Major companies in the electrical equipment market include Panasonic Corporation; Samsung Electronics Co Ltd; ABB Ltd; Sumitomo Electric Industries Ltd and Toshiba Corporation. The global electrical equipment market is expected to grow from $1179.
New York, Feb. 01, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electrical Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018931/?utm_source=GNW
97 billion in 2020 to $1271.11 billion in 2021 at a compound annual growth rate (CAGR) of 7.7%. 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 $1661.61 billion in 2025 at a CAGR of 7%.
The electrical equipment market consists of sales of products that generate, distribute and use electrical power by entities (organizations, sole traders and partnerships) that produce products that generate, distribute and use electrical power. The electrical equipment market is segmented into electric lighting equipment; household appliances; power generation, transmission and control; batteries and wires and cables.
Asia Pacific was the largest region in the global electrical equipment market, accounting for 45% of the market in 2020. Western Europe was the second largest region accounting for 22% of the global electrical equipment market. Africa was the smallest region in the global electrical equipment market.
Increasing use of portable electronic devices such as smart phones and tablets has led to the development of USB receptacles. USB receptacles offer convenient access to charge any kind of electronic device. The use of USB receptacles also eliminates the need to carry charging adapters. For example, EATON manufactures USB receptacles that have tamper resistant shutters and LED indicator lights and can be used to charge electronic devices such as tablets, mobile phones, cameras and MP3 players. For instance, some of the major companies manufacturing USB receptacles include Eaton, GE and Philips.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the electrical equipment 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 is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the electrical equipment 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.
The rapid pace of innovations in electronics technology is stimulating consistent demand for newer and faster electronic equipments. 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.
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