(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Nov. 07, 2024 (GLOBE NEWSWIRE) -- The "Electrical Equipment market (2024 Edition): Analysis by Product Type, End User, Region, Country: Market Insights and Forecast (2020-2030)" report has been added to ResearchAndMarkets.com's offering. The Global Electrical Equipment market showcased growth at a CAGR of 4.33% during 2020-2023. The market was valued at USD 1.54 trillion in 2023 which is expected to reach USD 2.17 trillion in 2030.
This report provides a complete analysis for the historical period of 2020-2023, the estimates of 2024 and the forecast period of 2025-2030. The report analyses the Electrical Equipment Market by 10 Countries, United States, Canada, Brazil, Germany, United Kingdom, France, China, India, Japan, South Korea.
The world's population is steadily increasing, projected to reach nearly 10 billion by 2050. Global concerns over energy consumption and environmental sustainability have led to a growing demand for energy-efficient electrical equipment. Governments worldwide are implementing strict energy efficiency regulations and standards, pushing industries, businesses, and households to adopt electrical devices that minimize energy waste.
Energy-efficient technologies help reduce operational costs, lower carbon footprints, and ensure compliance with regulatory requirements. In the industrial sector, energy-efficient motors, transformers, and electrical machinery are in high demand as manufacturers seek to improve productivity while minimizing energy consumption. Advanced motor control systems, such as variable frequency drives (VFDs), optimize the performance of electrical motors by adjusting their speed and power output to match the required load, resulting in energy savings. Similarly, energy-efficient lighting systems, such as LEDs, are increasingly being adopted across residential, commercial, and industrial sectors.
Moreover, the sustainability trend is also driving demand for electrical equipment designed to support green buildings, smart grids, and renewable energy systems. As energy efficiency becomes a critical consideration for consumers and businesses alike, manufacturers are focusing on producing innovative electrical devices that align with sustainability goals. This has led to the introduction of high-performance electrical equipment with improved energy ratings, advanced control features, and reduced environmental impact.
The ongoing development and modernization of infrastructure worldwide is another key driver of demand for electrical equipment. Urbanization, population growth, and economic expansion have necessitated the upgrading and expansion of power grids, transportation systems, and industrial facilities. From power generation plants to transmission lines and distribution networks, the need for reliable electrical infrastructure is greater than ever.
Additionally, in developed regions, governments are investing in upgrading aging electrical grids to enhance reliability, resilience, and energy efficiency. The modernization of grid infrastructure requires a wide range of electrical equipment, including smart meters, automated control systems, and advanced transformers. Smart grids, in particular, are becoming essential for managing the complexity of modern energy systems, integrating renewable energy sources, and improving grid stability.
In developing regions, the construction of new infrastructure projects, such as highways, airports, and industrial parks, is creating a strong demand for electrical equipment. Mega infrastructure initiatives, such as China's Belt and Road Initiative, involve large-scale investments in power generation and transmission infrastructure across multiple countries. These projects require significant quantities of electrical equipment to ensure the smooth delivery of energy to support economic development.
The electrification of the transportation sector is an emerging trend that is significantly driving demand for electrical equipment. The shift towards electric vehicles (EVs), electric buses, and electric trains is accelerating as governments implement policies to reduce greenhouse gas emissions and promote sustainable mobility. This transition requires extensive electrical infrastructure, including charging stations, grid upgrades, and energy storage systems. The growing adoption of electric vehicles has led to a surge in demand for charging infrastructure, which depends on electrical equipment such as transformers, power converters, and metering systems.
In addition, the integration of EVs into the grid presents new challenges for energy management, necessitating advanced electrical systems to balance load demand and prevent grid overloads. Beyond road transportation, the electrification of railways and public transportation systems is also contributing to the increased demand for electrical equipment. Electrified rail networks require specialized transformers, substations, and power distribution systems to ensure reliable operation. As transportation continues to shift towards electrification, the global electrical equipment market will experience further growth.
In many emerging markets, a significant portion of the population still lacks access to electricity, especially in rural areas. Governments are prioritizing rural electrification initiatives to improve living standards, promote economic development, and reduce poverty. Expanding electricity access to these underserved regions requires large investments in electrical infrastructure, including power lines, distribution networks, and off-grid systems. These electrification programs often focus on deploying low-voltage transformers, distribution panels, and mini-grids in remote locations. Electrical equipment manufacturers are benefiting from the increased demand for products that facilitate rural electrification, particularly in countries like India, Bangladesh, Nigeria, and Kenya, where rural electrification is a key policy priority.
Many emerging economies are experiencing rapid industrialization as part of broader economic development plans. Industries such as manufacturing, mining, and agriculture are expanding and require large-scale electricity access to power machinery, processing plants, and other equipment. This growth is driving demand for motors, generators, industrial transformers, and other electrical products designed to support heavy industrial applications. To support industrial development, governments and private companies are investing heavily in the expansion and modernization of electricity generation, transmission, and distribution infrastructure, leading to significant demand for transmission lines, substation equipment, and distribution transformers.
Scope of the Report
The report analyses the Electrical Equipment Market by Value (USD Billion). The report analyses the Electrical Equipment Market by Region (Americas, Europe, Asia Pacific, Middle East & Africa) and 10 Countries (United States, Canada, Brazil, Germany, United Kingdom, France, China, India, Japan, South Korea). The report presents the analysis of Electrical Equipment Market for the historical period of 2020-2023, the estimated year 2024 and the forecast period of 2025-2030. The report analyses the Electrical Equipment Market by Product Type (Transmission and Distribution Equipment, Power Generation Equipment, Lighting Equipment, Wiring Devices and Electrical Accessories and Other Product Types). The report analyses the Electrical Equipment Market by End User (Industrial, Commercial and Residential). The key insights of the report have been presented through the frameworks of SWOT and Porter's Five Forces Analysis. Also, the attractiveness of the market has been presented by region, by Products, by mode of operation & by end users. Also, the major opportunities, trends, drivers, and challenges of the industry has been analysed in the report. The report tracks competitive developments, strategies, mergers and acquisitions and new product development.
Analyst Recommendations
Integration of Internet of Things (IoT) in Electrical Equipment Integration of Digital Twins and Predictive Maintenance
Competitive Positioning
Companies' Voltage Positioning Market Position Matrix Market Share Analysis of Electrical Equipment Market
Company Profiles
Samsung Electronics Co Ltd. Mitsubishi Electric Corporation Fuji Electric Co. Ltd. Honeywell International Inc. ABB Ltd. Siemens AG Schneider Electric SE Vertiv Holdings Co Eaton Corporation PLC General Electric Co.
Key Attributes:
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