Market Size of Power Equipment Industry
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 31.62 Billion |
| Market Size (2029) | USD 40.10 Billion |
| CAGR (2024 - 2029) | 4.87 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Power Equipment Market Analysis
The Power Equipment Market size is estimated at USD 31.62 billion in 2024, and is expected to reach USD 40.10 billion by 2029, growing at a CAGR of 4.87% during the forecast period (2024-2029).
COVID-19 negatively impacted the market in 2020. Presently, the market has reached pre-pandemic levels.
- Over the medium term, increasing population growth and infrastructure development are expected to increase energy demand, consequently increasing the demand for power equipment during the forecasted period.
- On the other hand, high operations and maintenance costs are expected to hinder market growth.
- Nevertheless, the increasing technological investments in developing renewable energy and smart grid infrastructure are expected to create huge opportunities for the power equipment market.
