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Surface Mounted Medium Voltage Distribution Panel Market Trends

Report ID: GMI9871
Published Date: Jun 2024
Report Format: PDF

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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.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of surface mounted MV distribution panel was reached USD 3 billion in 2023 and will grow at 5% CAGR between 2024 and 2032, propelled by urbanization, industrialization, and infrastructure development necessitating reliable electrical distribution solutions.

Surface mounted MV distribution panel market share from the commercial segment will witness 5% CAGR through 2032, due to growing demand from sectors like office complexes, shopping malls, and healthcare facilities.

Asia Pacific surface mounted MV distribution panel industry size will record USD 2 billion by 2032, owing to rapid industrialization, urbanization, and infrastructure development across countries like China, India, and Southeast Asia.

Some of the leading surface mounted MV distribution panel industry players include ABB, Arranger Electric Co., Ltd, CSE Solutions Pvt. Ltd., Eaton, ESL POWER SYSTEMS, INC., General Electric, Hager Group, Larsen & Toubro Limited, Legrand, Schneider Electric, Siemens, and Symbiotic Systems, among others.