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Equipment and Devices

Equipment and Devices Market Research Reports

"Shaping Tomorrow: Key Insights and Statistics for the Equipment and Devices Market (2024 Market Size: USD 1.32 trillion)"!

Equipment and Devices Industry Overview

In 2023 and 2024, the equipment and devices market, which encompasses a diverse range of products from industrial apparatus to consumer electronics, demonstrated dynamic trends and robust growth. The global equipment and devices market size was USD 1.2 trillion in 2023. In 2024, the market size is 1.32 trillion and will be USD 2.2 trillion by 2031, witha compound annual growth rate of 6.30%. This expansion is stimulated by substantial investments in innovation, rising consumer demand, and technological advancements.

The proliferation of Internet of Things (IoT) technologies and smart devices is one of the most significant trends in the industry. For instance, the smart home devices market size was USD 99.41 billion in 2023 and USD 119.98 billion in 2024. Consumers' preference for connected devices that improve energy efficiency, security, and convenience is the primary factor driving this surge. In the same vein, the wearable devices market, which encompasses fitness monitors and smartwatches, is experiencing rapid growth, with revenues USD 30.5 billion in 2023 to USD 35.8 billion in 2024. Telehealth and remote monitoring devices have experienced a substantial increase in popularity within the healthcare equipment market. In 2023, the global market for medical devices was USD 550 billion, and USD 600 billion in 2024. The COVID-19 pandemic has catalyzed the widespread adoption of telemedicine solutions, which has largely contributed to this growth. This has established remote healthcare services as the norm. Advancements are also influencing this trend in the field of health monitoring, including AI-driven health monitoring devices and portable diagnostic tools.

Automation and Industry 4.0 initiatives are propelling the industrial equipment market to a period of resurgence. In 2023, the industrial automation equipment market size was 200 billion, and USD 220 billion in 2024. Companies are progressively investing in robotics, AI, and machine learning to improve the efficiency, safety, and productivity of their manufacturing processes. The utilization of collaborative robots (cobots) is notably increasing, with a 15% year-over-year growth rate, which is indicative of a transition to more adaptable and flexible manufacturing systems. The market for energy-efficient and environmentally friendly devices was valued at USD 45 billion in 2023, and USD 53 billion in 2024.

Top Countries Contributing in Equipment and Devices Market

United States (2024 Market Size: USD 375 billion)

The US equipment and devices market size was USD 350 billion in 2023, and USD 375 billion in 2024, representing a compound annual growth rate (CAGR) of 7.1%. Healthcare, industrial automation, consumer electronics, and telecommunications are the primary sectors that employ equipment and devices. The healthcare market, in particular, experienced substantial investment in medical devices as a result of advancements in remote monitoring and telehealth technologies. The adoption of robotics and AI has increased, which has also contributed to growth as a result of industrial automation, which was influenced by Industry 4.0 initiatives. Given its leadership in technological innovation and manufacturing capabilities, the United States holds a substantial share of the global market, which is 29%. The production and export of smart devices have been steadily increasing, with consumer electronics alone accounting for USD 120 billion in 2023 and USD 130 billion in 2024, according to statistics. In 2023, the energy-efficient devices market size was USD 15 billion, and USD 18 billion in 2024, demonstrating the growing emphasis on sustainability.

China (2024 Market Size: USD 350 billion)

The China's equipment and devices market size was USD 320 billion in 2023 and USD 350 billion in 2024, with a compound annual growth rate (CAGR) of 9.4%. Manufacturing, consumer electronics, and renewable energy are the primary sectors that are propelling this expansion. The manufacturing market is a significant user of sophisticated robotics and automation, which contributes to China's dominant position in global production. The demand for consumer electronics, particularly smartphones and smart home devices, remains robust, with exports USD 100 billion in 2023 and USD 110 billion in 2024. The global market share is 26% held by China, which is supported by its extensive manufacturing base and technological advancements. In addition, China's dedication to green technology has resulted in substantial investments in energy-efficient devices, which were valued at USD 10 billion in 2023 and USD 13 billion in 2024.

Germany (2024 Market Size: USD 160 billion)

In 2023, the Germany equipment and devices market size was USD 150 billion and USD 160 billion in 2024, representing a compound annual growth rate (CAGR) of 6.7%. Healthcare, automotive, and industrial automation comprise critical sectors. Germany is a pioneer in industrial automation, utilizing robotics and AI extensively in its manufacturing processes. The country's robust market position is also a result of the substantial investments made by the automotive market in sophisticated machinery and devices. The engineering prowess and industrial basis of Germany are evident in its 12% global market share. The export value of apparatus and devices was USD 80 billion in 2023, and USD 85 billion in 2024. The ecological and energy-efficient devices market size was USD 7 billion in 2023 and USD 8 billion in 2024, with a strong emphasis on sustainability.

Japan (2024 Market Size: USD 150 billion)

According to cognitive market research, The Japan equipment and devices market size was USD 140 billion in 2023, and USD 150 billion in 2024, indicating a compound annual growth rate (CAGR) of 7.1%. Healthcare, automotive, and consumer electronics comprise significant markets. The global market's leading brands make substantial contributions to Japan's consumer electronics market, which is particularly robust. Technological advancements are also driven by the automotive market's reliance on sophisticated equipment and devices. Japan's innovation and high-quality manufacturing are the foundations of its 11% global market share. The export value for 2023 was USD 70 billion, and USD 75 billion in 2024. Japan's dedication to sustainability is evident in the USD 6 billion market for energy-efficient devices in 2023, and USD 7 billion in 2024.

South Korea (2024 Market Size: USD 130 billion)

In 2023, the South Korea equipment and devices market size was USD 120 billion, and USD 130 billion in 2024, representing a compound annual growth rate (CAGR) of 8.3%. Consumer electronics, automotive, and telecommunications comprise critical sectors. South Korea is a global leader in consumer electronics, with substantial contributions from key companies in the fields of smartphones and home appliances. The country's 5G infrastructure is also supported by the substantial investment in advanced apparatus by the telecommunications market. South Korea's technological advancements and robust export base have contributed to its 9% global market share. The export value of equipment and devices was USD 60 billion in 2023 and USD 65 billion in 2024. The country's emphasis on sustainability is underscored by the USD 5 billion market value of green and energy-efficient devices in 2023, and USD 6 billion in 2024.

United Kingdom (2024 Market Size: USD 108 billion)

As per cognitive market research, The UK equipment and devices market size was USD 100 billion and USD 108 billion in 2024, with a compound annual growth rate (CAGR) of 8%. The primary markets are healthcare, industrial automation, and consumer electronics. Innovation in remote monitoring and diagnostic tools has fostered substantial development in the healthcare market, particularly in medical devices. The increasing adoption of robotics and AI in manufacturing is also a significant factor in industrial automation. The United Kingdom's robust research and development capabilities are evident in 8% global market share. The export value of equipment and devices was USD 50 billion in 2023 and USD 54 billion in 2024. The UK's dedication to sustainable practices is underscored by the market for energy-efficient devices, with market size USD 4 billion in 2023 and USD 5 billion in 2024.

France (2024 Market Size: USD 102 billion)

The France equipment and devices market size was USD 95 billion in 2023, and USD 102 billion in 2024, representing a compound annual growth rate (CAGR) of 7.4%. Healthcare, aerospace, and industrial automation comprise critical markets. France is a pioneer in the aerospace industry, having made substantial investments in cutting-edge apparatus and devices. Additionally, the healthcare market contributes to development through advancements in medical technology. France's robust industrial base and technological advancements have enabled it to maintain an 7% of the global market share. The export value of equipment and devices was USD 47 billion in 2023 and USD 51 billion in 2024. In 2023, the market for energy-efficient and environmentally friendly devices was USD 3.5 billion and USD 4 billion in 2024, which is indicative of France's commitment to sustainability.

India (2024 Market Size: USD 88 billion)

The Indian equipment and devices market size was USD 80 billion in 2023 and USD 88 billion in 2024, indicating a compound annual growth rate (CAGR) of 10%. Manufacturing, healthcare, and consumer electronics comprise the most significant markets. The manufacturing market, which is fueled by government initiatives such as Make in India, is a substantial consumer of sophisticated apparatus and devices. The healthcare market  is also expanding significantly as a result of the recent increase in investment in medical technology. India's expanding industrial base and technological capabilities are evident in its 6% global market share. The export value of equipment and devices was USD 40 billion in 2023 and USD 44 billion in 2024. In 2023, the market for energy-efficient devices was USD 3 billion, and USD 3.5 billion in 2024. This underscores India's dedication to sustainable development.

Italy ( 2024 Market Size: USD 75 billion)

In 2023, the Italy equipment and devices market size was USD 70 billion, and USD 75 billion in 2024, representing a compound annual growth rate (CAGR) of 7.1%. Manufacturing, automotive, and consumer electronics comprise critical markets. Italy's market is significantly influenced by the manufacturing market, particularly in the areas of advanced apparatus and automation. Additionally, the automotive industry is significantly dependent on sophisticated equipment and devices. Italy's robust industrial foundation and innovative manufacturing practices are evident in its 5% global market share. The export value of equipment and devices was USD 35 billion in 2023 and USD 38 billion in 2024. In 2023, the market for energy-efficient and environmentally friendly devices was USD 2.5 billion and USD 3 billion in 2024, underscoring Italy's commitment to sustainability.

Canada (2024 Market Size: USD 70 billion) 

According to cognitive market research, The Canada equipment and devices market size was USD 65 billion in 2023 and USD 70 billion in 2024, resulting in a compound annual growth rate (CAGR) of 7.7%. Healthcare, industrial automation, and telecommunications comprise the primary markets. Innovation in telehealth and remote monitoring has driven substantial growth in the healthcare market, particularly in medical devices. The adoption of robotics and AI in manufacturing is also contributing to growth through industrial automation. Canada's robust research and development capabilities have enabled it to maintain 5% of the global market share. The export value of apparatus and devices was USD 32 billion in 2023 and USD 35 billion in 2024. The energy-efficient devices  market size is USD 2.5 billion in 2024, a reflection of Canada's dedication to sustainable practices. In 2023, the market was valued at USD 2 billion.

PESTEL Analysis of Equipment and Devices Market

Political

The equipment and devices market is considerably impacted by the political landscape, particularly through regulatory frameworks, trade policies, and government incentives. Manufacturers must adhere to regulatory standards, particularly those that pertain to data privacy, environmental impact, and safety. Adherence to stringent regulations, including the EU's General Data Protection Regulation (GDPR) and the US Federal Communications Commission (FCC) guidelines, is indispensable for consumer trust and market access. Tariffs and trade agreements are also significant factors. For example, the US-China trade conflict has affected supply chains, resulting in increased costs and uncertainties for companies that depend on cross-border trade. Government incentives and subsidies can stimulate innovation and the adoption of sophisticated technologies. Countries such as South Korea and Germany provide substantial support for research and development (R&D) in automation and digital technologies, thereby promoting a competitive advantage. Furthermore, market dynamics are influenced by geopolitical relations and political stability. For instance, Brexit has resulted in regulatory divergence and supply chain modifications within the European market. In general, the market's growth and innovation can be sustained by strategic compliance, adaptability to policy changes, and the utilization of government support when navigating the political landscape.

Economical

Market demand, investment flows, and macroeconomic conditions are among the factors that influence the equipment and devices market within the economic environment. Consumer expenditure and industrial investment in new technologies and equipment are stimulated by economic growth. For instance, the demand for industrial automation, medical equipment, and smart home devices has increased as a result of the global economic recovery that has occurred in the wake of COVID-19. Manufacturing expenses and investment determinations are contingent upon inflation and interest rates. While favorable interest rates encourage financing and investment in R&D, high inflation rates can increase production costs. Companies that engage in international commerce are particularly susceptible to fluctuations in exchange rates. Export profitability and competitiveness may be adversely affected by fluctuations in currency values. Furthermore, innovation and expansion necessitate capital access. Technological advancements and market growth have been stimulated by the significant increase in venture capital and private equity investments in markets such as IoT and renewable energy devices. Economic policies, such as tax incentives and grants, additionally bolster the market. 

Social

Social factors, including demographic trends, consumer preferences, and societal values, substantially influence the equipment and devices market. The demand for healthcare devices, smart home technologies, and consumer electronics is driven by demographic shifts, such as the expanding middle class in emergent markets and the aging populations in developed countries. For instance, the demand for medical monitoring devices and assistive technologies has increased as a result of the growing elderly population in Japanese and European countries. Smart, sustainable, and connected products are becoming increasingly popular among consumers. There is an increasing demand for devices that are facilitated by the Internet of Things (IoT) and provide enhanced security, energy efficiency, and convenience. The increasing sales of wearables and smart home devices are indicative of this trend. Furthermore, market dynamics are being influenced by societal values regarding environmental responsibility and sustainability. The demand for energy-efficient and recyclable equipment is on the rise as consumers and businesses prioritize eco-friendly products. In response, organizations are integrating sustainable practices and green technologies into their manufacturing processes. Education and workforce abilities are also included in social factors. The market's innovation and production are contingent upon the demand for qualified labor in technology and engineering. 

Technological

The equipment and devices market is fundamentally driven by technological advancements, which facilitate market expansion, efficiency, and innovation. The rapid advancement of AI, machine learning, and IoT technologies is revolutionizing the capabilities and applications of products. Smart, connected devices that improve functionality and user experience are enabled by IoT, as demonstrated by industrial automation and smart home systems. AI and machine learning are transforming predictive maintenance, quality control, and personalized healthcare devices. Businesses allocate substantial resources to the development of innovative technologies and the preservation of their competitive edge, necessitating an investment in research and development. For example, Siemens and Honeywell are at the forefront of automation and digitalization, utilizing AI and IoT to improve their product offerings. The incorporation of 5G technology is yet another game-changer, providing a diverse array of devices with quicker, more reliable connectivity. The proliferation of autonomous vehicles, smart cities, and advanced manufacturing processes is facilitated by this development. Cybersecurity is also a critical factor to consider, as the increasing connectivity of devices presents a risk of data breaches and cyber-attacks. In order to safeguard data and guarantee the integrity of their products, organizations are investing in sophisticated security protocols. 

Environmental

The equipment and devices market is being increasingly influenced by environmental factors, which are being driven by regulatory requirements, consumer demand for sustainable products, and corporate social responsibility. The reduction of hazardous materials in manufacturing processes is mandated by regulatory frameworks such as the European Union's Restriction of Hazardous Substances (RoHS) and the US Environmental Protection Agency's (EPA) regulations. Market access and sustainability necessitate compliance with these regulations. The demand for eco-friendly products and consumer awareness are also increasing. There is an increasing preference for products with a minimal carbon footprint, recyclable materials, and energy-efficient devices. Companies are responding by implementing sustainable manufacturing practices and ecological technologies. For example, Schneider Electric and ABB Ltd. are pioneers in the development of energy-efficient solutions and the promotion of sustainability. Furthermore, the development of renewable energy devices and circular economy practices is being stimulated by resource scarcity and climate change. Companies are investing in technologies that improve the longevity of products, minimize pollution, and reduce energy consumption. Supply chain management is also subject to environmental considerations, with an emphasis on the reduction of environmental impact and the promotion of sustainability throughout the value chain. 

Legal

Legal factors, such as intellectual property rights, regulations, and compliance requirements, significantly influence the equipment and devices market. Regulatory compliance is indispensable for operational efficacy and market entry. Companies are required to comply with regulations regarding environmental impact, quality, and safety, including the CE marking of the European Union and the US FDA's medical device regulations. Intellectual property rights (IPR) are essential for safeguarding innovations and preserving a competitive edge. Copyrights, trademarks, and patents are designed to protect proprietary technologies and prevent unauthorized use. In order to safeguard their technological advancements, organizations such as Siemens and GE allocate substantial resources to safeguarding their intellectual property. Antitrust laws and competition regulations are also legal factors that ensure equitable market practices and prevent monopolistic behavior. It is imperative to adhere to occupational health and safety standards and labor laws in order to preserve a work environment that is both safe and ethical. Furthermore, the risks associated with data breaches and the proliferation of connected devices have rendered data privacy and cybersecurity regulations increasingly pertinent. In order to comply with regulations such as GDPR and maintain consumer trust, organizations must establish robust data protection protocols. 

Key Players of Equipment and Devices Market

Siemens AG

Siemens AG generated €90 billion in revenue from its equipment and devices market in 2023, and €95 billion in 2024. The company's annual investment of €5 billion in 2023, and €5.5 billion in 2024, is indicative of its robust research and development initiatives. These initiatives are concentrated on the development of smart infrastructure, automation, and digitalization. Siemens' principal business segments consist of Digital Industries, Smart Infrastructure, Mobility, and Healthcare (Siemens Healthineers). The equipment and devices market is significantly impacted by the Digital Industries and Smart Infrastructure segments, which comprise automation, building technologies, and energy management solutions. Siemens is a global leader in industrial automation and digital infrastructure, driving a 10% of the global market share in the equipment and devices market. The company is a prominent participant in the market due to its global presence and extensive portfolio. Siemens' considerable market presence and growth trajectory are further supported by its strategic initiatives in sustainability and digital transformation, which further enhance its competitive edge.

General Electric (GE)

In 2023, General Electric (GE) generated an USD 70 billion in revenue from its equipment and devices market, and generate USD 75 billion in 2024. In 2023, the organization allocated USD 4 billion to research and development, with an emphasis on the development of technologies related to renewable energy, aviation, healthcare, and electricity. GE's primary business segments are GE Aerospace, GE Healthcare, GE Power, and GE Renewable Energy. The GE Power and GE Renewable Energy segments are essential for the equipment and devices market, as they offer solutions in renewable energy technologies, utility infrastructure, and power generation. Underpinned by its technological leadership and diversified portfolio, GE holds 8% of the global market share in the equipment and devices market. The organization's dedication to sustainability and innovation is demonstrated by its strategic emphasis on digitalization and renewable energy, as well as its investments in research and development. Through its extensive global operations and customer base, GE is able to sustain a substantial presence in the market, further solidifying its strong market position.

Honeywell International Inc.

In 2023, Honeywell International Inc. generated an USD 40 billion in revenue and USD 43 billion in 2024, from its equipment and devices market. In 2023, the company's R&D expenditure was USD 2 billion, and USD 2.2 billion in 2024. The company's primary areas of focus are aerospace, building technologies, performance materials, and safety and productivity solutions. Aerospace, Building Technologies, Performance Materials and Technologies, and Safety and Productivity Solutions comprise Honeywell's principal business segments. The equipment and devices market is significantly impacted by the Building Technologies and Safety and Productivity Solutions segments, which provide products and solutions for industrial safety, security, and building automation. In the equipment and devices market, Honeywell holds 6% of the global market share. This position is bolstered by its extensive product line and technological advancements. The organization's market tionposi is fortified by its strategic emphasis on sustainability and digital transformation, as well as its robust research and development capabilities. Honeywell's substantial market presence and growth potential are further enhanced by its diverse client base and extensive global footprint.

ABB Ltd.

In 2023, ABB Ltd. generated an USD 30 billion and USD 32 billion in 2024 in revenue, from its equipment and devices market. The company concentrated on robotics, automation, electrification, and digital solutions, investing USD 1.5 billion in research and development in 2023 and USD 1.7 billion in 2024. Electrification, Industrial Automation, Motion, and Robotics & Discrete Automation comprise ABB's principal business segments. The equipment and devices market is particularly relevant to the Electrification and Industrial Automation segments, which offer solutions in industrial automation technologies, systems, and electrical products. Driven by its expertise in automation and electrification, ABB holds 5% of the global market share in the equipment and devices market. The company's strategic initiatives and R&D investments are indicative of its dedication to digital transformation and innovation. ABB's competitive advantage and market growth are bolstered by its extensive product portfolio and global operations, which establish it as a key player in the market.

Schneider Electric SE

Schneider Electric SE generated €30 billion in revenue from its equipment and devices market in 2023, and €32 billion in 2024. The company's research and development expenditure was €1.4 billion in 2023 and €1.6 billion in 2024. The company's emphasis is on digital transformation, automation, and energy management. Schneider Electric's principal business segments are Industrial Automation and Energy Management. The Energy Management segment is of particular importance to the equipment and devices market, as it provides products and solutions that address energy efficiency, power distribution, and smart grid technologies. Schneider Electric's robust presence in energy management and automation has enabled it to secure an 5% of the global market share in the equipment and devices market. The company's market position is strengthened by its strategic emphasis on sustainability and digitalization, as well as its comprehensive research and development capabilities. Schneider Electric is a prominent participant in the market due to its extensive global operations and diverse customer base, which contribute to its significant market presence and growth potential.

Recent developments in Equipment and Devices Market

Conclusion

The global equipment and devices market size is USD 1.35 trillion and will be USD 2.2 trilion by 2031, showing a strong compound annual growth rate (CAGR) of 6.30%, thanks to the market's impressive growth and innovation in 2023 and 2024. The proliferation of smart technologies, the Internet of Things, and automation across many sectors is driving this growth. One example is the smart home devices market, which reach to USD 119.98 billion in 2024, up from USD 99.41 billion in 2023, all thanks to the rising desire for connected and energy-efficient solutions among consumers. Wearable devices market size was USD 30.5 billion in 2023 and USD 35.8 billion in 2024, wearable devices also witnessed an increase in revenue.

Telehealth and remote monitoring technologies propelled the medical device market in the healthcare market, which increased from USD 550 billion in 2023 to USD 600 billion in 2024. In 2023, the industrial equipment market was worth USD 200 billion. In 2024, it had risen to over USD 220 billion, driven by enterprises' heavy investment in robotics and AI to improve manufacturing productivity. Important sustainability trends also contributed to the market's meteoric rise from USD 45 billion in 2023 to USD 53 billion in 2024 for environmentally friendly and energy-efficient electronics. It seems like the equipment and gadgets industry has a bright future ahead of it. More smart solution creation and integration across markets is predicted as a result of ongoing improvements in artificial intelligence (AI), machine learning (ML), and 5G technology. Companies will likely invest more in green technology and eco-friendly products, putting more focus on sustainability and energy efficiency. Improvements in manufacturing capacity and market stability will accompany the elimination of supply chain interruptions like semiconductor scarcity.