Power industry restructuring, around the world, has a strong impact on Asian power industry as well. Indian power industry restructuring with a limited level of competition, since 1991, has already been introduced at generation level by allowing participation of independent power producers (IPPs). The new Electricity Act 2003 provides the provision of competition in several sectors. It is felt that the prevailing conditions in the country is good only for wholesale competition and not for the retail competition at this moment.
As per the recent survery, the global electrical & electronics market is worth $1,038.8 billion, which is forecasted to grow to $ 1,216.8 billion at the end of the year 2008. If we talk of electrical & electronics production statistics, the industry accounted for $1,025.8 billion in 2006, which is forcasted to reach $1,051.5 billion in future.
Size of the Electric/Electronic Industry
Top three electrical and electronic goods manufacturing countries in the world are: United States of America, Japan and Korea respectively. The United States of America being the largest producer of electronic products worldwide, contributes the total share of around 21%. Furthermore, USA is at the forefront to have the largest market share with around 29% in the global market.
The World's electrical market size was $1038.8 billion in 2006, since last year an increase of 10.6% is forcasted to grow even more. The industrial electrical goods industry size was $651.3 billion, contributing around 62.7% of the total. With regard to electronics parts and components sector, the total market share was around $282.7 billion i.e. 27.2% while home electronics was $ 104.7 billion. This figure is supposed to increase in this decade.
Outlook of the World's Electric & Electronics Market
| Classification | 2007 | 2008 |
| Home Use | 116,221 | 119,201 |
| Industrial Use | 730,928 | 119,201 |
| Information Device | 330,834 | 345,131 |
| Communication Device | 248,424 | 258,307 |
| Office Devices | 11,735 | 258,307 |
| Others | 139,935 | 258,307 |
| Electronics Parts | 321,439 | 338,308 |
| Total | 1,168,588 | 1,216,895 |
Major Production and Export Centers
As electronic manufacturing industry is growing with a fast pace, Western Europe is developing gradually to contribue this industry. Western Europe comprising of 16 countries is contributing around 22% of the global market share. Simultaneously, Eastern Europe is forcasted to grow about $ 24 billion in 2013 from $ 9 billion in 2006.
If we talk of Asia Pacific region, China, Japan, North & South Korea, Singapore and India are the top manufacturer of electrical and electronic products. Among these Asian countries, China is becoming the manufacturing region of electronic products on the globe.
In United States of America, cities like New York, Atlanta, Colorado, Detroit, Florida, New England, San Diego, San Francisco, and Texas can be named as an industrial hubs of electronics industry.
At persent, Asia is growing with more speed in comparision to Americas and Europe. In 2002, Asia occupied 41% of total electronics market share, which grew upto 56% in 2007. Those days are not far away when Asia will become the market leader globally.
Future Outlook of Electric & Electronics Industry
Today, the electrical and electronics industry is experiencing phenomenal and remarkable changes worldwide. The worldwide electronics industry is distinguished by fast technological advances and has grown rapidly than most other industries over the past 30 years.
Products are heading towards new destinations where cost is less than other place with higher costs involved. These places offer the most long term potential for market growth. Companies indulged in manufacturing electrical products are investing a lot on research and development for the best products to meet the demand of the market. They are manufacturing the product with best quality at reduced cost due to many competitors.
