Market Size of Industrial Electrical Component Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 57.20 Billion |
| Market Size (2029) | USD 90.48 Billion |
| CAGR (2024 - 2029) | > 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Industrial Electrical Component Market Analysis
The Industrial Electrical Component Market size is estimated at USD 57.20 billion in 2024, and is expected to reach USD 90.48 billion by 2029, growing at a CAGR of greater than 4% during the forecast period (2024-2029).
The Industrial Electrical Components market is expected to mark a CAGR of 4% during the forecast period.
- Over the long term, high electricity demand from industries, private investments to set up extensive production facilities, and enhancement in economic activities are expected to drive the industrial electrical component market.
- On the other hand, the complex maintenance process of components, the emergence of toxic wastes that affect the environment, and the high replacement costs of industrial electrical components will likely obstruct the market's growth.
- Nevertheless, continuous research and development to enhance specifications, industry automation, and optimum safety would likely create growth opportunities for the Industrial Electrical Component market. The Asia-Pacific region is anticipated to dominate the market due to the increasing demand from the industrial sector across the countries.
Industrial Electrical Component Industry Segmentation
Industrial Electrical Components refer to cables, wires, switchgear, light bulbs, circuit breakers, enclosures, panels, power distribution units, remote power panels, switchboards, and medium & low-voltage transformers, among others, which altogether play a crucial part in facilitating and controlling of power flow to various industrial units.
The Industrial Electrical Component Market is segmented by types, by sales channels, and geography. By types, the market is segmented into cables, wires, power distribution units, switchgears, transformers, switchboards, etc. By sales channels, the market is segmented into OEM and aftermarket. The report offers the market size and forecasts in revenue (USD billion) for all the above segments. For each segment, the market sizing and forecasts have been done based on revenue (USD).
| Type | |
| Cables | |
| Wires | |
| Power Distribution units | |
| Transformers | |
| Switchgears |
| Sales Channels | |
| OEM | |
| Aftermarket |
| Geography | ||||||||
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Industrial Electrical Component Market Size Summary
The Industrial Electrical Component Market is poised for significant growth over the forecast period, driven by increasing electricity demand from various industries and substantial private investments in production facilities. The market is expected to expand as economic activities enhance and industrial automation progresses. However, challenges such as the complex maintenance of components, environmental concerns related to toxic waste, and high replacement costs may hinder growth. Despite these obstacles, ongoing research and development aimed at improving specifications and safety standards, along with the rise of industry automation, are anticipated to create new opportunities. The Asia-Pacific region is expected to lead the market, fueled by robust demand from its industrial sector.
Globally, the industrial sector's share of total energy consumption has been on the rise, with significant contributions from energy-intensive industries like steel, refining, and chemicals. Countries such as China and the United States show substantial electricity consumption from industrial activities, indicating a strong market for electrical components. In Europe, the increasing energy needs for industrial processes further underscore the market's potential. In Asia-Pacific, the growth in electricity generation and the adoption of renewable energy technologies are expected to bolster the market. Key players in the fragmented market include Siemens AG, ABB Ltd., Toshiba, General Electric, and Schneider Electric, with ongoing investments in manufacturing facilities to meet the growing demand for electrical components.
Industrial Electrical Component Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD, till 2028
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.1.1 High Electricity Demand from Industries
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1.5.1.2 Enhancement in Economic Activities
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1.5.2 Restraints
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1.5.2.1 The Complex Maintenance Process of Components And the Emergence of Toxic Wastes that Affect the Environment
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1.6 Supply Chain Analysis
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1.7 Industry Attractiveness - Porter's Five Forces Analysis
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1.7.1 Threat of New Entrants
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1.7.2 Bargaining Power of Consumers
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1.7.3 Bargaining Power of Suppliers
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1.7.4 Threat of Substitute Products/Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Cables
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2.1.2 Wires
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2.1.3 Power Distribution units
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2.1.4 Transformers
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2.1.5 Switchgears
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2.2 Sales Channels
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2.2.1 OEM
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2.2.2 Aftermarket
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Rest of North America
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Russia
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 Asia Pacific
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2.3.3.1 India
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2.3.3.2 China
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2.3.3.3 Japan
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2.3.3.4 Rest of Asia Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle East & Africa
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2.3.5.1 United Arab Emirates
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2.3.5.2 Saudi Arabia
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2.3.5.3 South Africa
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2.3.5.4 Rest of Middle East & Africa
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Industrial Electrical Component Market Size FAQs
How big is the Industrial Electrical Component Market?
The Industrial Electrical Component Market size is expected to reach USD 57.20 billion in 2024 and grow at a CAGR of greater than 4% to reach USD 90.48 billion by 2029.
What is the current Industrial Electrical Component Market size?
In 2024, the Industrial Electrical Component Market size is expected to reach USD 57.20 billion.
