Get 20% off on Global Market Reports until March 31st! Use code FY25SAVE at checkout.
What are the recent trends in market size and growth for the general electrical equipment and components market?
The general electrical equipment and components market size has grown strongly in recent years. It will grow from $89.26 billion in 2024 to $95.82 billion in 2025 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to industrialization, technological advancements, urbanization, energy demand.
The general electrical equipment and components market size is expected to see strong growth in the next few years. It will grow to $123.29 billion in 2029 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to renewable energy, electrification, smart grids, digitalization. Major trends in the forecast period include electrification and renewable energy, smart and iot-enabled devices, digitalization and industry 4.0, battery technology.
Get Your Free Sample of The Global General Electrical Equipment And Components Market Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=2792&type=smp
How have varous drivers impacted the growth of the general electrical equipment and components market?
Electrical equipment is 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 overcurrent or overvoltage and can be operated remotely. For instance, August Home released Doorbell Cam Pro which 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 general electrical equipment and components market.
What are the primary segments of the general electrical equipment and components market?
The general electrical equipment and components market covered in this report is segmented –
1) By Mode: Online, Offline
2) By Sales Channel: OEM, After market
3) By End User: Commercial, Residential
Subsegments:
1) By Online: E-Commerce Platforms (Amazon, EBay), Manufacturer Websites, B2B marketplaces (Alibaba, ThomasNet), Online Retailers Specializing In Electrical Components, Online Distributors (Digi-Key, Mouser Electronics)
2) By Offline: Brick-And-Mortar Retail Stores (Hardware Stores, Electronics Shops), Electrical Equipment Distributors, Wholesale Suppliers, Specialized Showrooms (For Industrial Electrical Equipment), Trade And Industry Events (Electrical Equipment Expos)
Order your report now for swift delivery
Which firms are leading the general electrical equipment and components market?
Major companies operating in the general electrical equipment and components market include 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
How will industry trends affect the trajectory of the general electrical equipment and components market?
Major companies operating in the general electrical equipment and components market are focused on developing advanced power protection relays to enhance the reliability, adaptability, and stability of power distribution grid amidst evolving energy demands. An advanced power protection relay is a sophisticated device designed to monitor electrical systems for abnormal conditions, such as over currents or faults, and automatically trip circuit breakers to isolate and protect equipment from damage. For instance, in October 2024, Hitachi Energy, a Switzerland-based technology company, launched the Relion REF650, designed for India’s medium-voltage power distribution grid. This product offers enhanced modularity, robust security, and a simplified interface to address the dynamic power quality requirements of utilities and industrial facilities. It plays a crucial role in supporting the integration of renewable energy sources and EV charging infrastructure, contributing to a more stable and adaptive electricity distribution network.
Which geographic trends are shaping the general electrical equipment and components market, and which region has the highest market share?
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
What Does The General Electrical Equipment And Components Market Report 2025 Offer?
The general electrical equipment and components market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
General electrical equipment and components refer to devices, Metal & Construction, and parts used to generate, distribute, control, and utilize electrical power in various applications. These are essential for both residential and industrial electrical systems. These components ensure the safe and efficient operation of electrical systems, enabling the functionality of numerous devices and infrastructures.
Purchase the exclusive report now to unlock valuable market insights:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=2792
With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead.
Our flagship product, the Global Market Model, is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making.
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
