LONDON, May 15, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the specialty electricals market forecasts the market size to increase from $218 billion in 2022 to $254.7 billion in 2023 at a compound annual growth rate (CAGR) of more than 16.8%. Moreover, the market is expected to reach $455.1 billion in 2027 at a CAGR of 15.6%. Asia-Pacific was the largest region in 2022.
One of the key drivers of this growth is the increasing popularity of electric vehicles, which are powered by electricity and use an electric engine instead of a traditional combustion engine. Specialty electricals are crucial in the manufacturing of these vehicles, as they offer specialized electric power solutions for heavy demand and load power distribution systems.
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Technological advancements are a key trend gaining popularity in the specialty electrical market.
Major specialty electrical companies such as ABB Ltd., Sumitomo Electric Industries Ltd., Samsung Electronics Co Ltd., Qualcomm Technologies Inc., Legrand AV Inc., Broadcom Inc., and Huawei Technologies Co Ltd. are leading the way in the market.
These companies, along with others such as Broadcom Inc. and OMRON Automotive Electronics Co Ltd., are focused on developing new technological solutions to strengthen their position. For example, Electri-Flex Co. recently launched the flexible electrical conduit "Liquatite," which offers corrosion-resistance, halogen-free, and EMI/RFI shielding solutions, making it ideal for various of applications.
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The global specialty electricals market is segmented as-
1) By Product: Wiring Devices, Batteries And Accumulators, Electrical Wires And Cables, Other Products
2) By Application: Transformers, Electricity Meter, Distribution Boards, Circuit Breakers, Other Applications
3) By End User: Residential, Commercial, Industrial
This specialty electricals market report provides an overview of the global specialty electricals industry, highlighting the key trend. The report also discusses key players in the market and their focus on developing new technological solutions to meet evolving customer needs.
Specialty Electricals Global Market Report 2023 by The Business Research Company provides insights on the specialty electricals market size, specialty electricals market segments, specialty electricals market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 4,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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