Electrical Equipment Market: Key Growth Drivers, Market Trends, and Size Forecast by 2024

Gain insights into the Electrical Equipment Market, exploring key growth trends, opportunities, and forecasts through 2024, vital for manufacturers and industry analysts.

Mahesh October 17, 2024

4 minutes read

The Electrical Equipment Market sector is undergoing significant transformation, with substantial growth and technological advancements expected by 2032. According to a new in-depth market research report, the sector is poised for expansion, driven by various factors such as market size, share, and emerging trends.

This comprehensive report provides key insights into the Electrical Equipment Market, exploring critical market segmentation and definitions. It highlights the essential components driving growth, offering a clear picture of the industry’s trajectory. Utilizing SWOT and PESTEL analyses, the report evaluates the market’s strengths, weaknesses, opportunities, and threats, while also considering political, economic, social, technological, environmental, and legal factors that impact the market landscape.

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Market Summary:

The global electrical equipment market size was valued at USD 1,407.3 billion in 2023. The market is projected to grow from USD 1,553.7 billion in 2024 to USD 3,773.7 billion by 2032, exhibiting a CAGR of 11.7% during the forecast period.

Recent industry developments are;

ABB launched its new range of highly efficient IE5+ SynRM motors, offering more ultra premium energy efficiency. The motors are designed for industrial applications such as mining, paper pulp, and metal industry.
Havells, a prominent leader in electric equipment technology introduced an innovative Solid State Circuit Breaker (SSCB) for their switchgear segment in collaboration with Swedish start-up Blixt.
Siemens, global technology leader in electrification and automation acquired Mass Tech Control’s EV division to expand the eMobility product range for the Indian market.
Electrified Automation, a prominent electric motor & components manufacturer, launched its new motor series EA-193 permanent magnet electric motors. These motors’ usp is balance design offering weight performance for longer life and operational performance.

Browse Detailed TOC, Tables and Figures with Charts which is spread across 100+ Pages that provides exclusive data, information, vital statistics, trends, and competitive landscape details in this niche sector.

Major Players:

ABB (Switzerland), Legrand (France), Schneider Electric (France), GENERAL ELECTRIC COMPANY (U.S.), Hitachi Group (Japan), Samsung Corporation (South Korea), Siemens AG (Germany), Panasonic Holdings Corporation (Japan), Robert Bosch GmbH (Germany), Havells India Limited (India)

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Electrical Equipment Market Segmentation:

By Type

Electrical Lighting Equipment
Household Appliances
Power Generation
Transmission and Control Equipment
Batteries
Wires and Cables

By Application

Residential
Non-Residential

Reasons to purchase this report:

This report offers a detailed analysis of the competitive landscape, emerging growth areas, market conditions, and key trends within the Electrical Equipment Market. It helps businesses identify expansion opportunities while addressing potential risks and challenges. By assessing product portfolios and business segments, the report provides valuable insights that guide stakeholders in formulating informed investment and market strategies.

The in-depth understanding of industry dynamics presented in the report supports the creation of effective strategies for success in the Electrical Equipment Market, greatly enhancing decision-making. Overall, this report is an essential resource for those looking to stay updated in this rapidly evolving industry.

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Drivers & Restraints:

Drivers:
- Increasing demand for energy-efficient solutions and renewable energy sources driving the growth of electrical equipment across various industries.
- Technological advancements in smart grid technology and automation enhancing the efficiency and reliability of electrical systems.
Restraints:
- High initial costs associated with advanced electrical equipment may limit adoption, particularly among smaller businesses and consumers.
- Stringent regulatory standards and safety compliance requirements posing challenges for manufacturers in the electrical equipment market.

Table of Contents:

Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
Executive Summary
Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
Key Insights
- Key Industry Developments – Merger, Acquisitions, and Partnerships
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Value Chain Analysis

TOC Continued…!

Electrical Equipment Market Regional Segmentation:

North America (By Type, By Application, and By Country)
- U.S.
- Canada
Europe (By Type, By Application, and By Country)
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Poland
- Rest of Europe
Asia Pacific (By Product Type, By Application, and By Country)
- China
- India
- Japan
- South Korea
- Thailand
- Australia
- Rest of Asia Pacific
Middle East & Africa (By Product Type, By Application, and By Country)
- Turkey
- GCC
- South Africa
- Rest of Middle East & Africa
Latin America (By Product Type, By Application, and By Country)
- Mexico
- Brazil
- Argentina
- Rest of Latin America

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