Europe Electrical Components Market - Forecast(2024 - 2030)
Overview
The Europe Electrical Components Market size is forecast to reach USD $396.4 billion by 2031, after growing at a CAGR of 3.0% 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 Europe Electrical Components Market.
Report Coverage
The report “Europe Electrical Components Market – Forecast (2024-2031)”, by IndustryARC, covers an in-depth analysis of the following segments of the Europe 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: Germany, France, UK, Italy, Spain, Russia, Netherlands, Belgium, Switzerland, Austria, Ireland, Portugal, Romania, Poland, Czechia, Turkey, Ukraine and Others
Key Takeaways
• Asia Pacific region is analyzed to be the major region for the Europe 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 Europe 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 Europe 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 Europe 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 – Europe Electrical Components Market
• Rise of Renewable Energy Solution
Asia Pacific was the dominating renewable energy market with a market share of over 35% in 2022. 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 Europe 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 Europe Electrical Components Market.
Challenges – Europe 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 Europe Electrical Components Market.
Market Landscape
Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the Europe Electrical Components Market. The Europe Electrical Components Market top 10 companies include ABB, Xcel Energy Inc., EDF, National Grid Renewables, Acciona, Enel Spa, Innergex, The Tata Power Company Limited, General Electric, Invenergy.
Developments:
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 USD 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.
1. Europe Electrical Components Market- Overview
1.1. Definitions and Scope
2. Europe Electrical Components Market- Executive Summary
3. Europe 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. Europe 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. Europe 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. Europe 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. Europe Electrical Components Market– Strategic Analysis
7.1. Value Chain Analysis
7.2. Opportunities Analysis
7.3. Market Life Cycle
8. Europe 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. Europe 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. Europe 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. Europe 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. Europe 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. Europe 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. Europe 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. Europe 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
15.3.7Power Tools
16. Erope Electrical Components Market – by Geography (Market Size – $Million/$Billion)
16.1 mericas
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
16.2. Europe
16.2.1. Germany
16.2.2. France
16.2.3. UK
16.2.4. Italy
16.2.5. Spain
16.2.6. Russia
16.2.7. Netherlands
16.2.8. Poland
16.2.9. Switzerland
16.2.10. Turkey
16.2.11. Sweden
16.2.12. Norway
16.2.13. Ireland
16.2.14. Austria
16.2.15. Belgium
16.2.16. Czech Republic
16.2.17. Finland
16.2.18. Denamrk
16.2.19. Romania
16.2.20. Hungary
16.2.21. Portugal
16.2.22. Greece
16.2.23. Belarus
16.2.24. Bulgaria
16.2.25. Croatia
16.2.26. Estonia
16.2.27. Lativa
16.2.28. Lithuania
16.2.29. Luxemburg
16.2.30. Serbia
16.2.31. Slovak Republic
16.2.32. Slovenia
16.2.33. Ukraine
16.2.34. Macedonia
16.2.35. Rest of Europe
16.3.As ia-Pacific
16.3.1. China
16.3.2. Japan
16.3.3. South Korea
16.3.4. India
16.3.5. Australia
16.3.6. New Zealand
16.3.7. Indonesia
16.3.8. Malaysia
16.3.9. Taiwan
16.3.10. Thailand
16.3.11. Pakistan
16.3.12. Bangladesh
16.3.13. Singapore
16.3.14. Philippines
16.3.15. Vietnam
16.3.16. Kazakhstan
16.3.17. Azerbaijan
16.3.18. Hong Kong SAR, China
16.3.19. Macao SAR,China
16.3.20. Myanmar
16.3.21. Sri Lanka
16.3.22. Uzbekistan
16.3.23. Rest of Asia-Pacific
16.4. Rest of The World
16.4.1. Middle East
16.4.2. Africa
17. Europe Electrical Components Market– Entropy
18. Europe Electrical Components Market– Industry/Segment Competition Landscape
18.1. Market Share Analysis
18.1.1. Market Share by Product Type – Key Companies
18.1.2. Market Share by Region – Key Companies
18.1.3. Market Share by Country – Key Companies
18.2. Competition Matrix
18.3. Best Practices for Companies
19. Europe Electrical Components Market– Key Company List by Country Premium
20. Europe Electrical Components Market- Company Analysis
20.1 ABB Ltd.
20.2 Siemens AG
20.3 Schneider Electric SE
20.4 General Electric Company
20.5 Eaton Corporation
20.6 Mitsubishi Electric Corporation
20.7 Hitachi, Ltd.
20.8 Panasonic Corporation
20.9 TE Connectivity Ltd.
20.10 Amphenol Corporation
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