Dublin, Sept. 08, 2023 (GLOBE NEWSWIRE) -- The "Electrical Equipment Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global electrical equipment market has demonstrated remarkable growth, reaching $1630.86 billion in 2023 from $1503.21 billion in 2022, reflecting a robust compound annual growth rate (CAGR) of 8.5%.
This expansion, however, unfolds against a backdrop of complex geopolitical dynamics that have disrupted economic recovery efforts following the COVID-19 pandemic. The ongoing Russia-Ukraine war has injected uncertainty into global markets, dampening prospects for immediate recovery.
The conflict between Russia and Ukraine has rippled through the international landscape, prompting the imposition of economic sanctions on multiple nations. This, coupled with supply chain disruptions and a surge in commodity prices, has fueled inflation across goods and services, impacting markets worldwide. In this intricate environment, the electrical equipment market emerges as a crucial player, poised to navigate challenges and harness opportunities.
Projections indicate that the electrical equipment market is positioned for continued growth, with an anticipated value of $2190.31 billion by 2027, growing at a CAGR of 7.7%. The latest market research report offers comprehensive insights into this industry, furnishing stakeholders with valuable data to thrive in this evolving landscape. From global market size and regional shares to detailed segments, trends, and emerging opportunities, the report equips readers with an in-depth analysis of the present and future industry scenarios.
A pivotal factor driving demand within the electrical equipment market is the escalating adoption of portable electronic devices such as smartphones and tablets. To accommodate this trend, the market has witnessed the emergence of USB receptacles, providing convenient charging solutions for various electronic devices. Such receptacles eliminate the need for multiple charging adapters, enhancing user experience. Prominent companies like EATON, GE, and Philips are at the forefront of manufacturing USB receptacles that feature tamper-resistant shutters and LED indicator lights, catering to devices like tablets, mobile phones, cameras, and MP3 players.
Regional insights highlight the dominance of Asia-Pacific in the electrical equipment market during 2022, followed by Western Europe. Conversely, Africa occupied a smaller share in the global market landscape. The comprehensive market report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Moreover, it encompasses a vast array of countries, including but not limited to Argentina, Australia, Brazil, Canada, China, France, Germany, India, Japan, Mexico, Russia, South Africa, UK, USA, and more.
The industry's evolution is intrinsically tied to rapid advancements in electronics technology, as consumers and businesses alike seek newer, faster, and more innovative electronic equipment. Innovations like the Internet of Things (IoT) and cutting-edge communication technologies such as 5G are projected to drive the development of revolutionary electronic products. This, in turn, will fuel demand, propelling the growth of the electronic equipment manufacturing market.
The electrical equipment and component market encompasses a spectrum of products, including power converters, power supplies, and surge suppressors. These products are pivotal in powering modern infrastructure and facilitating seamless connectivity. The market's value, measured in terms of revenues, encapsulates not only the goods themselves but also related services provided by creators and manufacturers. This holistic perspective ensures a comprehensive understanding of the market's dynamics.
Major players in the electrical equipment market, including Samsung Electronics Co. Ltd., Haier Smart Home Co. Ltd., Siemens AG, LG Electronics, and others, continue to drive innovation and shape the industry's trajectory.
In conclusion, the global electrical equipment market showcases resilience amid geopolitical complexities and technological innovation. As the market surges ahead, stakeholders are presented with the opportunity to adapt, innovate, and thrive in this evolving landscape.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
- Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
A selection of companies mentioned in this report includes
- Samsung Electronics Co.Ltd.
- Haier Smart Home Co.Ltd.
- Siemens AG
- LG Electronics
- Sumitomo Electric Industries Ltd.
- Panasonic Corporation
- Schneider Electric SE
- Qingdao Haier Co.Ltd.
- Daikin Industries Ltd
- Whirlpool Corp
For more information about this report visit https://www.researchandmarkets.com/r/hjv38e
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