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Electrical Equipment Market: Get Figures & Comprehensive Industry Analysis

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Global Electrical Equipment Industry

The world electrical equipment sector (part of the global manufacturing business and including the lighting industry) has a market worth of $202 billion, reports MarketLine. The industry recorded almost 4.5% growth in 2011, having witnessed 1% yearly growth for the four preceding years. Power cable sales represented the leading market segment in 2011, generating revenue of almost $63 billion and accounting for more than 30% of the overall market in terms of value. Overall, industry performance is expected to accelerate to almost a yearly rate of almost 5% between 2011 and 2016 to bring the market to just less than $255 billion.

Players in the global electrical equipment industry manufacture power, distribution transformers, industrial controls, generators, electric motors, switchgear, switchboard tools, and relays.

Key Market Segments

The global smart meter market is expected to generate revenue of $7 billion before the end of 2012, according to research from Visiongain. Meters using AMR technology represent almost 33% of North America’s electricity, water and gas meters, and 3% of European meters. Smarter metering is being increasingly acknowledged as the way forward for efficient energy and utility usage. Countries such as Sweden and Italy are in the energy metering market with more than 90% smart meter implementation in 2011. Compared with countries such as the UK and Germany where smart meter implementation remains under 5%, the sector’s vast potential is obvious.

Heavy electrical equipment represented a $95 billion industry in 2010, after maintaining almost 6% yearly growth for the four preceding years, reports MarketLine. Wind turbines represent the leading market segment, generating $40 billion in 2010 and accounting for 42% of the overall market in terms of value. Industry performance is expected to slow to a yearly rate of just less than 5% between 2010 and 2015. The global heavy electrical equipment market has a predicted worth of $121 billion in 2015.

The global prepaid electric metering industry continues to enjoy strong growth, particularly with respect to the widespread penetration of smart meters worldwide. With utilities set to introduce new prepaid programs and expand their current range of prepaid services, software, hardware and service vendors are reacting quickly to snap up market share. Customer and utility benefits of cost savings and energy efficiency are fuelling the prepaid electric metering market, reports Pike Research. The increasing adoption of smart grid technology to support prepaid systems with smart prepaid meters deployment is also helping drive industry growth. The worldwide installed base of prepaid electric meters was estimated at more than 20 million in 2011, and is predicted to exceed 23 million in 2012. Yearly growth in excess of 9% for the seven-year period ending 2017 is expected to see the installed base climb to almost 34 million meters worldwide in 2017. Demand for software and services to support prepaid systems is expected to see the prepaid software market account for $210 million of the $263 million prepaid services market before the end of 2012.

The global flexible alternating current transmission sector is forecast to reach $1.7 billion by 2015, according to research from Global Industry Analysts. The Asia-Pacific region dominates the market, followed by the EU, which is the world’s second-fastest growing market for flexible AC transmission equipment fixed compensation equipment.

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