The electrical
equipment industry comprises establishments manufacturing electric lighting
equipment, household appliances, electrical equipment manufacturing batteries,
wires, and relay and other electrical equipment, electronic products and
components.
The electrical
equipment manufacturing market in this report is segmented into power
generation, transmission and control manufacturing, household appliances
manufacturing, communication and energy wire and cable, batteries manufacturing
and electric lighting equipment manufacturing.
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The global electrical equipment manufacturing market has been growing
in the past years with a CAGR of almost 5%. The year 2017 recorded growth in
this market with a net market value more than 16% higher than that of 2013, as
per TBRC’s in-house consultants.
TBRC’s latest report show the historic and future trends in the market
for each year with sourced reasons to support the growth claims.
The report also shows
the global electrical equipment manufacturing market to grow at a higher CAGR
by 2021 as compared to 2017, along with geographies best suited for investments
with highest return rate.
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Household appliance manufacturers are integrating their products with
IoT technology to make customers lives comfortable and convenient. Internet of
Things technology is the interconnectivity of physical objects and devices that
are integrated with sensors and software that allow them to exchange and
collect data. Major technologies enabling smart household appliances include Wi-Fi,
Bluetooth Low Energy, micro server and micro-electromechanical systems. For
instance, LG has created homechat, an app that enables the user to monitor
their refrigerators, cookers, washing machines and other devices from anywhere
through their smart phones. The homechat technology was introduced by LG
initially in South Korea and is moving to other global markets gradually.
According to report by IHS, the global smart connected electronics shipments is
estimated to be over 223 million by 2020.
Companies included in the report are Panasonic Corporation, Samsung
Electronics, and ABB Ltd.
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