Significant Demand for Industrial Automation, Owing to the Rapid Deployment of IIoT among the Various Industry Verticals, is Anticipated to Accelerate Electrical Components Market During The Forecast Period 2021-2026. Electrical Components Market size is analyzed to grow at a CAGR of 3.11% during the forecast 2021-2026 to reach $1383.94 billion by 2026.
Electrical Components Market is estimated to grow at a CAGR of 3.11% during the forecast 2021-2026 to reach $1383.94 billion by 2026. The rapid advancement in Industrial Automation Solution, pertinent to the adoption of IIoT for seamless industrial communication within several industries, and prominence of semiconductor technology are major factors driving growth in the Electrical Components Market. Additionally, the growing awareness towards renewable energy solutions for environmental benefits among customers represents a primary factor driving the market. In fact, significant government initiation towards developing state-of-art renewable energy sector during years further adds the positive market opportunity for the Electrical Components in the forecast period 2021-2026.
The Telecommunication sector holds a significant share in the Electrical Components Market due to the widespread demand of strong bandwidth connectivity along with the growing mobile subscribers. Major manufacturers, including Emerson Electric Co, WESCO International, OMRON and Huawei Technologies are striving to offer innovative products to meet the prompt transformation of the consumer demand. In January 2020, a leading provider of electrical, industrial, and communications MRO and OEM products, WESCO International agreed to acquire Anixter International, a leading global distributor of Network & Security Solutions in a transaction valued at $4.5 billion. The term of the business agreement is completely based on developing a premium electrical and data communications distribution and supply chain services, and delivers superior solutions to customers around the globe. Therefore, the rising digitization strategies along with exponential demand of a comprehensive and balanced portfolio of advanced power electronics devices for network infrastructure globally drive the Electrical Components Market.
Electrical Components Market in Asia-Pacific region held significant market share of 37.9 % in 2020. The promising penetration of connected devices, laptops and smartphones, along with the IT and telecom infrastructure growth are the primary factors driving market growth. In addition, the surging demands of large-scale industrial fields of manufacturing and automobiles units, with relentless support from the government for IoT and LTE execution. The increasing awareness towards sustainable solutions by means of reliable and renewable energy solution is also analyzed to drive the growth of the market in this region. For Instance: the Chinese government is focusing on developing renewable energy infrastructure in the country, in order to meet its renewable energy target of 35% of electricity consumption by 2030. In January 2019, the government approved 24 offshore wind power projects in Jiangsu Province. These projects have a combined capacity of 6.7GW and involve a total investment of $17.9 billion. These investments and projects will enhance the adoption of various Electrical components applied in Energy distribution and renewable energies sector further driving its market growth.
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Electrical Components Market Growth Drivers:
Growing R&D Activities is Analyzed to drive the market growth in the forecast period
The remarkable development of nanomaterials and nanofabrication technologies denotes a host of stretchable electronic materials for flexible electronic devices, such as wearable, energy storage devices and many more. For commercial advantages, many of the most promising technologies are undergoing research and development to meet the rising consumer demand. The modification of the next generation electronic devices with a mechanical stretch ability holds an array of benefits to the various industry verticals, such as robotic, medical and e-textile. Citing insight from Adidas, in March 2020, the popular German sportswear firm designed responsive apparel. With the rising innovation of stretchable fibers for enhanced fabric performance, the responsive apparel by Adidas provides a perfect shield from any kind of weather conditions. In fact, the growing emphasis on developing Iot-Enabled Connected Devices is also analyzed to drive the market growth. In October 2019, the world class manufacturer of high-speed connectors, Stewart Connector, a Bel group company announced the release of RJ45 Press-Fit Connector Series. These RJ45 Press-Fit connectors of Stewart are majorly applied in networking, security systems and IoT applications. Therefore, these pertinent factors are estimated to accelerate the market growth in the forecast period 2021- 2026.
The Major Players in this Market Include
Major players in Electrical Components Market include ABB Ltd, Sumitomo Electric Industries Ltd, Samsung Electronics Co Ltd, Qualcomm Technologies, Inc., NVIDIA Corporation, Broadcom, Inc., Huawei Technologies Co. Ltd., Emerson Electric Co, Taiwan Semiconductor, Toshibo Corporation, OMRON Automotive Electronics Co. Ltd. and among others. In November 2019, Nidec Corporation completed the acquisition of OMRON Automotive Electronics Co. Ltd. and other associated overseas OMRON Corporation’s subsidiaries as per the stock purchase agreement, developed during April 16, 2019. The acquisition is mostly based on powering electric vehicles and other electrification trends to address the electrification requirement of the market.
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