Fixed Mounting Power Distribution Component Market
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Fixed Mounting Power Distribution Component Market size was valued at USD 147.1 billion in 2023 and is poised to grow at a CAGR of 7.7% between 2024 and 2032. The disparity in electric infrastructure between developing and developed economies has fostered a promising business landscape. Major industry players are prioritizing product innovations, notably digitalization and smart grid integration to boost operational efficiency and cater to changing consumer demands.
For instance, in October 2023, Delixi unveiled its newest range of air-insulated switchgear, aimed at bolstering both power distribution efficiency and safety. Additionally, the industry's heightened focus on safety and reliability is spurring the uptake of cutting-edge air-insulated components.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Fixed Mounting Power Distribution Component Market size in 2023: | USD 147.1 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 7.7 |
| 2023 Value Projection: | USD 293.4 Billion |
| Historical Data for: | 2021 to 2023 |
| No of Pages: | 100 |
| Tables, Charts & Figures: | 12 |
| Segments Covered: | Product, Voltage Rating, Application, & Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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Smart grid technologies and the integration of renewable energy sources are set to drive the deployment of related products in the coming years. Simultaneously, the demand for efficient power distribution is propelling the adoption of advanced power distribution components. Strategic collaborations within the industry are not only bolstering market positions but also addressing the escalating demand for sophisticated power distribution solutions.
For instance, in April 2024, Empower Semiconductor inked an agreement deal with Dimac Red Spa to bolster Empower's foothold in Europe and enhance accessibility to its IVR and ECAP products. Furthermore, the evolution of product portfolios, alongside a trend of major industry players pursuing mergers and acquisitions, is poised to be a driving force behind the sector's growth.
The market is categorized into switchboard, distribution panel, motor control panels, and another component based on product. Switchgear holds the largest market share and is expected to surpass USD 117 billion by 2032. Advanced switchgear solutions play a pivotal role in managing voltage levels and reducing power losses, thus ensuring safe and efficient electricity transmission. The rising need for a dependable power supply, alongside the overhaul of aging electrical systems, further fuels the demand for these technologies.
Based on application, the fixed mounting power distribution component market is divided into residential, commercial, industrial, & utility. The commercial industry is projected to witness a robust CAGR of over 8% until 2032. This growth is primarily driven by the increasing adoption of electrical power distribution components in diverse facilities like office buildings, shopping malls, and hospitals. Given the critical nature of their operations, these sectors demand efficient and dependable power distribution components. These components play a pivotal role in maintaining uninterrupted electricity supply for lighting, HVAC systems, and other essential equipment.
The Asia Pacific region is estimated to surpass over USD 134 billion by 2032, strengthened by rapid industrialization, urbanization, and infrastructural developments across emerging economies in region. As countries prioritize sustainable energy infrastructure and energy efficiency, adoption of air insulated components is accelerated by regulatory compliance and need to serve a large, growing population.
The U.S. fixed mounting power distribution component market is experiencing growth driven by increasing infrastructure development, technological advancements, and a focus on renewable energy integration, with key players investing in innovative solutions to meet evolving energy efficiency and reliability standards.
Key market players, including ABB, Siemens, Schneider Electric, Eaton Corporation, and General Electric, are leading manufacturers of fixed mounting power distribution equipment. Their dominance is attributed to factors like strong brand reputation, technological innovations, reliability, and high customer satisfaction, cementing their status as preferred suppliers in the sector.
Some of the key market players operating across the fixed mounting power distribution component industry are:
Market, By Product
Market, By Voltage Rating
Market, By Application
The above information has been provided for the following regions and countries:
Hitachi Energy, Lucy Group Ltd., L&T Electrical & Automation, Meiden Europe GmbH, Ormazabal, Powell Industries, Schneider Electric, Siemens, and Toshiba Energy Systems & Solutions Corporation, are some of the major fixed mounting power distribution component companies worldwide.
Fixed mounting power distribution component industry from the switchgear segment is expected to register exceed USD 117 billion by 2032, due to advanced switchgear solutions playing a pivotal role in managing voltage levels and reducing power losses.
Asia Pacific market is expected to reach over USD 134 billion by 2032, attributed to rapid industrialization, urbanization, and infrastructural developments across emerging economies in the region.
The market size of fixed mounting power distribution component reached USD 147.1 billion in 2023 and is set to register 7.7% CAGR from 2024-2032, owing to the rising disparity in electric infrastructure between developing and developed economies worldwide.