Surface Mounted Medium Voltage Distribution Panel Market Size - By End Use (Commercial, Industrial, Utility), Regional Outlook & Forecast, 2024 – 2032

Surface Mounted Medium Voltage Distribution Panel Market Size

Surface Mounted Medium Voltage Distribution Panel Market was valued at USD 3 billion in 2023 and is estimated to grow at a CAGR of 5% during 2024 to 2032. Increasing urbanization and industrialization are leading to a surge in demand for reliable and efficient power distribution solutions. Additionally, rising investments in renewable energy infrastructure and the need for modernization of aging power distribution networks are significant contributors to market growth.
 

Advancements in smart grid technology and the integration of IoT and automation are enhancing the efficiency and functionality of these panels, further fueling market expansion. Government policies and initiatives promoting energy efficiency and sustainability, along with the growing emphasis on reducing power outages and enhancing grid reliability, are also driving the adoption of surface-mounted medium voltage distribution panels.
 

Surface Mounted Medium Voltage Distribution Panel Market Trends

The surface mounted medium voltage distribution panel industry is witnessing several notable trends. The growing adoption of smart grid technologies and IoT integration is enhancing panel efficiency and functionality. Increased focus on renewable energy sources is driving demand for advanced distribution panels capable of supporting sustainable infrastructure. According to the International Energy Agency (IEA), the renewable sector saw a global investment of USD 446 billion in 2021, a significant increase since the Paris Agreement in 2015. Additionally, there is a significant push towards upgrading aging power infrastructure to improve grid reliability and resilience.
 

Surface Mounted Medium Voltage Distribution Panel Market Analysis

The surface mounted MV distribution panel industry is projected to grow over USD 4.5 billion by 2032. The increasing urbanization and industrial activities demand robust and efficient power distribution solutions. Governments and utilities are heavily investing in modernizing aging infrastructure and integrating renewable energy sources, which necessitates advanced distribution panels. The push towards smart grids and IoT-enabled systems enhances operational efficiency and real-time monitoring, further fueling market expansion. Additionally, the growing focus on energy efficiency and sustainability aligns with global environmental goals, propelling the adoption of these panels. Technological advancements in digital monitoring and control are also making these panels indispensable in contemporary utility networks.
 

Based on end use, the commercial sector is anticipated to grow at a CAGR of over 5% through 2032, due to increasing demand for reliable and efficient power distribution in commercial buildings. The rise in smart buildings, which require advanced energy management and automation systems, is driving the adoption of these panels. Additionally, the push for energy-efficient infrastructure and the integration of renewable energy sources in commercial properties are further propelling market expansion.
 

Asia-Pacific mounted medium voltage distribution panel market is projected to surpass USD 2 billion by 2032, driven by rapid urbanization and industrialization, which demand robust and efficient power distribution systems. Moreover, initiatives aimed at improving electricity accessibility in rural areas are fueling the market's growth. As per the International Energy Agency (IEA), India's electrification rate surged from a mere 43% in 2000 to a comprehensive 100% by 2022. Technological advancements in digital monitoring, control features, and the emphasis on energy efficiency and sustainability are also key factors propelling the market forward.
 

The U.S. surface mounted medium voltage distribution panel market is experiencing robust growth, driven by increasing demand for reliable and efficient power distribution solutions across various sectors. Factors such as infrastructure modernization initiatives, rising investments in renewable energy integration, and the adoption of smart grid technologies are contributing to market expansion. Additionally, the emphasis on energy efficiency and sustainability further propels the demand for advanced distribution panels in the U.S. market.
 

Surface Mounted Medium Voltage Distribution Panel Market Share

Schneider Electric holds a significant share in the surface mounted medium voltage distribution panel market, offering innovative and reliable solutions. With a focus on technology and sustainability, it meets evolving industry needs, cementing its leadership position.
 

Surface Mounted Medium Voltage Distribution Panel Companies

Major key players operating across the surface mounted medium voltage distribution panel industry are:

• ABB
• Ags
• alfanar Group
• Arranger Electric Co., Ltd
• CSE Solutions Pvt. Ltd.
• Eaton
• EAMFCO
• ESL POWER SYSTEMS, INC.
• General Electric
• Hager Group
• INDUSTRIAL ELECTRIC MFG
• Larsen & Toubro Limited
• Legrand
• Meba Electric Co., Ltd
• NHP
• Norelco
• Paneltronics
• RBaker
• Schneider Electric
• Siemens
• Symbiotic Systems
   

Surface Mounted Medium Voltage Distribution Panel Industry News

• In November 2023, ABB developed the Protecta Power Panel Board, a versatile solution tailored for commercial and industrial settings. This dynamic board prioritizes safety, reliability, and adaptability, serving diverse applications like offices, retail, and manufacturing. With advanced protection and control features, it ensures efficient power distribution while optimizing space and installation. ABB's dedication to innovation solidifies its leadership in the electrical sector.
   

This surface mounted medium voltage distribution panel market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2021 to 2032, for the following segments:

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Market, By End Use

• Commercial
• Industrial
• Utility

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada 
• Europe
  • UK
  • France
  • Germany
  • Russia
  • Italy
• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Egypt
• Latin America
  • Brazil
  • Argentina
  • Mexico