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Fixed Mounting Power Distribution Component Market Trends

Report ID: GMI10506
Published Date: Jul 2024
Report Format: PDF

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Fixed Mounting Power Distribution Component Market Trends

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.

Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

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.

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.

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.