The latest ‘Electrical Accessories Market Report’ from AMA Research highlights increasing consumer awareness for energy efficiency improvements, supporting carbon reduction and climate change targets.
Changes in legislation affecting electrical accessories continue to have a focus on energy efficiency, reducing carbon emissions and health and safety. Consumers are becoming increasingly aware of energy issues and their associated costs, and increasing demand for more energy efficient products which will continue to be a major driver of further innovation and product development.
With the national rollout of smart meters, this is likely to generate further use of controls for heating, lighting and other electrical products, which should benefit the electrical accessories sector.
The electrical accessories market is largely dominated by low voltage cable systems, followed by circuit protection and wiring accessories. The report states that the product mix has remained fairly stable. The market returned to growth in 2013 and has grown year on since then, with reasonable growth of 5% in 2017.
Product development continues to add value to the market and enable manufacturers to differentiate themselves and their products through the creation of value-added features. Product development has primarily focused on energy efficiency, wireless systems, integrated controls, reduced space, quicker installation and higher quality finishes.
Renewable energy is also likely to become more relevant as technology develops and costs fall. Although government-subsidised initiatives have been cut in recent years, reducing costs of both wind and solar energy installations have led to industry predictions that renewable energy projects with be viable without subsidy by 2025 in the UK. This may create opportunities for growth of associated electrical accessories in the longer-term.