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North America Surface Mounted Distribution Panel Market Trends

Report ID: GMI11594
Published Date: Sep 2024
Report Format: PDF

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North America Surface Mounted Distribution Panel Market Trends

The North America surface-mounted distribution panel market is growing due to increased demand for efficient electrical distribution systems across sectors. Smart, energy-efficient panels with advanced monitoring technologies are gaining traction, enhancing energy management and reducing costs. The rise in renewable energy installations, particularly solar, is driving demand for compatible distribution solutions. According to the U.S. Energy Information Administration, solar electricity generation in the United States increased by 26% in 2022 compared to the previous year, highlighting the growing need for advanced distribution panels.

Regulatory changes focused on energy efficiency and safety standards are accelerating the adoption of modern surface-mounted panels. As construction and renovation activities expand in North America, the market is poised for growth, offering innovative solutions to meet evolving electrical demands.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market was valued at USD 935.9 million in 2023 and is projected to grow at a CAGR of 4.2% by 2032, driven by urbanization, infrastructure development, and the integration of smart technologies.

The commercial sector is anticipated to surpass USD 570 million by 2032, driven by the demand for energy-efficient solutions, the trend of smart buildings, and the renovation and retrofitting of existing infrastructures.

The U.S. market is projected to exceed USD 1 billion by 2032, driven by the demand for energy-efficient electrical systems, the adoption of smart building technologies, and ongoing infrastructure upgrades.

Prominent players include ABB, Ags, Alfanar Group, Eaton, Gem Switchgear, General Electric, Hager Group, Legrand, Larson Electronics, Meba Electric, NHP, Norelco, Raycap, Schneider Electric, Siemens, and Voltex