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The Distribution Boards market, a vital component in the electrical distribution system, is influenced by various market factors that collectively define its growth and dynamics. One of the primary drivers is the continuous expansion of urban infrastructure and the increasing demand for electricity across residential, commercial, and industrial sectors. The necessity of energy for socio-economic growth drives the growth of population and rural-urban migration; thus, efficient and dependable energy distribution cannot be overemphasized. The distribution panel which basically can be referred to as electrical panel or breaker panel performs an important function in the protection and distribution of electric power in buildings hence, it is valuable in the development of building infrastructure.
Energy efficiency and sustainable efforts in the pursuit of a booming green market are yet other important factors that seem to have the power to affect the Distribution Board market. The development of power networks, moving towards getting rid of greenhouse gas pollution and the setting of energy conservation targets currently include an ever-growing demand for energy-efficient electrical distribution solutions. Owing to the response of the manufacturing units within the distribution boards industry with the enhanced productivity of energy management equipment, smart technologies, and demand for energy from renewable sources; it can be said that these products have already started to hit the market. Following this tendency, sustainable construction works well for the development of the environmental-friendly design and the building codes of the Green Building principle.
Electrical technology development is basically the reason for the innovations happening in the distribution board manufacturing and operation. Now the use the smart technologies, like IoT (Internet of Things) connection and digital monitoring instrument by devices are more often. This age modern distribution boards are engineered to provide monitoring information for energy consumption, by which electricity consumption is optimally regulated. The use of these futuristic technologies improves the performance of the distribution board since these become more reliable solutions that can be easily implemented in the consumer's changing needs.
Global economic conditions and building outlines are vital players towards the formation of demand for distribution boards. To say that the process of economic growth usually results in growth of the building sector and the requirement of electric power distribution systems is quite right. Not only the building of residential complexes, infrastructure constructions and industrial facilities have their part in the process of the market economy growth. Furthermore, the market is characterized by trends in residential building, as homeowners follow modern style and efficiency in the distribution system.
The competitive arena is the next important part of the market which the Distribution Boards is facing. With a multitude of manufacturers vying for market share, competition fosters innovation and product development. Companies are investing in research and development to create distribution boards that not only meet basic requirements but also offer additional features such as remote monitoring, energy analytics, and compatibility with smart home systems. This competitive environment benefits end-users by providing a diverse range of options and driving continuous improvement in product quality and performance.
Distribution Boards Market Highlights:
Global Distribution Boards Market Overview:
Distribution Boards Market Size was valued at USD 4.78 Billion in 2023. The Distribution Boards market industry is projected to grow from USD 5.09 Billion in 2024 to USD 7.86 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.59% during the forecast period (2024 - 2032). Increased demand for protecting electrical networks and components and increasing urbanization throughout the globe are the key market drivers enhancing the growth of market.
Source: The Secondary Research, Primary Research, MRFR Database, and Analyst Review
Distribution Boards Market Trends
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Growing demand for safeguarding electrical components and networks is driving market growth.
Market CAGR for distribution boards is being driven by the rising growing demand for safeguarding electrical components and networks. The huge demand for protecting the electrical parts and networks and scarce power supply is being considered by the companies and government. There is an increase in the allocation of investments to renewable energy-production units and penetration in the construction of distribution boards, and also, the growth in infrastructural activities will boost the market growth.
The producers are emphasizing on increasing their production capacities and manufacturing customized distribution boards. The rising demand for electricity in the emerging economies will fuel the growth of the distribution board market. The surging requirement for electrical equipment protection and the safeguarding of network components will offer a boost to the distribution board's demand. The rising construction activities and the continuous requirement for energy from a slew of industries, and the rapid development of strong energy infrastructure will eventually fuel the distribution boards' market growth globally. The increasing deployment of solar panels and wind power turbines and the requirement for distribution boards in the energy utilities section will spread the scope of the market demand globally. The large-scale adoption of smart grid systems and the development of old power infrastructure will provide new growth avenues for market growth.
The replacement of mechanical breakers with new digital circuit breakers in different electricity management applications is driving the market growth as they help in simplified and rapid power management than the mechanical breakers. The inclusion of IT and OT (Operational Technology) in different sections to enhance the distribution system performance is providing a change in the distribution board market. The manufacturers, by providing imroved customer satisfaction, are trying to improve the organizational performance and are also trying to improve the system reliability and efficiency. The operational assets in the electric network in real-time are boosting the market. Therefore, electric distribution systems are increasingly becoming mainstream in OT intelligence for voltage regulators. Thus, driving the Distribution Board market revenue.
However, the rising product recalls due to product failure and also the latency in the execution of power distribution projects, creating panic among the vendors involved in the market projects, is a hindrance to the market growth globally. This further affects the financial status of the vendors due to the differing payment from the utilities. The easy availability of alternative products at a subsidized rate is also a restraint to the growth of the market.
Distribution Boards Market Segment Insights:
Distribution Boards Voltage Type Insights
The Distribution Boards' market segmentation, based on voltage type, includes Low Voltage and Medium Voltage. The medium voltage segment dominates the market, accounting for the largest market revenue. This rise in the segment is due to the increase in the investment of funds for enhancing the transmission & distribution infrastructure and building up of renewable energy units in the countries of North America and Europe. Further, the increase in offshore wind farms will fuel the expansion of this segment globally.
Figure 1: Distribution Boards Market, by Voltage Type, 2024 & 2032 (USD Billion)
Source: The Secondary Research, Primary Research, MRFR Database, and Analyst Review
Distribution Boards End User Insights
The Distribution Board market segmentation, based on end users, includes Transmission & Distribution Utilities, Manufacturing & Processing Industry, and the Commercial & Residential Sectors. The transmission & distribution utilities segment, with the largest market share in the year 2022, dominates the end-user area during the forecast period. The expansion of the segment is due to the replacement of the traditional or old electric grids with new grids along with a growth in capacity expansion along with the electric grid upgradation.
Distribution Boards Regional Insights
By region, the study offers market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Distribution Boards market area dominates the market due to the increase in renewable energy projects in the countries of this region. The launch of smart electric grids and smart electric meters and also the rising demand for electric vehicles will fuel the market in the North American region.
Further, the primary countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, Japan, India, China, Australia, South Korea, and Brazil.
Figure 2: Distribution Boards Market Share By Region 2022 (USD Billion)
Source: The Secondary Research, Primary Research, MRFR Database, and Analyst Review
The Asia-Pacific Distribution Boards Market accounts for the second-largest market share due to the growing urbanization, increasing rate of electrification, and industrialization. Fast upgradation of power grid infrastructure in the countries of this region. Moreover, China’s Distribution Boards market held the largest market share, and the Indian Distribution Boards market was the rapid-growing market in the Asia-Pacific region.
The Europe Distribution Boards market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the rising demand for electric vehicles and increasing renewable energy projects in the region. Further, the German Distribution Boards market held the largest market share, and the UK Distribution Boards market was the rapid-growing market in the European region.
Distribution Boards Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Distribution Boards market grow even more. Market players are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Distribution Boards industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Distribution Boards industry to benefit clients and increase the market sector. In recent years, the Distribution Boards industry has offered some of the most significant advantages to the cable transmission industry. Major players in the Distribution Boards market, including General Electric Inc., Havells India Limited, Lewden Palazzoli, Sterlite Power Transmission Ltd., Siemens AG, Larsen & Toubro Limited, Blakley Electrics, Legrand, ESL Power Station, and others, are attempting to increase market demand by investing in research and development operations.
Siemens is a German multinational conglomerate corporation and a leading industrial manufacturing company in Europe, headquartered in Munich. The primary divisions of the company are digital industries, mobility, smart infrastructure, healthcare, and finance. In March 2021, the company acquired C&S Electric for 2840.3 million dollars. C&S Electric is an Indian-based manufacturer of electronic equipment and electrical including power protection, switchgear, and distribution boards. This acquisition will help the company to get the access to Indian market and establish an export hub for providing low-voltage goods to the market. The company also aims to establish a design and manufacturing center in India through this acquisition, thus allowing the expansion of business to export electrification solutions to the markets that are emerging throughout the world.
Sterlite Power Transmission Limited operates as an electricity transmission company offering power transmission and distribution services, and also the manufacturers power the cables and conductors. In 2019, Sterlite Power which is a main Indian player in the private power transmission section got a letter of award for two projects of more than INR 3000 crore for a Udupi-Kasaragod project inclusive of gas-insulated substations and electric lines. The project is expected to make use of a distribution board for efficiently handling electric instruments & network transmission. This will fuel the expansion of the distribution board industries in India and throughout the zone of Asia-Pacific.
Key Companies in the Distribution Boards market include
- General Electric Inc.
- Havells India Limited
- Lewden Palazzoli
- Sterlite Power Transmission Ltd.
- Siemens AG
- Larsen & Toubro Limited
- Blakley Electrics
- Legrand
- ESL Power Station
Distribution Boards Industry Developments
Eaton is a global leader in power management solutions. In March 2023, the power management company announced that it will release a new product soon. The Cutler-Hammer EasyPac Smart distribution panel makes installation and maintenance hassle-free. It is also built with communication skills and sensors that enable remote monitoring and control.
Schneider Electric is a France-based multinational firm specializing in digital automation and energy management. One of the world’s leaders in energy management said in February 2023 that it would be launching a new product. The EcoStruxure Power One modular distribution panel surpasses other models by being more environmentally friendly while also conserving energy. These include sensors as well as communication abilities which make it appropriate for remote monitoring and control.
ABB is at the forefront of Utility, Industry, Transportation & Infrastructure worldwide, working closely with customers to innovate electrification products; they are one of the few companies that can provide end-to-end industrial system solutions from smart grids through to final consumption. This company announced plans to launch its newest product this January 2023. Terra 3.0 smart distribution panels are modular systems that may be tailored to suit various applications. These features are essential for allowing users to view readings remotely from faraway places.
In line with their diverse range of products for household or industrial use, NEC Wire & Cables recently introduced the MCB Distribution Boards series in 2021, among several others like House Wire, Multicore Cables, Specialty Cables, and LT Power Cables. Furthermore, NEC launched some other items like MCB Distribution Boards exclusive collection, amongst many others, illustrating an unwavering commitment to providing quality electrical materials that last long.
General Electric Company was awarded a multimillion-dollar contract for design, supply, construction and commissioning of onshore/offshore wind substations at Neart na Gaoithe Offshore Wind Farm (NnG) Scotland by EDF Renewables/ESB in January 2020. GE is contracted for the delivery of all infrastructure within the perimeter, including ground works and civil construction. This project is expected to be commissioned by the end of 2023, and it will be fully operational by then. During the project, the substations are likely to use distribution boards as storage places for their equipment.
Distribution Boards Market Segmentation:
Distribution Boards Voltage Type Outlook
- Low Voltage
- Medium Voltage
Distribution Boards End User Outlook
- Transmission & Distribution Utilities
- Manufacturing & Processing Industry
- Commercial & Residential Sector
Distribution Boards Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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