General Electrical Equipment And Components Global Market Report 2022
Major players in the general electrical equipment market are Panasonic Corporation, Samsung Electronics Co Ltd, ABB Ltd, Sumitomo Electric Industries Ltd, Toshiba Corporation, Eaton, Emerson Electric, Schneider Electric, Siemens, Wix.
New York, March 25, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "General Electrical Equipment And Components Global Market Report 2022" - https://www.reportlinker.com/p06247467/?utm_source=GNW
com Inc, and Automattic Inc.
The global general electrical equipment and components market is expected to grow from $69.41 billion in 2021 to $71.74 billion in 2022 at a compound annual growth rate (CAGR) of 3.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $75.39 billion in 2026 at a CAGR of 0.6%.
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.
The main types in general electrical and electrical equipment and components market are online; offline and offline.Online mode in general electrical equipment refers to the online mode of electrical equipment used by the customers.
The various sales channels are OEM and aftermarket. These are used in commercial and residential segments.
Asia Pacific is the largest region in the general electrical equipment and components market in 2021.North America is the second-largest region in the general electrical equipment and components market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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 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.
Government regulations related to the 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, 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 USD 2.03 trillion 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 is increasing by the day.
Innovation, adoption, and deployment of new technologies in various electrical equipment are making the world smarter.High-end technology devices are easy to use and help in a 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 creates the perfect ambiance. Moreover, in 2019, the average revenue per installed smart home was US $77.07. Thus, the adoption of high-end technologies directly impacts sales in the general electrical equipment and components market.
In March 2019, Siemens, a German multinational conglomerate company announced plans to acquire the 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 required to expand.
KACO new energy is a German manufacturer offering inverter and system technology for solar power plants.
The countries covered in the coaxial cables market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, USA, and Australia.
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