With the increasing trend of digital transformation, the industry has to prepare for technological advances that will propel it towards the future of digitalization and the internet of things.
Electrical equipment and components are machines and their components that generate, distribute, and use electrical power. This can mean producing electric wires and cables, electrical components, and manufacturers of power-generating equipment and other heavy electrical equipment. The industry has widespread applications, examples include coating, condition monitoring, electricals, energy storage, environment simulation, industrial testing, noise monitoring, photonics, power electronics, RF and Microwave, geospatial, and thin films applications. The operating structure involves high fixed costs and is highly dependent on essential raw materials. Therefore, fluctuation in commodities prices and other raw materials may have impacts on industry performance.
The semiconductor industry is the aggregate of companies engaged in the design and fabrication of semiconductors and semiconductor devices. The semiconductor industry is the driving force and the backbone behind the wider electronic industry. As the electronic device market proliferates the semiconductor industry will continue to prosper. There are four categories of semiconductors namely microprocessors, commodity integrated circuits, memory chips, and complex systems. The semiconductor industry plays a key role in the development of new technology and innovation for electronic products. The industry is predominantly manufactured in 6 places: China, Malaysia, South Korea, Singapore, Taiwan, and Japan. Key players in the industries are Intel Corp, Taiwan Semiconductor Manufacturing, Qualcomm, Broadcom, Micron, NVIDIA, and ASE technology.
The devices in this sector convert electrical power to another form. The amount of power generated or converted depends on the capacity size of motors, generators, and transformers. Top manufacturers in the sector are Caterpillar Inc, Toshiba, ABB, and Schweitzer Engineering Laboratories, Inc. among many others.
Batteries are used as energy storage for many applications. Over the last decade, a surge in demand and production of lithium-ion batteries has provided many new opportunities. The rapid increase in production has brought an 85% decline in battery prices, making applications such as electric vehicles and other energy storage applications viable. The implication of the battery application viability is vital to transitioning away from fossil fuel dependence and is set to play greater importance in the coming decade. Low-cost battery storage is changing the future of the sector and disrupting existing technology.
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