New York, April 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electrical And Electronics Global Market Report 2023" - https://www.reportlinker.com/p06247431/?utm_source=GNW
, Ltd., Schneider Electric SE, and SK Hynix Inc.
The global electrical and electronics market grew from $3454.94 billion in 2022 to $3739.37 billion in 2023 at a compound annual growth rate (CAGR) of 8.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The electrical and electronics market is expected to grow to $4986.91 billion in 2027 at a CAGR of 7.5%.
The electrical and electronics market consists of sales of photoresist and photoresist ancillaries, superconductors, photoelectric sensors, automotive dc-dc converters, surface inspection, temperature sensors, fingerprint sensors, quantum dot, touch screen controllers, torque sensors, pressure sensors, silicon photonics, automotive wiring harness and other electrical and electronics components.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Electrical and electronics produce products that generate, distribute and use electrical power, or electronic products such as audio, video, and semiconductors. This market does not include computers, computer peripherals, and telecommunications equipment.
Asia-Pacific was the largest region in the electrical and electronics market in 2022.North America was the second largest region in the electrical and electronics market.
The regions covered in the electrical and electronics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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.
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 to 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 the 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 the electronic equipment manufacturing market during the forecast period.
The outbreak of COVID-19 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 hurt 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 to as digital design, simulation, and integration.
Virtual reality minimizes the scope for product defects in the 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.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The electrical and electronics market research report is one of a series of new reports that provides electrical and electronics market statistics, including electrical and electronics industry global market size, regional shares, competitors with an electrical and electronics market share, detailed electrical and electronics market segments, market trends and opportunities, and any further data you may need to thrive in the electrical and electronics industry. This electrical and electronics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06247431/?utm_source=GNW
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