New York, March 25, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “General Electrical Equipment And Components Global Market Report 2022” – https://www.reportlinker.com/p06247467/?utm_source=GNW
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The global general electrical equipment and components market is expected to grow from $69.41 billion in 2021 to $71.74 billion in 2022 at a compound annual growth rate (CAGR) of 3.4%. 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 $75.39 billion in 2026 at a CAGR of 0.6%.
The general electrical equipment and components market includes sales of general electrical equipment and components by entities (organizations, sole traders, and partnerships) that manufacture general electrical equipment and components. General electrical equipment and components consist of power converters (i.e. AC to DC and DC to AC), power supplies, surge suppressors, among others.
Major Types of General Electrical and Electrical Equipment and Components Market are Online; offline and offline. Online mode in general electrical equipment refers to the online mode of electrical equipment used by customers.
The different sales channels are OEM and aftermarket. These are used in commercial and residential segments.
Asia-Pacific is the largest region in the general electrical equipment and components market in 2021. North America is the second largest region in the general electrical equipment and components market.
Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Electrical equipment is equipped with IoT (Internet of Things) which provides an advantage in how the tools are controlled and managed. IoT is the network of physical devices, vehicles, and other things integrated with electronics, software, sensors, actuators, and connectivity that allows them to connect, collect, and exchange information. data.
IoT is useful for reliable transmission, intelligent processing, and electrical safety in case of overcurrent or overvoltage and can be used remotely. For example, August Home launched Doorbell Cam Pro which allows the homeowner to answer the door from anywhere.
Thus, the IoT positively impacts electrical equipment sales and contributes to market growth.
Government regulations related to the environment and product quality significantly affect electrical equipment manufacturing companies. These regulations increase operating expenses throughout the supply chain, including the production, packaging, distribution and disposal of electronic equipment.
For example, large US companies with more than 100 employees paid $9,083 per employee in regulatory fees. In total, the cost of regulation is approximately $2.03 trillion for the electronics and other US industries. Thus, stringent government regulations are hampering the growth of the electrical equipment and components market.
Consumers are increasingly adopting tools and devices equipped with smart technology because they maximize safety, increase energy efficiency, improve device functionality, are more convenient and flexible. The demand for smart homes and office spaces is increasing day by day.
The innovation, adoption and deployment of new technologies in various electrical equipment is making the world smarter. High-end technological devices are easy to use and contribute to a smooth flow of regular activities encouraging companies to meet these needs.
For example, Philips has developed a wireless personal lighting system for smart homes that is easy to control and sets the perfect mood. Additionally, in 2019, the average revenue per installed smart home was US$77.07. Thus, the adoption of high-end technologies directly impacts sales in the general electrical equipment and components market.
In March 2019, Siemens, a German multinational conglomerate, announced its intention to acquire the string solar inverter business of KACO new energy GmbH for an undisclosed amount. This acquisition will give Siemens access to the latest energy technologies and KACO will benefit from the necessary resources to expand.
KACO new energy is a German manufacturer that offers inverters and system technologies for solar power plants.
Countries covered in coaxial cable market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, US United and Australia.
Read the full report: https://www.reportlinker.com/p06247467/?utm_source=GNW
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