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Distribution Panel Market size to exceed $8bn by 2027
Published Date: April 9, 2021Distribution Panel Market size is expected to surpass USD 8 Billion by 2027, as reported in the latest study by Global Market Insights Inc.
Distribution panel industry is set to grow on account of increasing electrification rate and ongoing refurbishment of existing electric infrastructures. Large scale suburban migration coupled with expansion of residential & commercial based power networks will augment the business landscape. Development of stand-alone micro-grid projects along with rapid digitalization across the industrial peripheral will positively sway the business dynamics.
Medium voltage distribution panel market is anticipated to surpass USD 7 billion by 2027. Surging government focus toward increasing electrification rate has significantly uplifted the demand for these panels. Increasing population has led to the expansion of multi-story apartments and residential complexes, accelerating the product demand. Growing investments toward the development of new commercial establishments including colleges, hotels and malls will further stimulate the product penetration.
Coronavirus pandemic will have considerable impact on distribution panel industry growth. The ongoing impact will result into significant decline in the overall capital expenditure across upgradation and expansion of electric infrastructure which in turn will affect the overall industry outlook. However, developed regions are focusing on over-compensating the impacts of COVID- 19 by advancing the operations as the opportunity arises, resulting in gradual market growth.
Expansion of T&D networks will drive surface mounted distribution panel industry forecasts
Surface mounted distribution panel market will grow on account of rigorous development of T&D networks and rapid expansion of small-scale industrial facilities. Incorporation of grid-connected renewable infrastructure coupled with decentralized micro-grid networks is set to fuel the product demand. The product offers key benefits including high reliability, reduced operational & maintenance. In addition, increasing population and urbanization coupled with development of Tier II & III cities will energize the business outlook.
Browse key industry insights spread across 350 pages with 595 market data tables & 34 figures & charts from the report, “Distribution Panel Market Statistics By Voltage (Low Voltage, Medium Voltage), Mounting (Flush Mounting, Surface Mounting), End Use (Residential, Commercial {College/University, Office, Government/Military}, Industrial {Power Generation, Chemical, Refinery, Cement}, Utility), Regional Outlook, Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/distribution-panel-market
Commercial distribution panel market will gain traction on account of expansion of communication hubs and data centers
Commercial distribution panel segment will register over 6% CAGR owing to increasing energy consumption across refineries and government data centers. Rapid growth in the demand for electricity to sustain the functionality of data units will integrate a favorable business scenario. Increasing government financing schemes toward expansion of chemical and cement sector across the emerging economies are expected to escalate the demand for distribution panels.
Refurbishment and replacement of conventional electrical infrastructure will propel the Europe distribution panel market size
France distribution panel industry exceeded USD 140 million in 2020. The rising investments toward the expansion of commercial & residential sector is set to complement the industry landscape. Favorable government policies to supply reliable and continuous power supply to end consumers will amplify the industry outlook. Rigorous expansion of micro-grid networks coupled with subsequent advancements of transmission technologies to cater the increasing energy demand will considerably drive the industry statistics.
Notable players operating across distribution panel market includes Legrand, Schneider Electric, Eaton, ABB, Siemens, Larsen & Toubro, General Electric, NHP, Industrial Electric, Hager Group, ESL POWER SYSTEMS, AGS, Hawa, Meba Electric, Norelco, Abunayyan Holding, EAMFCO and Ba’amer Electric.