Harrisburg, NC -- (SBWIRE) -- 10/15/2020 -- The Electrical Equipment Market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies. We analyzed the impact of COVID-19 (Corona Virus) on the product industry chain based on the upstream and downstream markets, on various regions and major countries and on the future development of the industry are pointed out.
The global electrical equipment market is expected to decline from $1293.8 billion in 2019 to $1266.8 billion in 2020 at a compound annual growth rate (CAGR) of -2.1%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 8% from 2021 and reach $1572.5 billion in 2023.
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The report presents the market competitive landscape and a corresponding detailed analysis of the major vendor/key players in the market. Top Companies in the Global Electrical Equipment Market: Panasonic Corporation; Samsung Electronics Co Ltd; ABB Ltd; Sumitomo Electric Industries Ltd; Toshiba Corporation.
Industry News and Updates:
Dec 17, 2019: Panasonic to Build New Wiring Device Factory in Southern India
Osaka, Japan - Panasonic Corporation announced today a plan that will expand its manufacturing footprint in India. Panasonic Life Solutions India Pvt., Ltd., the Thane, Maharashtra-based manufacturing and sales arm of Panasonic's Life Solutions Company, will build a new factory to produce wiring devices, electrical wire and switchgear with an investment of 2,946 million rupees (approx. 4.6 billion yen). The new factory in Sri City Industrial Park in the southern Indian state of Andhra Pradesh will be Panasonic's fourth electrical equipment material production base in the country, and is scheduled to start production in autumn 2021.
The Indian economy is expanding dramatically in recent years. With GDP forecast to grow 6% per year through 2030, not only big cities but also middle-sized cities are expected to grow in the coming years. In addition, India has the world's second-largest population following China and is projected to see a substantial population increase, particularly in the middle class.
Under these circumstances, demand for electrical equipment materials such as switches, sockets and switchgears is increasing along with construction wave of office buildings, condominiums and housing. To respond to the brisk demand, Panasonic, faced with the urgent need to increase production capacity, decided to build a new factory.
11 Aug'20: ABB India Launches B2B & B2C eMart With 6000 Electrification Products
Global technology company ABB, through its India wing, announced the launch of an online B2B and B2C marketplace in the country to offer more than 6000 products from its electrification business for home and industrial buyers. The company mainly specialises in robotics, power, heavy electrical equipment and automation technology areas.
The company's eMart hosts a wide range of products, ranging from digital circuit breakers, contactors, Molded Case Circuit Breaker (MCCB), modular switches, Miniature Circuit Breaker (MCB), Residual Current Circuit Breaker (RCCB), home automation, medium voltage relays and related products. The company claims that its online marketplace, with a price transparent model, will empower partners to set their own competitive prices for their products on the platform. For consumers, the platform will allow them to gauge the details of the products through product and seller reviews available on the platform, besides interactive images of the product they intend to buy.
Key Market Trends
Asia Pacific was the largest region in the global electrical equipment market, accounting for 45% of the market in 2019. Western Europe was the second largest region accounting for 22% of the global electrical equipment market. Africa was the smallest region in the global electrical equipment market.
Major lighting equipment companies are integrating lighting fixtures with IoT technology to enable remote user control and analyze the data in the environment. IoT technology allows tracking of non-lighting metrics, such as the building performance, physical assets and human activity. Beacons, which are small Bluetooth radio transmitters that give signals to other devices, are used to enable wireless lighting control and broadcast the location of the fixtures. For instance, Belleds, a smart lighting designer based in Cambridge, offers wireless lighting control and broadcast location through luminaires using the beacon technology. The company is partnering with major lighting companies such as GE, Philips and Acuity to provide its services .
The electrical equipment market consists of sales of products that generate, distribute and use electrical power by entities (organizations, sole traders and partnerships) that produce products that generate, distribute and use electrical power.
Markets Covered:
1) By Type: Electric Lighting Equipment; Household Appliances; Power Generation, Transmission And Control; Batteries; Wires And Cables
2) By End-Use: B2B; B2C
3) By Sales Channel: OEM; Aftermarket
4) By Mode: Online; Offline
Influence Of The Electrical Equipment Market Report:
-Comprehensive assessment of all opportunities and risk in the Electrical Equipment market.
- Electrical Equipment market recent innovations and major events.
-Detailed study of business strategies for growth of the Electrical Equipment market-leading players.
-Conclusive study about the growth plot of Electrical Equipment market for forthcoming years.
-In-depth understanding of Electrical Equipment market-particular drivers, constraints and major micro markets.
-Favourable impression inside vital technological and market latest trends striking the Electrical Equipment market.
The report has 150 tables and figures browse the report description and TOC:
https://www.marketinsightsreports.com/reports/05072014254/electrical-equipment-global-market-report-2020-30-covid-19-impact-and-recovery-including-1-by-type-electric-lighting-equipment-household-appliances-power-generation-transmission-and-control-batteries-wires-and-cables-2-by-end-use-b2b-b2c-3-by-sales-channel-oem-aftermarket-4-by-mode-online-offline-covering-panasonic-corporation-samsung-electronics-co-ltd-abb-ltd-sumitomo-electric-industries-ltd-toshiba-corporation?source=releasewire&Mode=12
What Are The Market Factors That Are Explained In The Report?
Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
Analytical Tools: The Global Electrical Equipment Market Report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter's five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
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