Specialty Electricals Global Market Report 2024

The specialty electricals market size has grown rapidly in recent years. It will grow from $254.32 billion in 2023 to $296.78 billion in 2024 at a compound annual growth rate (CAGR) of 16.7%. The growth experienced during the historical period can be linked to several contributing factors, including the rapid pace of industrialization and infrastructure development, substantial investments within the energy sector, ongoing urbanization leading to heightened commercial construction activities, adherence to regulatory compliance and standards, and notable advancements in equipment technology.

The specialty electricals market size is expected to see rapid growth in the next few years. It will grow to $533.24 billion in 2028 at a compound annual growth rate (CAGR) of 15.8%. Anticipated growth in the forthcoming period is expected to stem from a concentrated effort on enhancing energy efficiency, the escalating demand for data centers, expansions within telecommunication networks, the modernization of existing facilities, and a heightened awareness of environmental impact. Significant trends projected for the forecast period encompass the integration of artificial intelligence (AI), the proliferation of wireless connectivity and remote control technologies, a heightened focus on fire and safety solutions, the adoption of circular economy practices, and an increased emphasis on global standards and certifications.

The specialty electrical market is poised for growth, largely attributed to the expanding presence of electric vehicles. These vehicles run on electric engines instead of traditional combustion engines and require specialized electrical solutions for heavy-duty power distribution and environmental protection. In 2021, the International Energy Agency reported a doubling in electric vehicle sales, reaching 6.6 million units globally, with about 16.5 million electric cars on the roads by year-end. This surge in electric vehicle adoption is a significant driver for the specialty electrical market.

The specialty electrical market anticipates growth due to increased electricity consumption. These products, designed for unique applications in the electricity sector, ensure optimal performance, reliability, and safety. They cater to high-voltage environments, industrial automation, and critical infrastructure, enhancing efficiency and maintaining network integrity. In the United States, electricity consumption increased by 1.8% in 2022, according to World Energy and Climate Statistics by Enerdata. Therefore, the rising consumption of electricity drives the specialty electrical market's growth.

Technological advancements shape the landscape of the specialty electrical market, with major companies focused on pioneering solutions. In February 2022, Lubrizol Corporation, a US-based chemicals company, launched a novel non-halogenated, flame-retardant polymer compound tailored for wire and cable applications. This compound, devoid of halogens, enhances critical attributes such as drying time, temperature, mechanical strength, and flame retardancy.

Key companies in the specialty electrical market are opting for strategic partnerships to offer comprehensive solutions for electronic equipment protection. These alliances, formed between companies aiming for mutual benefits, enhance product lines and cater to customers' unique electrical needs. For example, in July 2023, Fibox Enclosures, a Finnish manufacturer, partnered with Jameco Electronics, a US-based specialty electronics company, aiming to deliver high-quality enclosures for diverse electronic applications, strengthening their offerings in challenging environments.

In July 2022, Douglas Electrical Components, a US-based developer and manufacturer specializing in epoxy technology for electrical wire feedthrough, completed the acquisition of Electronic Products, Inc., the specifics of which remain undisclosed. This acquisition is poised to amalgamate the strengths of Douglas and EPI, enabling the combined entity to offer a comprehensive range of high-value hermetic products and cutting-edge technologies to its clientele. Electronic Products, Inc. is recognized for its specialized electronics packaging, focusing on high-temperature co-fired ceramic (HTCC) and hermetic glass-to-metal packaging solutions.

Major companies operating in the specialty electricals market report are Samsung Electronics Co. Ltd., Hitachi Ltd., Huawei Technologies Co. Ltd., Siemens AG, Taiwan Semiconductor Manufacturing Company Limited, Panasonic Corporation, Qualcomm Technologies Inc., Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., Broadcom Inc., ABB Ltd., Sumitomo Electric Industries Ltd., Toshibo Corporation, Eaton Corporation, TE Connectivity Ltd., Emerson Electric Co., Rockwell Automation Inc., OMRON Automotive Electronics Co. Ltd., Encore Wire Corporation, Superior Essex Inc., Southwire Company LLC, Monbat Group, Legrand AV Inc., Specialty Electric Co Inc., Incotex Group, Fincom-2 Ltd., General Cable Technologies Corporation, Furukawa Electric Co. Ltd., LS Cable & System Ltd.

Asia-Pacific was the largest region in the specialty electricals market in 2023. The regions covered in the specialty electricals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the specialty electricals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Specialty electrical products encompass a range, including wiring devices, batteries, accumulators, electrical wires, cables, and related items. Wiring devices serve as control and connection points for low-voltage outlets and appliances. Their applications extend to transformers, electricity meters, distribution boards, circuit breakers, and other utilities in residential, commercial, and industrial settings.

The specialty electricals market research report is one of a series of new reports that provides specialty electricals market statistics, including specialty electricals industry global market size, regional shares, competitors with specialty electricals market share, detailed specialty electricals market segments, market trends, and opportunities, and any further data you may need to thrive in the specialty electricals industry. This specialty electricals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The specialty electricals market consists of sales of wire harnesses, cable assemblies, and electro-mechanical assemblies. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.