Global Electrical Equipment Market Size to worth USD 4050.5 Billion by 2033: Forecast Analysis Report

Global Electrical Equipment Market Size to worth USD 4050.5 Billion by 2033

According to a research report published by Spherical Insights & Consulting, the Global Electrical Equipment Market Size is Expected to Grow from USD 1401.5 Billion in 2023 to USD 4050.5 Billion by 2033, at a CAGR of 11.20% during the forecast period 2023-2033.  

Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Electrical Equipment Market Size, Share, and COVID-19 Impact Analysis, By Type (Electrical Lighting Equipment, Household Appliances, Power Generation, Transmission & Control Equipment, Batteries, and Wires & Cables), By Application (Residential and Non-Residential), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033. 

Electrical equipment refers to the components, devices, and machines powered by electricity. It typically includes a power switch, several electrical parts, and an enclosure. Examples include lighting, major appliances, small appliances, IT equipment, and motor, pumps, & HVAC systems. Electrical equipment is a more widely used product in the electrical sector since any pneumatic or sophisticated electrically driven equipment needs an electric actuation motor for directional movements. Customers need devices that provide more technological advancements, like artificial intelligence, real-time monitoring, the Internet of Things (IoT), and cost reductions. The growing need for electricity, adoption of renewable energy sources along with growing urbanization are driving the market growth for electrical equipment. Further, the establishment of a regulatory framework for energy-efficient motors with long life expectancies as well as the industrial revolution and initiatives such as Industry 4.0 are contributing to propelling the market. On the contrary, the increasing part cost and increased sourcing capex are hampering the electrical equipment market. 

The power generation segment dominates the market with the largest revenue share during the forecast period.

Based on the type, the global electrical equipment market is divided into electrical lighting equipment, household appliances, power generation, transmission & control equipment, batteries, and wires & cables. Among these, the power generation segment dominates the market with the largest revenue share during the forecast period. This equipment is an essential component of power plants and facilities that generate electricity for residential, commercial, and industrial applications. The surging government policies that promote sustainable power generation and highlight the importance of clean energy are propelling the market in the power generation segment.

The non-residential segment is expected to hold the largest market share during the forecast period.

Based on the application, the global electrical equipment market is divided into residential and non-residential. Among these, the non-residential segment is expected to hold the largest market share during the forecast period. This segment includes the widespread use of heavy electrical equipment for the generation, transmission, and control of electricity. Trends including co-working spaces, the increasing need for connected devices, and improved wifi and network infrastructure in business buildings are driving the market expansion in the non-residential segment.  

Asia Pacific is projected to hold the largest share of the global electrical equipment market over the forecast period.

Asia Pacific is projected to hold the largest share of the global electrical equipment market over the forecast period. Asia Pacific region has solidified its position as the world's manufacturing hub, and many multinational corporations are actively seeking to establish manufacturing facilities in emerging economies like India. Rapid urbanization and industrialization have fueled the market growth, with sub-segments concentrating on consumer electronics, industrial electrical equipment, and electrical components for infrastructure projects.  

North America is predicted to grow at the fastest CAGR in the electrical equipment market over the forecast period. The region’s strong ecosystem of research institutions, startups, and established companies is responsible for driving the market in the region. Further, the advanced technology adoption and a focus on renewable energy, with sub-segments including power generation equipment, circuit breakers, and transformers are contributing to propelling the market.

Competitive Analysis

Major key players in the electrical equipment market include ABB, Legrand, Schneider Electric, GENERAL ELECTRIC COMPANY, Hitachi Group, Samsung Corporation, Siemens AG, Panasonic Holdings Corporation, Robert Bosch GmbH, Havells India Limited, and Others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In July 2023, Electrified Automation launched a new electric motor range following the success of its automated manufacturing technology. The EA 193 Series permanent magnet electric motors will support a range of applications from two-wheel-on-road to industrial.

• In May 2023, Schneider Electric introduced its new Easy UPS 3-Phase Modular. This robust uninterruptible power supply (UPS) is designed to protect critical loads while offering third-party verified Live Swap functionality. Easy UPS 3-Phase Modular available in 50-250 kW capacity with N+1 scalable configuration and supports the EcoStruxureTM architecture, which offers remote monitoring services.

• In May 2023, Siemens to acquire Mass-Tech Controls’ EV division, expanding its eMobility offering in India. In a step to address the fast-growing demand for electric vehicle (EV) charging infrastructure in India, Siemens Limited signed an agreement to acquire the EV division of Mumbai-based Mass-Tech Controls Private Limited.

• In April 2023, Leading electrical goods and appliances maker Havells India said it has entered into a commercial agreement with Swedish tech startup Blixt Tech AB to introduce Solid State Circuit Breaker (SSCB) technology in the domestic market.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global electrical equipment market based on the below-mentioned segments:

Global Electrical Equipment Market, By Type

• Electrical Lighting Equipment
• Household Appliances
• Power Generation
• Transmission & Control Equipment
• Batteries
• Wires & Cables

Global Electrical Equipment Market, By Application

• Residential
• Non-Residential

Global Electrical Equipment Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa