Electrical Components Market - By Building Automation (Building Automation, Datacom Accessories, Security & wiring Accessories), By Cables & Wires (Datacom Cables, LV Cables, MV&HV Cables & Special Cables), By Energy Distribution (MV&HV Energy Distribution), By Industrial Automation (Automation Controls, Auxiliary Controls, Drives & Motion Controls, Measurement Controls & Relays), By Lighting (Fixtures & Lamps & LEDs), By Power Distribution (Cable Management, Enclosures & Panels, & LV Electrical Distribution), By Renewable Energies (HVAC & Renewable energy), By Safety & Tools (Safety Equipment, Working Tools & Accessories & Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2031

Report Code: ESR 0734 Report Format: PDF + Excel

Electrical Components Market Overview

The Electrical Components market size is forecast to reach USD 1.6 trillion by 2031, after growing at a CAGR of 3.2% during the forecast period 2024-2031.  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. Electrical components are an indispensable part of every business sector, including industrial manufacturing, automotive, healthcare, aviation and many more. In addition, the avant-garde opportunities offered by the next generation electronic devices, such as smartphones, laptops, wearable electronics and bioelectrical devices continue to promote the growth of the market. Therefore, the surge of new age of technologies, pertinent to autonomous vehicles, bioelectrical devices, AI-powered computer assistants, and other array of innovations propelled the growth of the Electrical Components Market.

Report Coverage

The report “Electrical Components Market – Forecast (2024-2031)”, by IndustryARC, covers an in-depth analysis of the following segments of the Electrical Components market.
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:  Americas, South America, Europe, APAC, and RoW.

Market Snapshot: 

Key Takeaways
•  Asia Pacific region is analyzed to be the major region for the Electrical Components Market, owing to the promising penetration of smartphones, prominence of electronics manufacturing sectors and expansion of the IT and telecom sectors.
•  Heating, ventilation, and air conditioning (HVAC) technology is expected to emerge with high growing owing to the growing adoption of smart homes and related technologies. 
•  The strong penetration of smartphone and other kinds of smart devices along with the prevalent demand of bandwidth connectivity are some of the factors that resulting to the positive impact on the market growth. 

By Product - Segment Analysis

By building automation, the Electrical Components Market is segmented into Building Automation, datacom accessories, security and Wiring accessories. Among them, security segment is analyzed to hold the maximum share of 40% in 2023. The dominance of the segment is witnessed owing to government initiatives to promote the smart sensors owing to the rising concern of safety along with the growing adoption of smart home technologies. For Instance: According to World Bank Reports, Indonesia has shown significant growth in the investments done in industrialization and construction sector owing to different smart city projects and building automation programs. 

By Lighting - Segment Analysis

By lighting, the Electrical Components Market is segmented into Fixtures and lamps & LEDs. Out of which lamps & LEDs is analyzed to hold the maximum share of 57% in 2023. The growth of segment is attributed owing to the escalating adoption of LED lighting in both the urban and semi-urban provinces of the country. For Instance: In the present scenario, India is rapidly evolving from utilizing conventional products to LEDs. The LED lighting is being precisely adopted in residential, commercial and industrial sectors across the country. According to Electric Lamp and Component Manufacturers Association of India (ELCOMA) has estimated that India LED sector is estimated to reach around $681.14 billion by the end of the year 2031 Moreover, the Initiatives taken by the central government is positively influencing the surge and adoption of emergency lighting in India.

By Geography - Segment Analysis

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. The market growth is being driven by several factors such as increasing demand for consumer electronics, the rollout of 5G networks and the growth of high-speed data communication, advancements in IoT, and increasing industrial automation. In January 2023, Renesas unveiled a new intelligent power device (IPD) for automobiles that manage power distribution in cars flexibly and safely to satisfy the demands of the next E/E (electrical/electronic) designs. Thus, this is expected to drive market growth during the forecast period.


Drivers – Electrical Components Market
•  Rise of Renewable Energy Solution
Asia Pacific was the dominating renewable energy market with a market share of over 35% in 2023. It is estimated that over half of the renewable energy across the globe is consumed in Asia Pacific region. The rapid industrialization and urbanization in the region had resulted in the rapid increase in the pollution levels. Furthermore, a rapid increase in the population and rise in the residential projects in the region is fuelling the demand for the electricity.

•  Large-scale adoption of Industrial Automation Solution
The Industrial Automation solution has been witnessing rapid advancement in recent years, which eventually highlighted the emergence of latest wireless devices and other industrial communication solutions, thereby driving the growth of the Electrical Components Market. The global supplier of IoT intelligent systems, Industry 4.0, and machine automation solution, Advantech expanded its line of device servers and Modbus gateways with the launch of the EKI-1521I-SC-A, EKI-1221I-MT-A, and EKI-1222I-SC-A. These Advantech solutions are fiber optics ports for providing enhanced connectivity in services, including long distance transmission as well as protocol conversion. Therefore, the expansion of industrial IoT for digital twins and augmented reality technology are some of the factors that are analyzed to drive the growth of the Electrical Components Market.

Challenges – Electrical Components Market  

Economic Impact by Covid-19 pandemic
The outbreak of Covid-19 pandemic represents as the twin challenges to lives and livelihoods. The implication of the pandemic to business is very disruptive, and most of the industry verticals, such as manufacturing, construction, power and other sector are witnessing economic complexities. Hence, these unexpected pandemic consequences brought severe repercussions to various electrical components, and impede the growth of Electrical Components Market.

Market Landscape

Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the Electrical Components Market. The Electrical Components Market top 10 companies include:
  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

  • In 2022 ABB India declared to expand and upgrade the small power manufacturing unit in Bengaluru, India. The manufacturing facility would help cater to the growing demand for low-voltage power equipment and components from the industries.
  • In 2022 Hitachi Energy invested $37 million to expand its transformer manufacturing unit in Virginia. This development would likely cater to the increase in requirements for transformers from industrial facilities, data centers, and renewable energy generators. 
For more Electronics Market reports, please click here
1. Electrical Components Market- Overview
    1.1. Definitions and Scope
2. Electrical Components Market- Executive Summary
3. Electrical Components Market- Comparative Analysis
    3.1. Company Benchmarking - Key Companies
    3.2. Global Financial Analysis - Key Companies
    3.3. Market Share Analysis - Key Companies
    3.4. Patent Analysis
    3.5. Pricing Analysis
4. Electrical Components Market- Start-up Companies Scenario 
    4.1. Key Start-up Company Analysis by
        4.1.1. Investment
        4.1.2. Revenue
        4.1.3. Venture Capital and Funding Scenario
5. Electrical Components Market– Market Entry Scenario Premium 
    5.1. Regulatory Framework Overview
    5.2. New Business and Ease of Doing Business Index
    5.3. Case Studies of Successful Ventures
6. Electrical Components Market- Forces
    6.1. Market Drivers
    6.2. Market Constraints
    6.3. Market Challenges
    6.4. Porter's Five Force Model
        6.4.1. Bargaining Power of Suppliers
        6.4.2. Bargaining Powers of Customers
        6.4.3. Threat of New Entrants
        6.4.4. Rivalry Among Existing Players
        6.4.5. Threat of Substitutes
7. Electrical Components Market– Strategic Analysis
    7.1. Value Chain Analysis
    7.2. Opportunities Analysis
    7.3. Market Life Cycle
8. Electrical Components Market– by Building Automation (Market Size – $Million/$Billion) 
    8.1. Building Automation 
        8.1.1 BMS(Protocols)
        8.1.2 HVAC Control
        8.1.3 Lighting Control (Dimmer, Sensors)
        8.1.4 Outdoor Control
        8.1.5 Sound & Entertainment Systems
    8.2. Datacom Accessories 
        8.2.1 Active Data
        8.2.2 Copper Connectivity
        8.2.3 Fiber Connectivity
        8.2.4 UPS
    8.3. Security 
        8.3.1 Access Control
        8.3.2 Fire Protection
        8.3.3 Intrusion Protection
        8.3.4 Video Surveillance
    8.4. Wiring Accessories. 
        8.4.1 Lamp Receptable
        8.4.2 Plugs
        8.4.3 Switches & Sockets
9. Electrical Components Market– by Cables & Wires (Market Size – $Million/$Billion)
    9.1 Datacom Cables 
        9.1.1 Communication & Data Cables
        9.1.2 Fiber Optic Cables
    9.2 LV Cables 
        9.2.1 Fire Resistant Cables
        9.2.2 Low Smoke & Halogen Free Cable
        9.2.3 Low Voltage Cables & Wires
    9.3 MV&HV Cables
        9.3.1 High Voltage Cable
        9.3.2 Medium Voltage Cables
    9.4 Special Cables
        9.4.1 Mining Oil & Gas Cables
        9.4.2 Photovoltaic Cables
        9.4.3 Ship & Harbour Cables
        9.4.4 Windmill Cables
10. Electrical Components Market– by Energy Distribution (Market Size – $Million/$Billion)
    10.1 MV & HV Energy Distribution 
        10.1.1 Busways/Buswars
        10.1.2 LV/MV Transformers
        10.1.3 MV/HV/Distribution and Switchgears
        10.1.4 MV/HV/Equipment (Overhead Line Material Connections)
        10.1.5 Transient Voltage
        10.1.6 Surge and Lightining Protection
        10.1.7 VCB ( ACB's)
        10.1.8 Quality Energy (Capacitors, Harmonics)
11. Electrical Components Market– by Industrial Automation Market Size – $Million/$Billion)
    11.1. Automation Controls
        11.1.1 Human Machine Interface
        11.1.2 Industrial Buses
        11.1.3 Input/Output Analy Speciality Cards
        11.1.4 Programmable Logic Control
        11.1.5 Software
        11.1.6 SCADA   
    11.2. Auxiliary Controls
        11.2.1 Light Towers and Beacons Horns
        11.2.2 Push Buttons, Turning Knobs, Power Control, CAM Switches
    11.3. Drives & Motion Controls
        11.3.1 Inverters, Variable Speed Drives
        11.3.2 Motors
        11.3.3 Starters
    11.4. Measurement Controls
        11.4.1 Encoders
        11.4.2 Industive and Capacitive Sensors
        11.4.3 Measure and Control
        11.4.4 Mechanical Sensors
        11.4.5 Optical Sensors
        11.5. Relays
        11.5.1 Auxiliary Relays
        11.5.2 Contactors
        11.5.3 Industrial & Control Interfaces        
12. Electrical Components Market – by Lightening (Market Size – $Million/$Billion) 
    12.1. Fixtures
        12.1.1 Emergency Lightening
        12.1.2 Indoor Lightening Decorative for Commercial and Hospitality
        12.1.3 Indoor Lightening Functional for Commercial, Office and Hospitality
        12.1.4 Industrial Lightening for Industry
        12.1.5 Outdoor Lighting for Pathway, Garden, Building
        12.1.6 Outdoor Lighting for Street
        12.1.7 Outdoor Lighting Projectors for Monument
    12.2. Lamps & LEDs
        12.2.1 Discharge for Stadium & Areas
        12.2.2 Fluorescents CFL Tubes for Parking, Office and Residential
        12.2.3 Halogen for Commercial & Shops
        12.2.4 Incandescent for Residentials
        12.2.5 LED"A" Lamps (Replacing Incandescent in Residential)
        12.2.6 LED GU 5.3 & GU 10 (Replacing Halogen for Commercial & Shops)
        12.2.7 LED Tube (Replacing Fluo tube for Parking and Office)
13. Electrical Components Market – by Power Distribution (Market Size – $Million/$Billion) 
    13.1. Cable Management
        13.1.1 Cable Accessories (Fixing, Connectors, Glands, Shrinks...)
        13.1.2 Cable trays & Ladders
        13.1.3 Conduits & Pipes, (incl. Prewired Conduits)
        13.1.4 Floor & Desk Elements (Column, Underfloor..)
        13.1.5 Trunkings and Raceaways (Plastic and Metal)
    13.2. Enclosures & Panels
        13.2.1 Boxes, Covers, Troughs
        13.2.2 Enclosures (Empty)
        13.2.3 Equipped Enclosures
        13.2.4 Panel Assembly (DIN Rails, Copper Bars, Air Exchangers...) excl. Terminal Blocks
        13.2.5 System Enclosures
        13.2.6 Terminal Blocks 
    13.3. LV Electrical Distribution
        13.3.1 MCCB's & ACB's
        13.3.2 Modular/DIN-Rail-Mountable Protection Devices
        13.3.3 Modular/DIN-Rail-Mountable Control Devices
        13.3.4 Other Electrical Distribution (Fuses & Fuse Holders)   
14. Electrical Components Market – by Renewable Energies (Market Size – $Million/$Billion) 
    14.1. HVAC
        14.1.1 Air Conditioning
        14.1.2 Heating
        14.1.3 Ventilation
        14.1.4 Water Heating)
    14.2. Renewable Energies
        14.2.1 Heat Pumps
        14.2.2 Photovoltaic
        14.2.3 Solar Heating
        14.2.4 Windmills Residential 
15. Electrical Components Market – by Safety & Tools (Market Size – $Million/$Billion) 
    15.1. Others
        15.1.1 Engineering Supplies Batteries
        15.1.2 Engineering Supplies Chemical and Paints
        15.1.3 Engineering Supplies Fluid ,Air & Transfer
        15.1.4 Engineering Supplies Power Transmission
        15.1.5 Engineering Supplies Tapes, Adhesives and Resins
     15.2. Safety Equipment
        15.2.1 Health & Hygiene
        15.2.2 Personal Protection
        15.2.3 Technical Safety Equipment & Gas Detection
        15.2.4 Workplace Safety Signs
     15.3 Working Tools & Accessories
        15.3.1 Cutting Tools & Abrasives
        15.3.2 Fasteners Anchors & Fittings
        15.3.3 Fasteners Cable Ties
        15.3.4 Fasteners Screws & Bolts
        15.3.5 Hand Tools
        15.3.6 Measurement Tools
        15.3.7 Power Tools
16. Electrical Components Market – by Geography (Market Size – $Million/$Billion) 
    16.1. Americas
        16.1.1 U.S
        16.1.2 Canada
        16.1.3 Mexico 
        16.1.4 Brazil
        16.1.5 Argentina
        16.1.6 Chile
        16.1.7 Colombia 
        16.1.8 Peru
        16.1.9 Puerto Rico
        16.1.10 Costa Rica
        16.1.11 Cuba
        16.1.12 Dominican Republic
        16.1.13 Ecuador
        16.1.14 Guatemala
        16.1.15 Panama
        16.1.16 Paraguay
        16.1.17 Uruguay
        16.1.18 Rest of Americas
    13.2. Europe
        13.2.1. Germany
        13.2.2. France
        13.2.3. UK
        13.2.4. Italy
        13.2.5. Spain
        13.2.6. Russia
        13.2.7. Netherlands
        13.2.8. Poland
        13.2.9. Switzerland
        13.2.10. Turkey
        13.2.11. Sweden
        13.2.12. Norway
        13.2.13. Ireland
        13.2.14. Austria
        13.2.15. Belgium
        13.2.16. Czech Republic
        13.2.17. Finland
        13.2.18. Denamrk
        13.2.19. Romania
        13.2.20. Hungary
        13.2.21. Portugal
        13.2.22. Greece
        13.2.23. Belarus
        13.2.24. Bulgaria
        13.2.25. Croatia
        13.2.26. Estonia
        13.2.27. Lativa
        13.2.28. Lithuania
        13.2.29. Luxemburg
        13.2.30. Serbia
        13.2.31. Slovak Republic
        13.2.32. Slovenia
        13.2.33. Ukraine
        13.2.34. Macedonia
        13.2.35. Rest of Europe
    13.3. Asia-Pacific
    13.3.1. China
    13.3.2. Japan
    13.3.3. South Korea
    13.3.4. India
    13.3.5. Australia 
    13.3.6. New Zealand
    13.3.7. Indonesia
    13.3.8. Malaysia
    13.3.9. Taiwan
    13.3.10. Thailand
    13.3.11. Pakistan
    13.3.12. Bangladesh
    13.3.13. Singapore
    13.3.14. Philippines
    13.3.15. Vietnam
    13.3.16. Kazakhstan
    13.3.17. Azerbaijan
    13.3.18. Hong Kong SAR, China
    13.3.19. Macao SAR,China
    13.3.20. Myanmar
    13.3.21. Sri Lanka
    13.3.22. Uzbekistan
    13.3.23. Rest of Asia-Pacific
    13.4. Rest of The World
    13.4.1. Middle East
    13.4.2. Africa
14. Electrical Components Market– Entropy
15. Electrical Components Market– Industry/Segment Competition Landscape 
    15.1. Market Share Analysis
        15.1.1. Market Share by Product Type – Key Companies
        15.1.2. Market Share by Region – Key Companies
        15.1.3. Market Share by Country – Key Companies
    15.2. Competition Matrix
    15.3. Best Practices for Companies
16. Electrical Components Market– Key Company List by Country Premium
17. Electrical Components Market- Company Analysis
    17.1 ABB Ltd.
    17.2 Siemens AG
    17.3 Schneider Electric SE
    17.4 General Electric Company
    17.5 Eaton Corporation
    17.6 Mitsubishi Electric Corporation
    17.7 Hitachi, Ltd.
    17.8 Panasonic Corporation
    17.9 TE Connectivity Ltd.
    17.10 Amphenol Corporation

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