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The Global Electrical Components Market size is predicted to reach $1.6 Trillion by 2031, growing at a CAGR of 3.2% during the forecast period 2024-2031 according to the latest market research report published by IndustryARC. Electrical components of diversified ranges are imperative to several industries as they are responsible for controlling currents or voltages, and several other long-running advantages. The growth of the Electrical Components Industry is influenced by a number of prominent factors, such as rising penetration of industrial IoT for digital twins, advancements in semiconductor technology and popularity of the Stretchable Electronic applications., finds IndustryARC in its recent report, titled “Electrical Components Market Size, Share & Trends Analysis Report- By Building Automation (Building Automation, Datacom Accessories, Security & Wiring Accessories), By Cables & Wires (Datacom Cables, LV Cables, MV&HV Cables and Special Cables), By Energy Distribution (MV&HV Energy Distribution), By Industrial Automation (Automation Controls, Auxiliary Controls, Drives & Motion Controls, Measurement Controls and Relays), By Lighting (Fixtures, Lamps & LEDs), By Power Distribution (Cable Management, Enclosures & Panels, and LV Electrical Distribution), By Renewable Energies (HVAC and Renewable energy), By Safety & Tools (Safety Equipment, Working Tools & Accessories and Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2031’’
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Asia-Pacific to Register Highest Growth:
Asia Pacific region is analyzed to be the major region with a growth rate of 3.6% for the Electrical Components Market, 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 2023-2031: Scope of the Report
|
Report Metric |
Details |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2031 |
|
CAGR |
3.2% |
|
Market Size in 2030 |
$1.6 Trillion |
|
Segments Covered |
Building Automation, Cables and Wires, Energy Distribution, Industrial Automation, Lighting, Power Distribution, Renewable Energies, Safety and Tools and Geography |
|
Geographies Covered |
North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Netherlands, Denmark and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa). |
|
Key Market Players |
1. ABB Ltd. 2. Siemens AG 3. Schneider Electric SE 4. General Electric Company 5. Eaton Corporation 6. Mitsubishi Electric Corporation 7. Hitachi, Ltd. 8. Panasonic Corporation 9. TE Connectivity Ltd. 10. Amphenol Corporation |
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Electrical Components Market Report – Key Takeaways:
The growing trend towards smart buildings, equipped with automated systems for lighting, HVAC, and security, is driving the demand for electrical components in building automation. Components such as sensors, actuators, and control panels enable the integration of various systems, enhancing energy efficiency, occupant comfort, and security in commercial and residential buildings.
Increasing emphasis on energy conservation and sustainability initiatives is driving the adoption of energy-efficient electrical components in building automation. Components such as energy-efficient lighting fixtures, motor controls, and power distribution systems help reduce energy consumption, lower operating costs, and minimize environmental impact, aligning with regulatory mandates and green building standards.
The integration of security systems with building automation solutions is driving the demand for electrical components in security and wiring accessories. Components such as surveillance cameras, access control systems, and alarm systems require robust wiring and connectivity solutions to ensure seamless operation and effective security management in commercial and residential buildings.
The increasing focus on retrofitting existing buildings with smart automation systems is driving the demand for electrical components in building automation. Retrofit projects aimed at enhancing energy efficiency, improving occupant comfort, and upgrading security systems require a wide range of electrical components, including wiring accessories, control devices, and communication modules, thereby driving market growth in this segment.
One major challenge in the building automation segment of the electrical component market is compatibility issues between different systems and components. Building automation systems often comprise various devices and technologies from different manufacturers, leading to interoperability challenges. Ensuring seamless integration and communication between disparate components, such as sensors, controllers, and actuators, requires standardized protocols and thorough compatibility testing, posing a significant challenge for system integrators and building automation professionals.
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Key Opportunity Analysis:
Integration of Energy Management Systems
The integration of energy management systems with building automation solutions presents an opportunity for electrical components in energy distribution and security & wiring accessories. With a focus on energy efficiency and sustainability, building owners and facility managers seek to monitor and optimize energy usage through automated systems. Electrical components such as smart meters, energy monitoring devices, and power distribution panels play a crucial role in enabling efficient energy management, creating opportunities for manufacturers to provide comprehensive solutions that integrate seamlessly with building automation systems.
Growth of Smart Home Market
The increasing adoption of smart home technologies presents a significant opportunity for electrical components in building automation, particularly in datacom accessories and wiring accessories. With the proliferation of IoT devices and connected systems in residential settings, there is a growing demand for electrical components such as outlets, switches, and connectors that support home automation functionalities. Manufacturers can capitalize on this trend by developing innovative, IoT-compatible electrical components tailored for smart homes, thereby expanding their market presence in the building automation segment.
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The Report also Covers the Following Areas:
Electrical Components Market2023-2031: Key Highlights
Covid and Ukrainian Crisis Impact:
The Covid-19 pandemic disrupted global supply chains, leading to manufacturing delays, labor shortages, and logistical challenges in the electrical components sector. Lockdown measures and restrictions on international trade hindered production and distribution activities, causing disruptions in the supply of raw materials and finished products. Additionally, shifts in consumer behavior and reduced demand for non-essential goods during the pandemic further dampened market growth.
The Ukrainian crisis introduced geopolitical uncertainties and exacerbated existing challenges in the electrical components market. The conflict in Ukraine disrupted critical supply chains for materials such as metals and minerals used in the production of electrical components. Volatility in commodity prices, trade disruptions, and geopolitical tensions contributed to market instability and increased manufacturing costs. Furthermore, sanctions imposed on Russia and Ukraine affected businesses operating in the region, impacting their ability to fulfill orders and maintain supply chain continuity.
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List of Key Market Players in Electrical Components Market:
The key companies profiled in the Electrical Components Market Report are listed below:
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