Electrical And Electronics Sector Overview: Growth Driven By Iot, VR, Advanced Sensors, And 5G Technologies.

2024-09-19 02:05:29

(MENAFN- EIN Presswire)

Global Electrical and Electronics industry 2024

Global Electrical and Electronics Industry 2024

The Global market Model's Global Electrical and Electronics Sector Overview: Growth Propelled by IoT, Virtual Reality, Advanced Sensors, and 5G Technologies

China dominated the global electrical and electronics market in 2023, contributing 24% of the total market value.” - The Business Research Company

LONDON, GREATER LONDON, UNITED KINGDOM, September 19, 2024 /EINPresswire / -- The Global Market Model , the largest global database of market forecasts, provides updated insights for over 10,000 markets semi-annually. These updates are influenced by key economic, geopolitical, and sector-specific factors. The latest forecast, released in July 2024, offers an updated view, building upon the February 2024 predictions.

Electrical and Electronics Market Size and Growth Forecast
In 2023, the global electrical and electronics market reached a valuation of $3,644.4 billion. The market is projected to expand at a compound annual growth rate (CAGR) of 7.1% from 2023 to 2033. Major drivers of this growth include significant technological advancements such as the Internet of Things (IoT), virtual reality, next-generation sensor technologies, and the widespread adoption of 5G communication systems.

Composition and Key Segments of the Electrical and Electronics Industry
The electrical and electronics market is composed of two key product types:
.Electrical Products: Devices that generate, distribute, and utilize electrical power.
.Electronic Products: Systems that feature electronic circuits capable of generating or emitting physical radiation during operation.

In 2023, the sector accounted for 3.5% of global GDP, with a per capita consumption of $462.5. Electrical equipment was the largest market segment, representing 43.6% of the total market.

Leading Markets and Emerging Trends in the Electrical and Electronics Sector
China dominated the global electrical and electronics market in 2023, contributing 24% of the total market value. The market's growth is fueled by various factors, including the large consumer base in both developed and developing nations, widespread internet adoption, heavy investments in technology, strong sales of electric vehicles, and the demand for uninterrupted power supply in critical infrastructures. Additionally, the demand for primary batteries, particularly in military and healthcare applications, remains strong.

Stability in Electrical and Electronics Market Forecasts
The July 2024 forecast has been revised upward by 0.4% compared to the February 2024 update. This adjustment is largely driven by the increasing demand for server GPUs designed to support AI technologies. The expansion of GPU technology, fueled by AI and real-time analysis, is expected to continue. NVIDIA Corporation, a leader in GPU-accelerated computing, reported an 18% revenue increase from the previous quarter and a remarkable 262% increase from the previous year, attributed to advancements in accelerated computing and generative AI technologies.

The forecast also considers factors such as global economic challenges, the ongoing Russia-Ukraine conflict, and consumer spending pressures due to inflation and recession risks. Easing supply chain disruptions is anticipated to stabilize prices in the long term, contributing to a more optimistic outlook.
Key Industry Metrics Covered by the Global Market Model:
.Number of Enterprises
.Number of Employees

For deeper insights into the growth of the global electrical and electronics industry, explore the Global Market Model for a comprehensive view of electrical and electronics industry trends and forecasts at:

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Oliver Guirdham
The Business Research Company
+44 20 7193 0708
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