PUBLISHER: The Business Research Company | PRODUCT CODE: 1712467
PUBLISHER: The Business Research Company | PRODUCT CODE: 1712467
General electrical equipment and components are devices, machinery, and parts designed to generate, distribute, control, and utilize electrical power across a variety of applications. They play a crucial role in both residential and industrial electrical systems. These components are vital for ensuring the safe and efficient operation of electrical systems, supporting the functionality of various devices and infrastructures.
The primary types within the general electrical equipment and components market are categorized into online, offline, and offline. In general, the online mode pertains to electrical equipment that is accessible to customers through online means. Various sales channels for these products include OEM (Original Equipment Manufacturer) and aftermarket channels. These electrical equipment and components find applications in both commercial and residential segments.
The general electrical equipment and components market research report is one of a series of new reports from The Business Research Company that provides general electrical equipment and components market statistics, including general electrical equipment and components industry global market size, regional shares, competitors with general electrical equipment and components market share, detailed general electrical equipment and components market segments, market trends and opportunities, and any further data you may need to thrive in the general electrical equipment and components industry. This general electrical equipment and components market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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.
The integration of IoT (Internet of Things) into electrical tools presents a significant advantage in their control and management. IoT, constituting a network of physical devices, software, sensors, and connectivity, facilitates data exchange, enhancing the reliability of data transmission and enabling remote operation. For example, products like the August Home Doorbell Cam Pro allow homeowners to respond to door interactions from any location. This technological progression is positively influencing the sales of electrical equipment and is a contributing factor to the growth of the general electrical equipment and components market.
The trajectory toward environmentally friendly and energy-efficient electrical tools is poised to propel the expansion of the general electrical equipment market. The necessity for such tools stems from environmental concerns and the impetus to curtail energy consumption. These eco-friendly products minimize carbon emissions, preserve resources, and reduce electricity costs. As the world increasingly prioritizes sustainability, the adoption of green electrical solutions becomes paramount for a more sustainable and efficient future. Notably, in August 2023, the United States Environmental Protection Agency reported total direct emissions from electrical equipment production and usage. The figures, 2.5 million metric tons CO2e in 2023 and 1.9 million metric tons CO2e in 2022, illustrate the significant environmental impact of these emissions. The production process involves energy-intensive activities, contributing to greenhouse gas emissions, making the shift to eco-friendly and energy-efficient electrical equipment pivotal for future market growth.
Consumers are increasingly embracing tools and devices integrated with smart technology due to their ability to enhance security, boost energy efficiency, improve appliance performance, and offer greater convenience and flexibility. The demand for smart homes and office spaces is steadily growing. The innovation, adoption, and implementation of advanced technologies in various electrical equipment are contributing to a smarter world. High-tech devices are user-friendly and facilitate the seamless execution of daily tasks, prompting companies to meet these evolving demands. For instance, Philips has developed a personal wireless lighting system for smart homes that is easy to operate and helps create the desired ambiance. Consequently, the adoption of advanced technologies directly influences sales in the general electrical equipment and components market.
In September 2023, Schneider Electric, a prominent French multinational specializing in digital automation and energy management, announced a strategic partnership with JS Electromec, with the financial details undisclosed. This collaboration centers around JS Electromec's establishment of local manufacturing capabilities for Prisma iPM electrical switchboards, aligning with IEC standards. The objective is to provide the Tanzanian building and industrial sectors with safe, reliable, and cloud-connected switchgear solutions. JS Electromec, a leading electrical panel builder and supplier of electrical products in Tanzania, plays a pivotal role in this venture.
In January 2024, Hitachi Energy Ltd., a US-based technology company, acquired Coet for an undisclosed sum. This acquisition aims to help Hitachi Energy drive the transition toward a sustainable energy future by offering innovative solutions that improve the efficiency, reliability, and sustainability of energy systems. Coet is an Italy-based manufacturer of electrical equipment.
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
Asia-Pacific was the largest region in the general electrical equipment and components market in 2024. 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
The countries covered in the general electrical equipment and components market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The general electrical equipment and components market consist of sales of power converters (i.e., AC to DC and DC to AC), power supplies, surge suppressors, and other general electrical equipment. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
General Electrical Equipment And Components Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on general electrical equipment and components market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for general electrical equipment and components ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The general electrical equipment and components market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.