Global Home Electrical Consumables Market 2017-2021
About Home Electrical Consumables
Electrical components that come in handy at homes, in industries, at workplaces, shopping malls, and retail outlets are known as electrical consumables. Home electrical consumables are key to all lighting-related activities in buildings. From running gadgets to lighting up spaces, home electrical consumables are at the heart of it all. Several components are available in this regard. There are several brands in this market space that are continuously coming up with innovative products that promise to deliver the best.Technavio’s analysts forecast the global home electrical consumables market to grow at a CAGR of 6.74% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global home electrical consumables market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Home Electrical Consumables Market 2017-2021
Technavio recognizes the following companies as the key players in the global home electrical consumables market: ABB, Eaton, Legrand, and Schneider Electric.
Other Prominent Vendors in the market are: Emerson, Havells India, Hengtong Electric, Koninklijke Philips, MENNEKES, Palazzoli Group, and SCAME PARRE.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is home energy management systems (HEMS). HEMS are a system of devices installed in residential buildings for the provision of feedback on the electricity consumption patterns and power consumption data for individual appliances. These systems also perform pre-programmed functions such as maintaining the temperature of houses.”
According to the report, one driver in the market is rising need for energy conservation. There is a continuous surge in electricity generation worldwide owing to growing population and urbanization. Due to this reason, utilities are running plants at full capacity to generate more power from the existing infrastructure. With the increase in power production, there is also a simultaneous gradual increase in power prices due to investments made by power companies in T&D equipment, the addition of newer power resources, increase in commodity prices, and geopolitical factors.
Further, the report states that one challenge in the market is high rivalry and unorganized sector. The global home electrical consumables market gives an opportunity to both the large international vendors as well as many regional vendors to operate in the market. Major vendors such as Honeywell have over the time created a brand recognition for their products across the globe. However, such major vendors still face fierce competition from regional vendors, especially from China and India, which are the two largest markets for home electrical consumables.
ABB, Eaton, Legrand, Schneider Electric, Emerson, Havells India, Hengtong Electric, Koninklijke Philips, MENNEKES, Palazzoli Group, and SCAME PARRE.
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