Distribution Boards Market worth USD 13.79 billion by 2030, registering a CAGR of 6.67% – Report by Market Research Future (MRFR)
New York, Nov. 08, 2021 (GLOBE NEWSWIRE) — Distribution Boards Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Distribution Boards Market Research Report, Voltage Rating, End Use and Region – Forecast till 2030”, the market is projected to be worth USD 13.79 billion by 2030, registering a CAGR of 6.67% during the forecast period (2022 – 2030), The market was valued at USD 5.25 billion in 2021.
List of the Companies Profiled in the Distribution Boards Market Research Report are –
- General Electric Corp (US)
- Eaton Corporation PLC (Ireland)
- Siemens (Germany)
- Schneider Electric (France)
- ABB (Switzerland)
- Larsen & Toubro (India)
- Hager (Germany)
- Legrand (France)
- NHP Electrical Engineering Products Pty. Ltd (Australia)
- ESL Power Systems (US)
- Industrial Electric Mfg (US)
- East Coast Power Systems Limited (US)
- Others.
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Competitive Analysis
The distribution boards market is experiencing implementations of several strategies, such as collaboration, expansion, product launches, and mergers & acquisitions. Major industry players make large strategic investments in research and development activities and foster their expansion plans.
For instance, on Oct.28, 2021, Panasonic Life Solutions India launched a new premium switchgear series, ‘UNO Plus.’ The new range of protection devices offers advanced security with superior quality, raising the paradigm of energy-efficient and innovative switchgear. The new UNO Plus range consists of a miniature circuit breaker (MCB), residual current operated circuit breaker (RCCB), and distribution boards (DB).
Market Research Future’s Review on Distribution Boards Market
The distribution boards market outlook appears extremely promising. Factors such as continually rising demand for energy and automation of grid distribution processes boost the market shares. Besides, governments around the globe are reforming their policies to encourage the use of energy-efficient devices due to their benefits, such as reduced energy consumption and savings in cost.
Such government initiatives and the rising demand for improved grid efficiency substantiate the market growth. With significant investments in the government’s reliability improvement programs, the market is projected to witness a significant revenue rise over the next few years.
Rapid smart grids deployments to meet growing regulatory targets increase market value. Moreover, global electricity demand and grid infrastructures worldwide boost the market size. Substantial investments in aging grid infrastructure upgrades increase the market revenues. Vast technological advances and improvements in grid technology increase market sales.
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Additionally, rising numbers of deployments of smart grids and growing regulatory targets create substantial market demand, witnessing immense growth in electrical infrastructure modernization expenditures. Utilities worldwide are focusing on making power grids more efficient by integrating renewable energies and taking advantage of information and communication technologies.
Increasing legislative measures toward the expansion of reliable grid infrastructures in developing complement the business landscape. Moreover, the growing uptake of these systems to improve the electricity grid network’s efficiency and flexibility create vast opportunities.
The energy industry has evolved significantly over recent years, mainly due to the rising digital grid deployments. Augmenting demand from the energy sector is a key driving force. Increasing smart city projects and awareness for energy efficiency benefits boost the market value. The rising emphasis on renewable energy is estimated to unlock value and contribute to electrification, automation, and digitalization.
COVID-19 Impact
The COVID-19 outbreak hit the distribution boards industry severely, causing huge revenue losses. Technology providers and device manufacturers confronted various problems, including difficulties in obtaining raw materials & and components, attracting workers from quarantines required for the production, and delivering end products to markets.
Installation and replacements of these solutions were postponed due to strict lockdown regulations, which further impacted the distribution boards market share, bringing the market to a halt. Besides, the lockdown disruptions spiked product prices and subsequently lowered market demand, disrupting component & device manufacturing and supply chains.
Segmentation
The market is segmented into voltage rating, end-use, and regions. The voltage rating segment is sub-segmented into low voltage and medium voltage. The end-use segment is sub-segmented into transmission & distribution utilities, manufacturing & processing industry, commercial & residential, and others. By region, the analysis is segmented into Asia Pacific, Americas, Europe, and the rest-of-the-world.
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Regional Analysis
The Asia Pacific region dominates the global distribution boards market. Factors such as the vast energy demand and the ever-increasing population across the region drive the distribution boards market growth. Besides, the increasing need to protect the electric components and growing infrastructural development boost the distribution boards market size.
Additionally, the growing construction sector and old and aged infrastructure upgrades boost the region’s distribution boards market shares. Furthermore, increasing demand for connectivity and grid monitoring & control processes influences the distribution boards market value.
Segmentation of Market covered in the research:
Distribution Boards Market Research Report: Information by Voltage Rating (Low Voltage and Medium Voltage), End Use (Transmission & Distribution Utilities, Manufacturing & Processing Industry, Commercial & Residential, and Others), and by Region (North America, Europe, Asia-Pacific, Middle East, Africa, and South America)-Forecast till 2030
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