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Base Year: 2023
Companies covered: 19
Tables & Figures: 20
Countries covered: 20
Pages: 110
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Surface Mounted Medium Voltage Distribution Panel Market
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Surface Mounted Medium Voltage Distribution Panel Market Size
The global surface mounted medium voltage distribution panel market size was valued at USD 3 billion in 2023 and is estimated to grow at a CAGR of 5% through 2032. The heightened need for effective and dependable power distribution stems from the rapid urbanization and industrialization that is currently being observed. Moreover, the growing investment in renewable energy as well as the modernization of outdated power distribution systems serves as an important driver for the market. In 2022, Japan created a fund targeted towards advanced energy power grids which equated to USD 155 billion, while also focusing on energy saving technologies, smart grids, and regional interconnections. This initiative is anticipated to enhance the surface mounted medium voltage distribution panel industry significantly.
Expansion in IoT based automation and smart grid technology is increasing the appeal of these panels, making them more beneficial, thereby driving expansion in the market. Furthermore, energy efficiency and sustainability regulations set by governments, along with the increasing focus on eliminating power outages and fostering grid reliability, are propelling the adoption of surface-mounted medium voltage distribution panels.
Surface Mounted Medium Voltage Distribution Panel Market Trends
The market for surface mounted medium voltage distribution panels is characterized by numerous noteworthy shifts. Smart grid systems and the Internet of Things are being integrated into electric power systems, improving efficiency and functionality of the panel. Focus on renewable energy is also creating new opportunities with innovative distribution panels that aid in supporting sustainable infrastructure. As reported by the International Energy Agency (IEA), there was a record global investment of USD 446 billion in 2021 for the renewable sector. This marks a drastic growth since the Paris Agreement in 2015. These developments are expected to have a promising impact on the Southeast Asian markets. Moreover, there is strong motivation to replace the aging power infrastructure to increase grid reliability and resiliency.
Surface Mounted Medium Voltage Distribution Panel Market Analysis
The surface mounted MV distribution panel market is expected to reach USD 4.5 billion by 2032. Increased urban population as well as growth in industrial activities necessitate the need for more effective and efficient power distribution. Aged infrastructure needs to be modernized, and energy sources integrated and advanced distribution panels are required for that. The transition to smart grids and IoT improved systems fosters greater operational efficiency and real-time engagement which in turn contributes to market growth. In addition to that, the increased concerns with energy efficiency and sustainability in the world makes these panels even more favorable.
The surface mounted medium voltage distribution panel market from the commercial industry due to the increasing need for effective and dependable power distribution in commercial structures. This rapid growth from the commercial sector is poised to contribute to an over 5% CAGR till 2032. Additionally, the adoption of smart buildings which necessitate sophisticated energy control and automation systems is creating demand for these panels. Furthermore, the expanding need for energy efficient infrastructures and the use of renewable sources of energy in commercial real estate are also driving host of opportunities for market growth.
The Asia Pacific surface mounted medium voltage distribution panel market size is estimated to surpass USD 2 billion by 2032. This growth is driven by an increase in urbanization and industrialization that requires efficient power distribution. In addition, the government efforts to enhance power supply in the rural regions are boosting the market. The International Energy Agency indicates that the rate of India’s electrification increased from 43% in the year 2000 to nearly 100% by the year 2022. Digital monitoring as well as control features coupled with an increasing focus on energy efficiency and sustainability is set to transform the market further.
The market for the surface mounted medium voltage distribution panel in the U.S. is expanding at a faster rate, owing to the increasing need for effective and reliable power distribution in various sectors. Some of the drivers for the expansion include the infrastructure development projects, growing spending in renewable energy, and the introduction of smart grid systems. In addition, increasing focus on energy controlled and facilitated systems further increases the market for advanced distribution panels in the United States.
Surface Mounted Medium Voltage Distribution Panel Market Share
Schneider Electric has a large share in the surface mounted medium voltage distribution panel industry. They provide innovative and reliable solutions. Their efforts in technology focus on sustainability which addresses the changing needs of the industry and solidifies their leadership position.
Surface Mounted Medium Voltage Distribution Panel Companies
Some of the key players operating across the surface mounted medium voltage distribution panel industry are:
Surface Mounted Medium Voltage Distribution Panel Industry News
The 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
The above information has been provided for the following regions and countries: