers the general electrical equipment and component market’s segments- 1) By End User: Commercial, ResidentialView Complete Report: https://www.thebusinessresearchcompany.com/report/general-electrical-equipment-and-components-global-market-report-2020-30-covid-19-impact-and-recovery General Electrical Equipment And Components Global Market Report 2020 is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies.
The chapter on the impact of COVID-19 gives valuable insights on supply chain disruptions, logistical challenges, and other economic implications of the virus on the market.
It is expected to grow at a compound annual growth rate of 8.59% and reach $519.65 billion by 2023.Consumers are increasingly adopting tools and devices equipped with smart technology as they maximize security, increase energy efficiency, improve appliance functionality, and are more convenient and flexible.
Demand for smart homes and office spaces are increasing by the day.
Innovation, adoption and deployment of new technologies in various electrical equipment is making the world smarter.
The Business Research Company published its General Electrical Equipment And Components Global Market Report 2020 which provides strategists, marketers and senior management with the critical information they need to assess the global general electrical equipment and components market.
The report covers the general electrical equipment and components market’s segments- by end user: commercial; residential.View Complete Report: https://www.thebusinessresearchcompany.com/report/general-electrical-equipment-and-components-global-market-report-2020-30-covid-19-impact-and-recoveryGeneral Electrical Equipment And Components Global Market Report 2020 is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by region and by country.
It covers all the regions, key developed countries and major emerging markets.
The major regions included in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.Consumers are increasingly adopting tools and devices equipped with smart technology as they maximize security, increase energy efficiency, improve appliance functionality, and are more convenient and flexible.
Demand for smart homes and office spaces are increasing by the day.
