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North America Utility Distribution Panel Market Size
- Report ID: GMI10021
- Published Date: Jun 2024
- Report Format: PDF
North America Utility Distribution Panel Market Size
North America Utility Distribution Panel Market reached USD 549.4 million in 2023 and is expected to grow at a CAGR of 4.2% through 2032. The rising demand for electricity, fuelled by urbanization and industrialization, necessitates the expansion and modernization of power distribution infrastructure.
Additionally, the integration of renewable energy sources, such as solar and wind, into the power grid requires advanced distribution panels to manage diverse energy inputs efficiently. In 2022, renewable energy sources, including wind and solar, comprised roughly 15% of electricity generation in the United States, while in Canada, they constituted approximately 6.6% of the electricity generation mix during that year.
Government regulations and incentives promoting energy efficiency and smart grid technologies further boost the market. Technological advancements, such as automation and IoT integration, enhance the functionality and reliability of distribution panels, making them more attractive to utilities. Finally, the increasing emphasis on grid resilience and the need to replace aging infrastructure also contribute significantly to the market's growth.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| North America Utility Distribution Panel Market Size in 2023: | USD 549.4 Million |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 4.2% |
| 2032 Value Projection: | USD 815.2 Million |
| Historical Data for: | 2021 to 2023 |
| No. of Pages: | 70 |
| Tables, Charts & Figures: | 10 |
| Segments covered: | Voltage, Mounting |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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North America Utility Distribution Panel Market Scope
