Market Snapshot:
Electrical equipment manufacturing is a broad industry encompassing the design, production, and distribution of various electrical components and systems. This includes a wide range of products, from everyday household appliances to complex industrial machinery. The specific manufacturing processes used in electrical equipment production vary depending on the product and its complexity. The global electrical equipment manufacturing market has been experiencing significant growth in past few years.
Highlights from Electrical Equipment Manufacturing Market Study
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Value (2028) | USD 2190.3 Billion |
Unit | Value (USD Billion) |
CAGR | 8.1% |
The key Players profiled in the report are ABB Group (Switzerland), Siemens AG (Germany), General Electric (United States), Hitachi Ltd. (Japan), Schneider electric (France), Eaton Corporation (Ireland), Mitsubishi Electric Corporation (Japan), Emerson Electric Co. (United States), Johnson Controls International PLC (Ireland), Robert Bosch GmbH (Germany), Honeywell International Inc. (United States), Rockwell Automation (United States), Yaskawa Electric Corporation (Japan) and Havells India Ltd. (India).
Geographic Breakdown and Segment Analysis
The Global Electrical Equipment Manufacturing market presents a comprehensive analysis of the Electrical Equipment Manufacturing market by product type (Power Generations, Transmission & Control Manufacturing, Electric Lighting Equipment, Batteries & Energy Storage System and Others), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Electrical Equipment Manufacturing industry. Investors and Players can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the Electrical Equipment Manufacturing market
Analyst at AMA have segmented the market study of Global Electrical Equipment Manufacturing market by Type, Application and Region.
Influencing Trend:
The Rising Popularity of Electrical Vehicles
Market Growth Drivers:
The Growing Adoption of Renewable Energy Sources Such as Solar and Wind Power is Driving the Electrical Equipment Manufacturing Market
Challenges:
Increasing Vulnerability to Cyberattacks and Intense Competition from Manufacturers in Developing Countries with Lower Production Costs
Restraints:
Fluctuation in Raw Material Prices and Shortage of Skilled Labor
Opportunities:
The Increasing Adoption of Automation and Robotics in Various Industries, Including Manufacturing, Logistics and Healthcare
Market Developments Activities:
In September 2023, Siemens announced its agreement to acquire C&S Electric, a leading provider of electrical distribution and control equipment. This acquisition will expand Siemens' portfolio of electrical products and services for the industrial and commercial markets.
In August 2023, ABB Group and Hitachi, Ltd. announced a joint venture to develop, manufacture, and sell high-voltage direct current (HVDC) systems. This partnership combines the expertise of two leading players in the HVDC market to create a stronger global presence.
The companies are exploring the market by adopting mergers & acquisitions, partnership, investments as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. The market also observed strong collaborations between automakers and original equipment manufacturer, with a strong innovation.
Key Target Audience
Electric Equipment manufacturers, Suppliers & Distributors, New Entrance, Raw Material Provider, Government Bodies and Others