Europe Electrical Components Market Size to Hit $361.2 Billion by 2027 | Exhibit a CAGR of 2.6% (2022-2027)
Market Research Reports, Business Consulting Services & Analytics
Europe Electrical Components Market Drivers Rise of Renewable Energy Solution
HYDERABAD, TELANGANA, INDIA, December 14, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, predicts that Europe Electrical Components Market size is analyzed to grow at a CAGR of 2.6% during the forecast 2022-2027 to reach $361.2 billion by 2027. 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 such as resistors, capacitors, transistors, inductors, light emitting diodes and circuit breakers 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 Europe Electrical Components. In the recent years, As stated by International Energy Agency (IEA), many policies were taken by German government came into operation for the development of electrical sector. Growth in the construction industry will further enhance the Electrical components market growth by application of different automation solutions such as cables, wires, safety tools and others. The construction of the Fehmarn belt underwater tunnel between Germany and Denmark, which is worth $7.8 billion with a growth supported by the 10-year plan to invest $94.7 billion on the construction between 2020 and 2030. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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https://www.industryarc.com/Report/20022/europe-electrical-components-market.html
Key takeaways:
1. 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.
2. 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.
3. Due to Russia-Ukraine war, there has been hikes in electric components prices as Russia is one of the major suppliers of these solutions.
4. Growth in the construction industry will further enhance the Electrical components market growth by application of different automation solutions such as cables, wires, safety tools and others. The sharp growth in 2021 will mainly be driven by the very low starting base in the previous year, particularly in the second quarter.
5. Energy distribution solutions such as capacitors, resistors and circuit breakers are set to witness significant growth during the forecast period.
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Segmental Analysis:
1. Among them, security segment is analyzed to hold the maximum share of 35.4% in 2021. 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.
2. Under the National Projects 2019-2021, the Russian government plans to spend $88.2 billion on the development of transport, healthcare, education and housing infrastructure during the period of 2019-2021. These investments will further uplift the Electrical components market growth.
3. The government had outlined plans in 2019 to spend $96 billion on the development of the country’s transport infrastructure over the next five years.
4. Germany region is analyzed to be the major region with a share of 16.5% in 2021 for the Europe Electrical Components, 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.
5. According to World Bank Reports, value added in the industry sector including construction was recorded at $1.1 trillion in 2021 accounting for about 26.7% of its GDP. Germany is one of the top power producers and a buyer of Russian gas
6. Out of these solutions, lamps & Light Emitting Diodes is analyzed to hold the maximum share of 57% in 2021 of the Europe electrical components market size. 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.
Competitive Landscape:
The top 5 players in the Europe Electrical Components industry are –
1. ABB Ltd
2. Sumitomo Electric Industries Ltd
3. Honeywell
4. Broadcom, Inc.
5. Emerson Electric Co
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