General electrical equipment & components market comprises of sales of general electrical equipment and component by entities (sole traders, organizations, and partnerships) that manufacture the general electrical equipment and component. The general electrical equipment and component includes power converters (alternative current (AC) to direct current (DC) and direct current (DC) to alternative current (AC)), surge suppressors, power supplies and among others.
According to study, “General Electrical Equipment And Components Global Market Report 2020-30: Covid 19 Impact and Recovery” the key companies operating in the global General Electrical Equipment And Components market are STMicroelectronics, Texas Instruments, Vishay Intertechnology, Fairchild Semiconductor, Toshiba Corp., NXP Semiconductors N.V., Hitachi, Infineon Technologies, Panasonic Corporation, Renesas Electric Corporation, Advanced Micro Devices, AMP, EPCOS, Kyocera, Molex, Motorola, Framatome, Hyundai, Murata Manufacturing, NEC, TDK, API Technologies, AVX Corporation, Eaton Corp., Philips Electronics, Samsung Electronics Co Ltd, Datronix Holdings, Fujitsu Component, Analog Devices, Inc., FCI Electronics, Hitachi AIC
Based on product type, general electrical equipment and components market is segmented as household appliances, electric lighting equipment, power generation, batteries, transmission & control, and wires & cables. Based on sales, market is segmented as manufacturer, distributor, and service providers. In addition, based on end-use industry, market is segmented as communication, aerospace, automotive and others.
The general electrical equipment and components market is driven by rapid pace of innovations in electronics technology, followed by growth in technology development and rise in demand for microwave tubes, X-ray tubes, cathode-ray tubes, photoelectric tubes and triodes in display devices. Display devices are the output devices that provide information in visual form. Nowadays, most of the devices are going smart, therefore increasing the growth of display devices. The display devices are creating various opportunities for the growth of electronic component market in a variety of applications such as automotive, military applications, satellite and space technology, internet of things (IoT) and others. However, shortage of electronic components supply and stringent government regulations may impact the market. Government regulations related to environment & product quality considerably affect the electrical equipment manufacturing companies that increase the operating expenses during the supply chain including production, distribution, packaging, and electronic equipment disposal. Moreover, growth in adoption of IoT is a key trend for market. IoT provides communication & connection between the various devices such as smart-phones, fitness watches, and smart meters.
Based on geography, the Asian-Pacific region holds major share in global general electrical equipment and components market owing to presence of largest chip designers, chipmakers and other critical components, which are used in smart-phones, laptops, and internet of things (IoT) applications in the region. The North-American and European regions are estimated to witness higher growth rate due to growth in adoption of tools and devices equipped with smart technology during the forecast period. In 2019, the global general electrical equipment and component market was valued at US $373.73 billion and it is likely to grow at a compound annual growth rate (CAGR) of 8.59% and reach US $519.65 billion by 2023.
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Ankur Gupta, Head Marketing & Communications