New York, March 23, 2022 (GLOBE NEWSWIRE) — Reportlinker.com Announces Release of “Electrical Equipment Global Market Report 2022” – https://www.reportlinker.com/p06247432/?utm_source=GNW
Ltd., Daikin Industries Ltd and Whirlpool Corp.
The global electrical equipment market is expected to grow from $1,384.97 billion in 2021 to $1,540.25 billion in 2022 at a compound annual growth rate (CAGR) of 11.2%. 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 $2,273.74 billion in 2026 with a CAGR of 10.2%.
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 main types of electrical equipment are electrical lighting equipment, household appliances, power generation, transmission and control equipment, batteries, wires and cables. Appliances are electrical machines that help with household functions such as cooking, cleaning, and storing food.
The equipment works in online and offline mode. The various sales channels include OEM and aftermarket which are utilized by B2B and B2C end users.
Asia-Pacific was the largest region in the electrical equipment market in 2021. Western Europe was the second largest region in the electrical equipment market.
Africa was the smallest region in the global electrical equipment market. 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 electronic technology is driving a constant demand for newer and faster electronic equipment. Technology development is essential to attract 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.
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. illness 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 resulted in lower economic activity as countries enter a state of ‘lockdown’ and the outbreak has negatively impacted businesses throughout 2020 and until 2021.
However, the electrical equipment manufacturing market is expected to recover from the shock during the forecast period as it is a “black swan” event and not related to any lingering weaknesses. or fundamentals of the market or the global economy.
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 countries covered in the Electrical Equipment 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, United Arab Emirates, United Kingdom, United States, Venezuela and Vietnam.
Read the full report: https://www.reportlinker.com/p06247432/?utm_source=GNW
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