Business Research Company Electrical Equipment Market 2021 – Opportunities and Strategies – Global Forecast to 2030
LONDON, GREATER LONDON, UK, November 15, 2021 /EINPresswire.com/ — The rapid pace of innovation in electrical equipment technologies is driving a steady demand for newer and faster electrical equipment and applications. Technological developments are key in attracting both consumers and business users to replace or upgrade older products with advanced versions. Innovative technologies such as Internet of Things (IoT), smart grid and energy efficient lighting technologies are expected to contribute to the development of advanced electronic equipment. This is expected to increase the demand for electrical equipment which will ultimately drive the market over the forecast period.
the global electrical equipment market reached a value of nearly $1.18 billion in 2020, having grown at a compound annual growth rate (CAGR) of 3.1% since 2015. The market is expected to grow at a CAGR of 7.1% at from 2020 to reach $1.66 billion by 2025. The Global Market The electrical equipment market is expected to reach $2.25 billion by 2030, at a CAGR of 6.2%.
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Electrical equipment manufacturing companies are deploying artificial intelligence (AI) and machine learning (ML) applications to improve production efficiency, reduce costs, and reduce manufacturing errors. Artificial intelligence is machine-based learning that uses human intelligence features such as reasoning and problem-solving abilities to gain insights and provide useful insights. Electrical equipment manufacturing companies are deploying AI applications to deal with complex challenges like a high-precision and highly dynamic production environment.
The major players covered in the global electrical equipment industry are Panasonic Corporation, Samsung Electronics Co Ltd, Whirlpool Corporation, Schneider Electric, Siemens AG.
Asia-Pacific was the largest region in the global electrical equipment market, accounting for 45.1% of the total in 2020. It was followed by Western Europe, North America, and then other regions. Going forward, the fastest growing regions in the electrical equipment market will be the Middle East and South America, where growth will be at CAGRs of 10.6% and 9.9% respectively in during the period 2020-2025. These will be followed by Africa and Eastern Europe where the markets are expected to grow at CAGRs of 8.7% and 8.0% respectively, during the period 2020-2025.
The global TBRC Electrical Equipment market report is segmented by Type into Electrical Lighting Equipment, Household Appliances, Power Generation, Transmission & Control Equipment, Batteries, Wire & Cable, by B2B End-Use, B2C, by sales channel in OEM, aftermarket, by mode online, offline.
Electrical Equipment Market 2021 – By type (electrical lighting equipment, household appliances, power generation, transmission and control equipment, batteries, wires and cables), by end use (Business To Business (B2B) and Business To Customer (B2C)) , by sales channel (OEM and aftermarket), by mode (online and offline) and by region, opportunities and strategies – Global forecasts to 2030 are part of a series of new reports from The Business Research Company which provides an overview of Electrical Equipment market, forecasts Electrical Equipment market size and growth for overall market, Electrical Equipment market segments and geographies, Electrical Equipment market trends, drivers of the electrical equipment market, restraints, revenue, profiles and market shares of major competitors.
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