Specialty Electricals Market
The Specialty Electricals Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Specialty Electricals Global Market Report 2024, The specialty electricals market size has grown rapidly in recent years. It will grow from $254.32 billion in 2023 to $296.78 billion in 2024 at a compound annual growth rate (CAGR) of 16.7%. The growth in the historic period can be attributed to industrialization and infrastructure development, energy sector investments, urbanization and commercial construction, regulatory compliance and standards, technological advancements in equipment.
The specialty electricals market size is expected to see rapid growth in the next few years. It will grow to $533.24 billion in 2028 at a compound annual growth rate (CAGR) of 15.8%. The growth in the forecast period can be attributed to focus on energy efficiency, increasing demand for data centers, expansion of telecommunication networks, modernization of existing facilities, growing awareness of environmental impact. Major trends in the forecast period include integration of artificial intelligence (AI), wireless connectivity and remote control, focus on fire and safety solutions, circular economy practices, global standards and certifications.
The growing trend of electric vehicles is expected to propel the specialty electrical market going forward. Electric vehicles are those that are powered entirely or partially by electricity and run on an electric engine rather than a traditional combustion engine. In the manufacturing of electrical vehicles specialty, electricals offer a range of specialized electric power solutions that are focused on heavy demand and load power distribution systems of vehicles. Also, these substance acts as a shield against the frequently erratic outside factors, assisting in maintaining ideal battery temperatures whatever the conditions. For instance, in May 2022, according to the International Energy Agency, a Paris-based autonomous intergovernmental organization, sales of electric cars (including fully electric and plug-in hybrids) had doubled in 2021 to set a new record of 6.6 million, where the number of electric cars on the world’s roads by the end of 2021 was about 16.5 million. Therefore, the growing trend of electric vehicles is driving the specialty electrical market.
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The specialty electricals market covered in this report is segmented –
1) By Product: Wiring Devices, Batteries And Accumulators, Electrical Wires And Cables, Other Products
2) By Application: Transformers, Electricity Meter, Distribution Boards, Circuit Breakers, Other Applications
3) By End User: Residential, Commercial, Industrial
Major companies operating in the specialty electrical market are adopting a strategic partnership approach to provide customers with a comprehensive range of top-notch solutions for their electronic equipment protection needs. A strategic partnership is a collaborative agreement or alliance between two or more entities, such as companies, organizations, or governments, with the aim of achieving mutually beneficial objectives. For instance, in July 2023, Fibox Enclosures, a Finland-based manufacturing company, partnered with Jameco Electronics, a US-based specialty electronics company. With this partnership, these companies aim to provide customers with a comprehensive range of high-quality indoor and outdoor enclosures for various electronic applications and can enhance their product line and offerings to leverage their strengths and provide customers with specialized electrical solutions for tough environments.
The specialty electricals market report table of contents includes:
1. Executive Summary
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