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Market Overview:
The Electrical Components Market size is estimated to reach $1.6 trillion by 2030, growing at a CAGR of 3.2% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Electrical Components Market – By Building Automation (Building Automation, Datacom Accessories, Security, Wiring Accessories), By Cables & Wires (Datacom Cables, LV Cables, MV&HV Cables, Special Cables), By Energy Distribution (MV&HV Energy Distribution), By Industrial Automation (Automation Controls, Auxiliary Controls, Drives & Motion Controls, Measurement Controls, Relays), By Lighting (Fixtures, Lamps & LEDs), By Power Distribution (Cable Management, Enclosures & Panels, LV Electrical Distribution), By Renewable Energies (HVAC, Renewable energy), By Safety & Tools (Safety Equipment, Working Tools & Accessories, and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”
Growth in EV adoption and Expansion of renewable energy infrastructure are expected to create growth opportunities in the market during forecast period.
APAC Dominated the Market in 2023:
APAC accounted for the largest share of 38% of the Electrical Components Market in 2023 followed by North America and Europe, owing to the promising penetration of smartphones, prominence of electronics manufacturing sectors, expansion of the IT and telecom sectors and government support for initiating IoT and LTE integration. By 2025, the GSMA predicts that 5G networks will reach 1.2 billion connections or one-third of the world's population. The rising integration of 5G network services across the globe is observed to boost the demand for electronic components.
Electrical Components Market: Key Takeaways
Shift Toward Smart and Connected Devices:
The rapid adoption of IoT (Internet of Things) is revolutionizing the electrical components market. Smart homes, connected devices, and automation systems are driving demand for advanced components such as sensors, actuators, and microcontrollers. These devices enable real-time data collection, remote control, and enhanced user experiences across industries like automotive, industrial automation, and consumer electronics. Companies are increasingly investing in the development of smaller, more energy-efficient, and high-performance components to meet the growing need for connectivity and automation.
Sustainability and Energy Efficiency:
Governments and regulatory bodies are pushing for the use of components that reduce energy consumption and carbon footprints. Technologies like renewable energy systems, electric vehicles (EVs), and energy-efficient power management systems are increasingly reliant on efficient components such as power converters, batteries, and energy storage solutions. The development of components with low standby power and enhanced energy-saving features is crucial in achieving sustainability goals. This trend is driving innovation, leading to the creation of more eco-friendly materials and components that align with global climate objectives.
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Scope of the Report:
Recent Developments:
- In August 2022, ABB India declared to expand and upgrade the small power manufacturing unit in Bengaluru, India. The manufacturing facility would help cater to the growing demand for low-voltage power equipment and components from the industries.
- In October 2022, Hitachi Energy invested $37 million to expand its transformer manufacturing unit in Virginia. This development would likely cater to the increase in requirements for transformers from industrial facilities, data centers, and renewable energy generators.
- In April 2024, Siemens launches Electrification X, strengthening the Siemens Xcelerator portfolio across buildings, electrification, and grids
Electrical Components Market: Competitive Landscape
Key companies profiled in the Electrical Components Market are ABB Ltd., Siemens AG, Schneider Electric SE, General Electric Company, Eaton Corporation, Mitsubishi Electric Corporation, Hitachi, Ltd., Panasonic Corporation, TE Connectivity Ltd., Amphenol Corporation, and Others.
About IndustryARC™:
IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.
IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.
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Mr. Venkat Reddy
IndustryARC
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