New York, March 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electrical And Electronics Global Market Report 2022" - https://www.reportlinker.com/p06247431/?utm_source=GNW
, Ltd., Schneider Electric SE, and SK Hynix Inc.
The global electrical and electronics market is expected to grow from $3,192.85 billion in 2021 to $3,521.21 billion in 2022 at a compound annual growth rate (CAGR) of 10.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $5,031.57 billion in 2026 at a CAGR of 9.3%.
The electrical and electronics market consists of sales of products that generate, distribute and use electrical power products by entities (organizations, sole traders and partnerships) that produce products that generate, distribute and use electrical power, or electronic products such as audio, video and semi-conductors. This market does not include computers, computer peripherals and telecommunications equipment.
The main types of electrical and electronics are electrical equipment, measuring and control instruments and electronic products.Any apparatus, appliance, cable, conductor, fitting, insulator, material, meter, or wire that is used for controlling, generating, supplying, transforming, or transmitting electricity at a voltage greater than extra-low voltage or is powered by electricity at a voltage greater than extra-low voltage is considered as electrical equipment.
The equipment is operated through online and offline modes. The various sales channels include OEM and aftermarket that are used by B2B and B2C end users.
Asia Pacific was the largest region in the electrical and electronics market in 2021.North America was the second largest region in the electrical and electronics market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The rapid pace of innovations in electronics technology is stimulating consistent demand for newer and faster electrical and electronics products.Technological development is a key for attracting both consumers and business users for either replacing or upgrading the older products with advanced versions.
Digital technologies such as the internet of things (IoT) and latest communication technologies such as 5G are expected to aid in the development of innovative electronic products. This is expected to increase the demand for electronic products which will ultimately drive the growth of electronic equipment manufacturing market during the forecast period.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the electrical and electronics manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia.Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak had a negative impact on businesses throughout 2020 and into 2021.
However, it is expected that the electrical and electronics manufacturing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Virtual reality technology is being adopted by electronic manufacturing companies to improve manufacturing efficiency.This technology in the electronic manufacturing industry is often referred as digital design, simulation and integration.
Virtual reality minimizes the scope for product defects in design phase.For instance, virtual reality technology enables companies to inspect design objects at all conceivable scales, thereby eliminating defects in the product in the design stage.
For instance, some of the major companies adopting virtual reality include Integrated Microelectronics, Inc., Flextronics International Ltd, Benchmark Electronics, Inc. and Kimball International.
The countries covered in the electrical and electronics market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam.
Read the full report: https://www.reportlinker.com/p06247431/?utm_source=GNW
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