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The Distribution Boards market is marked by dynamic factors that steer its growth, including urbanization, industrialization, and the burgeoning need for reliable electrical distribution systems. As urban populations swell and cities expand, the demand for electricity escalates, prompting a corresponding rise in the deployment of distribution boards. Although they are the basics of the electricity distribution networks, they have a cornerstone role in the safe and efficient distribution of power across sectors. The market dynamics of infrastructure development projects are very much tied to the electrical networks, which are expanding in the urban and rural areas, while governments are investing towards completing it to meet the energy demands of residential, commercial, and corporate limits.
In fact, technical progress plays a key role in determining the strategy of distribution boards market. Distribution boards will become intelligent and start tearing down all those traditional boundaries as smart technologies emerge. The adaptive features will go as far as remote monitoring, real-time data analytics, and prescriptive maintenance capabilities. These developments help achieve substantially improved forum for electricity distribution systems by providing quicker reactions to faults and augmenting reliability of these systems against all kinds of pressure.
The industrial companies do not only account for the major part of the energy deliveries but act as the key drivers of demand for distribution boards. Due to the development of more automated factories powered by high technology, there is an escalated necessity of reliable electrical networks that can accommodate the vast electrical needs of industrial applications. The fact that distribution boards can be tailor-made to meet specific industrial needs, combined with safety features and adherence to the relevant standards in the industry, should be noted here as a factor significantly influencing market dynamics in the given sector.
In addition to this, renewable energy sources development is also promoting demand for the Distribution Boards market. In a similar vein, the grid power distribution boards that incorporate solar, wind and other renewable energy systems need to be designed at a more sophisticated level so as to efficiently manage the flow of power based on its inputs coming from various sources. The market retaliates around by assembling distribution hubs that are able to satisfy the particular requirements of renewable installations and to secure safe plug-and-play interaction with the overall energy network.
Continual struggle between the players on the Distribution Boards market create its movement. Leading industry actors are not behind when it comes to conducting prolonged research and product development so as to be the abreast of the latest products such as distributed boxes with smart distribution networks and those particularly designated to solve specific business issues. The market is characterized by a variety of offerings, catering to the diverse needs of end-users across residential, commercial, and industrial sectors. Customization, reliability, and comprehensive service offerings play a significant role in establishing a competitive edge.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2023 | USD 4.78 Billion |
| Growth Rate | 5.59% (2024-2032) |
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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