Electrical Components Market - Forecast(2021 - 2026)

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Electrical Components Market Overview

The 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 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 Industry Outlook – Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Electrical Components Industry. 
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 and 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: North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, South Korea, Australia and Others), South America(Brazil, Argentina and others)and RoW (Middle east and Africa).

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. 

Electrical Components Market Value Share, By Region, 2020
Electrical Components Market
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Electrical Components Market Segment Analysis – By Building Automation 

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 2020. 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. The investment was recorded to reach $435.91 billion in 2019. Also, Indonesia is pushing forward smart city solutions and has kicked off an ambitious digitalization program in 2017, named as the "100 Smart Cities Movement”. This initiative is also a part of the government’s plan to address urbanization issues, where about 83% of the Indonesian population will live in urban areas by 2045. Apart from solving the urbanization problem in Indonesian cities, improving the quality of life in a city is also considered as the primary goal. For instance, on September 2020, Mitsubishi Corporation entered into a partnership with Temasek Holdings to build a high-tech community near Indonesia's capital Jakarta. These initiatives will further enhance the Electrical components market growth in Indonesia. Other program such as Building Systems & Automation Indonesia Expo 2020 which aimed to strengthen intelligent ways of using electricity, to smart grids and metering, energy efficiency solutions, innovative lighting, building systems and automation, smart sensors and security and the latest in the most efficient HVAC and lifts offerings. Hence, all such factors would create growth prospects for the security segment. 

Electrical Components Market Segment Analysis – By Lighting 

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 2020. 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 $216 billion by the end of the year 2020. Moreover, the Initiatives taken by the central government is positively influencing the surge and adoption of emergency lighting in India. According to Press Information Bureau (PIB) announcement by the end of the year 2019, there would be around 770 million LED bulbs & around 35 million LED streetlights that would be deployed to specifically replace conventional lights. The Indian central government has launched Deen Dayal Upadhyaya gram Jyoti Yojana under which 27.3 million LED bulbs are to be distributed to BPL households present in both the urban and semi-urban provinces. According to Press Information Bureau (PIB), over 2.1 million conventional lights have been precisely replace with the LED streetlights by the India central government under the street lighting National programmed launched by the government in the year 2016 which is further augmenting the growth of the segment. 

Electrical Components Market Segment Analysis – By Geography

Asia Pacific region is analyzed to be the major region with a growth rate of 3.58% in 2020 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. In March 2021, Siemens completed the acquisition of C&S Electric in India. The acquisition motivates the operations of C&S Electric’s low- and medium-voltage power bush bars, low-voltage switchgear components and panels as well as protection and metering devices businesses in India. In order to address the competitive landscape across electrical, energy, transportation and other industrial sectors in this region, many business acquisitions are developing for effective market contribution. In March 2021, Eaton, Power management company announced that it has completed the acquisition of a 50 percent stake in HuanYu High Tech, a subsidiary of HuanYu Group, manufacturer of low-voltage circuit breakers and contactors in China, and throughout the Asia-Pacific region. The partnership offers several opportunities for both companies, and also influences Eaton to access the broader Southeast Asian market, in reference to the low-voltage electrical components business. Hence, the growing need to develop sustainable solutions through safe, reliable and efficient electrical solutions along with increasing consumer preference to smart and connected solutions, such as AI-powered computer assistants are some of the factors, which are observed to drive the growth of the Electrical Components Market in this region.

Electrical Components Market Drivers

Rise of Renewable Energy Solution

The eminence of renewable energy solutions, owing to the advancement of electrical components in reference to Heating, ventilation, and air conditioning (HVAC) technology is resulting in the growth of the Electrical Components Market. In April 2021, Durastar, a Ferguson heating and cooling brand launched its line of mini-split systems on the Power Equipment Direct family of stores. The latest product offers robust performance and 10-year parts warranty, installed by a licensed HVAC contractor. Furthermore, the increasing government’s focus on denoting renewable energy infrastructure, specifically in China, India and Japan accelerate the growth of the market. In February 2021, Japan Renewable Energy Corporation (JRE), a renewable energy project development company signed partnership with Tohoku Electric Power Corporation for successful investment in Onshore Wind Power Project infrastructure in Tohoku region. Therefore, the considerable governments funding to promote advancement in the renewable energy sector, along with the emergences of augmented reality technologies are observed to provide lucrative opportunities for the Electrical Components Market. 

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. In October 2020, 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.

Electrical Components Market Challenges

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 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.

Developments

  • 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.
  • In October 2020, Emerson Electric Co, the global leader of electronic & other electrical equipment announced the completion of the acquisition with Progea Group, an industry-leading provider of industrial internet of things (IIoT), plant analytics, human machine interface (HMI) and supervisory control and data acquisition (SCADA) technologies. The acquisition is formed to bridge a critical customer technology gap, and optimize successful digital transformation.
  • In December 2019, FDH, a portfolio company of Audax Private Equity (“Audax”) acquired BTC Electronic Components (“BTC”), a Wake Forest, NC based specialty distributor of high-performance connectors and accessories, which majorly focused on aerospace, military and industrial end markets. The strategic acquisition strengthens the product portfolio of FDH with electronic connectors of BTC.
  • In September 2020, the private investment arm of Select Equity Group, L.P. (“SEG”), Astor Place Holdings acquired a majority interest in Douglas Electrical Components, pioneered in custom-made, proprietary hermetic components and other interconnect solutions. The acquisition offers an excellent organic growth record to Douglas Electrical Components in developing comprehensive electrical connectors, hermetic wires and so on. 

Relevant Report Titles:

Report Code: ESR 0563

Report Code: ESR 30559

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1. Electrical Components Market Overview
    1.1 Definitions and Scope
2. Electrical Components Market - Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key trends By Deployment
    2.3 Key trends By End Use Industry
    2.4 Key trends segmented by Geography
3. Electrical Components Market – Market Landscape
    3.1 Comparative Analysis
    3.1.1 Product/Company Benchmarking-Top 5 Companies
    3.1.2 Top 5 Financial Analysis
    3.1.3 Market Value Split by Top 5 Companies
    3.1.4 Patent Analysis
    3.1.5 Pricing Analysis (Comparison of General Price of Industry Solutions)
4. Electrical Components Market – Industry Market Entry Scenario Premium (Premium)
    4.1 Regulatory Scenario
    4.2 Ease of Doing Business Index
    4.3 Case Studies
    4.4 Customer Analysis
5. Electrical Components Market – Startup Company Scenario (Premium)
    5.1 Venture Capital and Funding Scenario
    5.2 Startup Company Analysis
6. Electrical Components Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes 
7. Electrical Components Market – By Strategic Analysis (Market Size -$Million/Billion)
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Product Life Cycle/Market Life Cycle Analysis
8. Electrical Components Market – By Building Automation (Market Size -$Million/Billion)
    8.1 Building Automation 
        8.1.1 Building Automation
        8.1.2 Datacom Accessories
        8.1.3 Security
        8.1.4 Wiring Accessories
9. Electrical Components Market – By Cables & Wires (Market Size -$Million/Billion)
    9.1 Datacom Cables 
    9.2 LV Cables
    9.3 MV&HV Cables
    9.4 Special Cables
10. Electrical Components Market – By Energy Distribution (Market Size -$Million/Billion)
    10.1 MV&HV Energy Distribution 
11. Electrical Components Market – By Industrial Automation Market Size -$Million/Billion)
    11.1 Automation Controls
    11.2 Auxiliary Controls
    11.3 Drives & Motion Controls
    11.4 Measurement Controls
    11.5 Relays
12. Electrical Components Market – By Lighting (Market Size -$Million/Billion)
    12.1 Fixtures 
    12.2 Lamps & LEDs 
13. Electrical Components Market – By Power Distribution (Market Size -$Million/Billion)
    13.1 Cable Management 
    13.2 Enclosures & Panels 
    13.3 LV Electrical Distribution 
14. Electrical Components Market – By Renewable Energies (Market Size -$Million/Billion)
    14.1 HVAC 
    14.2 Renewable energies 
15. Electrical Components Market – By Safety & Tools (Market Size -$Million/Billion)
    15.1 Safety Equipments 
    15.2 Working Tools & Accessories 
    15.3 Others 
16. Electrical Components Market - By Geography 
    16.1 North America
        16.1.1 U.S.
        16.1.2 Canada
        16.1.3 Mexico
    16.2 South America
        16.2.1 Brazil
        16.2.2 Argentina
        16.2.3 Chile
        16.2.4 Colombia
        16.2.5 Others
    16.3 Europe
        16.3.1 U.K.
        16.3.2 Germany
        16.3.3 France
        16.3.4 Rest of Europe
    16.4 Asia-Pacific (APAC)
        16.4.1 China
        16.4.2 Japan
        16.4.3 South Korea
        16.4.4 Rest of APAC
    16.5 Rest of World (RoW)
        16.5.1 Middle East
        16.5.2 Africa
17. Electrical Components Market - Market Entropy
    17.1 New product launches
    17.2 M&A's, collaborations, JVs and partnerships
18. Electrical Components Market – Industry Competitive Landscape (Premium)
    18.1 Market Share – Global
    18.2 Market Share by Region
    18.3 Market Share By Industry Vertical
    18.4 Market Share By Type
19. Electrical Components Market – Key Company List by Country Premium (Premium)
20. Electrical Components Market - Company Analysis
    20.1 ABB Ltd
    20.2 Sumitomo Electric Industries Ltd
    20.3 Samsung Electronics Co Ltd
    20.4 Qualcomm Technologies, Inc
    20.5 NVIDIA Corporation
    20.6 Broadcom, Inc
    20.7 Huawei Technologies Co Ltd 
    20.8 Emerson Electric Co. 
    20.9 Taiwan Semiconductor
    20.10 Toshibo Corporation
    20.11 OMRON Automotive Electronics Co. Ltd.
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