How Big Is the Electrical Equipment Market | Insights & Forecast 2031

Q: What are the factors driving the rapid growth of electrical equipment market?

The electrical equipment market is driven by increased electrification across sectors and modernization of grid infrastructure.

Q: What is the estimated size of electrical equipment market?

The electrical equipment market was valued at USD 460000 Billion in 2024 and is expected to reach USD 620000 Billion by 2031,

Q: Who are the leading companies in the Electrical equipment market?

Leading companies include Eaton Corporation, Schneider Electric SE, Mitsubishi Electric Corporation, Siemens AG, and General Electric Company.

Q: What role does the industrial sector play in electrical equipment market growth?

The industrial sector significantly contributes to growth through increased automation and smart equipment adoption.

Q: How does 6W market outlook report help businesses in making decisions?

6W monitors the market across 60+ countries Globally, publishing an annual market outlook report that analyses trends, key drivers, Size, Volume, Revenue, opportunities, and market segments. This report offers comprehensive insights, helping businesses understand market dynamics and make informed decisions.

Q: Do you also provide customisation in the market study?

Yes, we provide customisation as per your requirements. To learn more, feel free to contact us on sales@6wresearch.com

Code: MTA6187

Publication Date: Jul 2025

How big is the electrical equipment market?

According to 6Wresearch internal database and industry insights, the Global Electrical Equipment Market was valued at USD 460000 Billion in 2024 and is expected to reach USD 620000 Billion by 2031, growing at a compound annual growth rate of 6.70% during the forecast period (2025-2031).

This growth can be attributed to booming infrastructure development, smart grid deployment, and rising electrification across residential, industrial, and commercial sectors.

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Growth Factors of the Electrical Equipment Market

There has been surge in global construction and infrastructure projects requiring power distribution systems
Growing adoption of renewable energy and associated equipment like inverters and transformers
Government policies pushing energy efficiency and smart electrical systems
Proliferation of industrial automation and smart factories increasing demand for control panels
Electrification of transportation and rising EV charging infrastructure

Electrical Equipment Market Trends

Electrical Equipment Industry is projected to experience several dynamic trends such as digitization of electrical systems, adoption of IoT-based smart equipment, and the growth of decentralized energy systems. The shift toward energy-efficient solutions and modernization of grids are further encouraging technological innovations and investments in next-gen electrical infrastructure.

Emerging Developments in Electrical Equipment Market

Emerging developments in the Electrical Equipment Market include the integration of AI-driven monitoring systems in switchgear and circuit protection equipment, modular substations for urban energy demands, and rapid investments in high-voltage equipment for renewable integration. Additionally, the industry is witnessing a push toward compact, lightweight, and sustainable electrical components.