New York, 01 Feb. 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication 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 $1,271.11 billion in 2021 at a compound annual growth rate (CAGR) of 7.7%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which had previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that resulted in operational challenges. The market is expected to reach $1,661.61 billion in 2025 with a CAGR of 7%.
The electrical equipment market includes sales of products that generate, distribute and use electrical energy by entities (organizations, sole proprietorships and partnerships) that manufacture products that generate, distribute and use electrical energy. The electrical equipment market is segmented into electrical lighting equipment; household appliances; energy production, 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.
The increasing use of portable electronic devices such as smart phones and tablets has led to the development of USB outlets. USB outlets provide convenient access for charging any type of electronic device. Using USB outlets also eliminates the need to carry charging adapters. For example, EATON manufactures USB outlets that have tamper-resistant shutters and LED lights and can be used to charge electronic devices such as tablets, cell phones, cameras and MP3 players. For example, some of the major companies that manufacture USB outlets include Eaton, GE, and Philips.
The coronavirus disease (COVID-19) outbreak acted as a massive restraint in 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 around the world. COVID 19 is an infectious disease with flu-like symptoms including fever, cough and difficulty breathing. The virus was first identified in 2019 in Wuhan, Hubei Province in the People’s Republic of China, and has spread around the world, including Western Europe, North America and Asia. Measures taken by national governments to contain transmission have led to a decline in economic activity as countries enter a state of ‘lockdown’ and the outbreak is expected to continue to negatively impact businesses throughout 2020 and into 2021. However, the electrical equipment manufacturing market is expected to recover from the shock throughout the forecast period as it is a “swan” event. black” and not related to persistent or fundamental weaknesses in the market or the global economy.
The rapid pace of innovations in electronic technology is driving a constant demand for newer and faster electronic equipment. Technology development is essential to attract both consumers and business users to replace or upgrade 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 contribute to 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 over the forecast period.
Read the full report: https://www.reportlinker.com/p06018931/?utm_source=GNW
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