Global Surface Mounted Medium Voltage Distribution Panel Market Overview:
As per MRFR analysis, the Surface Mounted Medium Voltage Distribution Panel Market Size was estimated at 3.66 (USD Billion) in 2022. The Surface Mounted Medium Voltage Distribution Panel Market Industry is expected to grow from 3.82 (USD Billion) in 2023 to 5.67 (USD Billion) by 2032. The Surface Mounted Medium Voltage Distribution Panel Market CAGR (growth rate) is expected to be around 4.47% during the forecast period (2024 - 2032).
Key Surface Mounted Medium Voltage Distribution Panel Market Trends Highlighted
The need for reliable and efficient power distribution systems, as well as an increase in infrastructure investments, drives the Surface Mounted Medium Voltage Distribution Panel Market. Passive and active dimensions relating to the market lie in the creation of distribution panels that not only serve their core functionality but also include new, as well as energy efficiency promotion of existing distribution panels and growing requirements for individual designs. Among the latest trends are Internet of Things-based smart panels, new polymer- and metal-combining technologies, and building-in energy storage systems. Developments in digital transformation, industrial automation, and greenness are expected in the market. The smart technologies implementations will contribute to improved operational efficiency of distribution systems as well as enhanced reliability. This is because it will reduce operational expenditures and enhance safety. The increasing sustainability agenda will support the production of energy-efficient panels and the use of some renewable energy sources.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Surface Mounted Medium Voltage Distribution Panel Market Drivers
Growing Demand for Renewable Energy Sources
The increasing adoption of renewable energy sources, such as solar and wind power, is driving the demand for surface-mounted medium voltage distribution panels. These panels are used to distribute electricity from renewable energy sources to homes and businesses. The rising environmental concerns and government initiatives to promote sustainable energy practices are contributing to the growth of the Surface Mounted Medium Voltage Distribution Panel Market Industry.The integration of renewable energy sources into existing power grids requires efficient and reliable distribution systems, which is boosting the demand for surface mounted medium voltage distribution panels.
Upgrading and Expansion of Electrical Infrastructure
The aging electrical infrastructure in many regions is necessitating upgrades and expansions to meet the increasing demand for electricity. Surface mounted medium voltage distribution panels play a crucial role in upgrading and expanding electrical infrastructure. These panels are designed to handle higher voltage levels and currents, making them suitable for use in industrial, commercial, and residential applications. The growing demand for reliable and efficient power distribution is driving the growth of the Surface Mounted Medium Voltage Distribution Panel Market Industry.
Industrial Automation and Digitization
The increasing adoption of industrial automation and digitization is creating new opportunities for the Surface Mounted Medium Voltage Distribution Panel Market Industry. Surface mounted medium voltage distribution panels are used to distribute power to industrial machinery and equipment. The growing need for automation and digitization in industries such as manufacturing, mining, and transportation is driving the demand for these panels.
Surface Mounted Medium Voltage Distribution Panel Market Segment Insights:
Surface Mounted Medium Voltage Distribution Panel Market Voltage Insights
The Surface Mounted Medium Voltage Distribution Panel Market is segmented by voltage into 12 kV, 24 kV, 36 kV, and 48 kV. The 12 kV segment is expected to hold the largest market share in 2023, accounting for over 35% of the global market. This is due to the increasing demand for 12 kV distribution panels in various applications, such as commercial buildings, industrial facilities, and power plants. The 24 kV segment is expected to grow at the highest CAGR during the forecast period, owing to the growing adoption of 24 kV distribution systems in emerging economies.The 36 kV and 48 kV segments are expected to account for a significant share of the global market in 2023 due to the increasing demand for higher voltage distribution panels in power transmission and distribution networks. The Surface Mounted Medium Voltage Distribution Panel Market is driven by several factors, including the growing demand for electricity, the increasing adoption of renewable energy sources, and the need for reliable and efficient power distribution systems. The market is also expected to benefit from the growing trend towards urbanization and industrialization.The Surface Mounted Medium Voltage Distribution Panel Market is highly competitive, with a number of leading players. Some of the key players in the market include ABB, Siemens, Schneider Electric, Eaton, and General Electric. The market is expected to be valued at USD 5.67 billion by 2032, up from USD 3.82 billion in 2023. The growth of the market is expected to be driven by the increasing demand for electricity, the growing adoption of renewable energy sources, and the need for reliable and efficient power distribution systems.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Surface Mounted Medium Voltage Distribution Panel Market Application Insights
The Surface Mounted Medium Voltage Distribution Panel Market is segmented by Application into Industrial, Commercial, Utilities, and Data Centers. Among these segments, the Industrial segment is expected to hold the largest market share in 2023 and is projected to reach a valuation of 1.54 billion USD by 2032. This growth is attributed to the increasing demand for surface mounted medium voltage distribution panels in industrial facilities for the efficient distribution of electricity. The Commercial segment is expected to witness a significant growth rate during the forecast period, owing to the rising construction activities and the need for reliable power distribution systems in commercial buildings.The Utilities segment is projected to hold a steady market share, driven by the ongoing grid modernization initiatives and the need for reliable power distribution in utility applications. The Data Centers segment is expected to experience substantial growth due to the increasing demand for data centers and the need for reliable power distribution systems to support the growing volume of data traffic.
Surface Mounted Medium Voltage Distribution Panel Market Enclosure Type Insights
The Surface Mounted Medium Voltage Distribution Panel Market is segmented by Enclosure Type into Indoor and Outdoor. The Indoor segment accounted for the largest market share in 2023 and is projected to continue to dominate the market during the forecast period. This is due to the increasing demand for indoor electrical distribution systems in commercial and industrial buildings. The Outdoor segment is also expected to witness significant growth during the forecast period, as there is a growing need for outdoor electrical distribution systems in harsh environments such as oil and gas fields and mining sites.The Surface Mounted Medium Voltage Distribution Panel Market revenue for the Indoor segment is expected to reach $2.56 billion by 2024, while the Outdoor segment is expected to reach $1.3 billion by 2024. These segments represent a significant growth opportunity for manufacturers and distributors of surface mounted medium voltage distribution panels.
Surface Mounted Medium Voltage Distribution Panel Market Protection Level Insights
The Protection Level segment plays a crucial role in the Surface Mounted Medium Voltage Distribution Panel Market, influencing market growth and revenue generation. Among the key Protection Level types, IP31, IP41, IP54, and IP65 hold significant positions in the market. IP31 offers protection against solid objects over 2.5mm and dripping water, making it suitable for indoor applications. IP41 extends this protection to solid objects over 1mm, while IP54 provides further protection against dust and water splashes. IP65 represents the highest level of protection, guarding against dust and water jets from any direction.The choice of Protection Level depends on the specific application environment and the level of protection required for the electrical equipment. Higher Protection Level panels command a premium in the market due to their enhanced durability and reliability in demanding conditions.
Surface Mounted Medium Voltage Distribution Panel Market Features Insights
The Surface Mounted Medium Voltage Distribution Panel Market is segmented based on Features into Metering Capabilities, Remote Monitoring, Arc Flash Protection, and Seismic Certification. The metering Capabilities segment is anticipated to grow significantly owing to the increasing need for real-time monitoring of energy consumption and power quality. Remote Monitoring segment is expected to witness substantial growth due to the rising adoption of IoT and smart grid technologies. The Arc Flash Protection segment is projected to grow at a steady pace due to the growing emphasis on safety and compliance with industry standards.The seismic Certification segment is expected to grow steadily due to the increasing demand for earthquake-resistant electrical equipment in regions prone to seismic activity.
Surface Mounted Medium Voltage Distribution Panel Market Regional Insights
The Surface Mounted Medium Voltage Distribution Panel Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, North America is expected to hold the largest market share in 2023, owing to the presence of a large number of industrial and commercial facilities in the region. Europe is expected to follow North America in terms of market share due to the growing demand for energy-efficient and reliable power distribution systems in the region. APAC is expected to be the fastest-growing region in the Surface Mounted Medium Voltage Distribution Panel Market due to the increasing demand for electricity in developing countries in the region.South America and MEA are expected to witness moderate growth in the Surface Mounted Medium Voltage Distribution Panel Market due to the increasing investment in infrastructure and industrial development in these regions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Surface Mounted Medium Voltage Distribution Panel Market Key Players And Competitive Insights:
Major players in the Surface Mounted Medium Voltage Distribution Panel Market industry are focusing on expanding their global presence and strengthening their product portfolios. Leading Surface Mounted Medium Voltage Distribution Panel Market players are investing in research and development to introduce innovative products that meet the evolving demands of customers. The Surface Mounted Medium Voltage Distribution Panel Market is expected to witness significant growth in the coming years, driven by factors such as increasing demand for reliable and efficient power distribution solutions, rising investments in renewable energy projects, and expanding industrial infrastructure. The competitive landscape of the Surface Mounted Medium Voltage Distribution Panel Market is characterized by the presence of both established and emerging players.Leading Surface Mounted Medium Voltage Distribution Panel Market players such as Schneider Electric, Eaton, Siemens, and ABB are focusing on expanding their product offerings, establishing strategic partnerships, and expanding their regional presence. These companies are also investing in research and development to stay ahead of the competition and meet the changing needs of customers.Competitor companies in the Surface Mounted Medium Voltage Distribution Panel Market include General Electric, Mitsubishi Electric, and Fuji Electric. These companies are focusing on providing innovative and cost-effective solutions to customers. They are also focusing on expanding their presence in emerging markets to capture growth opportunities.
Key Companies in the Surface Mounted Medium Voltage Distribution Panel Market Include:
- General Electric
- Legrand
- Emerson Electric
- nVent Electric
- Rockwell Automation
- Schneider Electric
- Eaton
- Crompton Greaves
- Mitsubishi Electric
- Socomec
- Rittal
- Larsen Toubro
- Siemens
- ABB
Surface Mounted Medium Voltage Distribution Panel Market Industry Developments
The Surface Mounted Medium Voltage Distribution Panel Market is expected to reach USD 5.67 billion by 2032, exhibiting a CAGR of 4.47% from 2024 to 2032. Rising demand for reliable and efficient power distribution systems in industrial, commercial, and residential sectors is driving market growth. Additionally, increasing investments in renewable energy sources and smart grid infrastructure are contributing to the demand for surface mounted medium voltage distribution panels. Furthermore, technological advancements, such as the integration of sensors and IoT capabilities, are enhancing the functionality and efficiency of these panels. Recent news developments include the launch of new products with advanced features, such as remote monitoring and control capabilities, by leading manufacturers. Strategic collaborations and acquisitions are also shaping the market landscape as companies seek to expand their product portfolios and geographic reach.
Surface Mounted Medium Voltage Distribution Panel Market Segmentation Insights
Surface Mounted Medium Voltage Distribution Panel Market Voltage Outlook
Surface Mounted Medium Voltage Distribution Panel Market Application Outlook
- Industrial
- Commercial
- Utilities
- Data Centers
Surface Mounted Medium Voltage Distribution Panel Market Enclosure Type Outlook
Surface Mounted Medium Voltage Distribution Panel Market Protection Level Outlook
Surface Mounted Medium Voltage Distribution Panel Market Features Outlook
- Metering Capabilities
- Remote Monitoring
- Arc Flash Protection
- Seismic Certification
Surface Mounted Medium Voltage Distribution Panel Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
3.66 (USD Billion) |
| Market Size 2023 |
3.82 (USD Billion) |
| Market Size 2032 |
5.67 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
4.47% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
General Electric, Legrand, Emerson Electric, nVent Electric, Rockwell Automation, Schneider Electric, Eaton, Crompton Greaves, Mitsubishi Electric, Socomec, Rittal, Larsen Toubro, Siemens, ABB |
| Segments Covered |
Voltage, Application, Enclosure Type, Protection Level, Features, Regional |
| Key Market Opportunities |
Increase demand for reliable power distribution Adoption of smart distribution grids Growing emphasis on grid modernization Rise in urbanization and industrialization Technological advancements and product innovations. |
| Key Market Dynamics |
Rising demand for renewable energy Increasing industrial automation Growing population and urbanization Technological advancements Government regulations |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Surface Mounted Medium Voltage Distribution Panel Market is anticipated to be valued at around USD 3.82 billion in 2023.
The Surface Mounted Medium Voltage Distribution Panel Market is projected to reach approximately USD 5.67 billion by 2032, exhibiting a CAGR of 4.47% from 2024 to 2032.
North Americai s expected to dominate the Surface Mounted Medium Voltage Distribution Panel Market, owing to the increasing demand for electricity and the presence of a large industrial base.
The industrial segment is projected to drive the growth of the Surface Mounted Medium Voltage Distribution Panel Market due to the rising demand for reliable and efficient power distribution systems in industrial facilities.
Key competitors in the Surface Mounted Medium Voltage Distribution Panel Market include ABB, Siemens, Schneider Electric, Eaton, and General Electric.
Factors driving the growth of the Surface Mounted Medium Voltage Distribution Panel Market include increasing urbanization, rising demand for electricity, government regulations, and technological advancements.
Emerging trends in the Surface Mounted Medium Voltage Distribution Panel Market include the adoption of smart grids, the integration of renewable energy sources, and the use of advanced materials.
Challenges faced by the Surface Mounted Medium Voltage Distribution Panel Market include supply chain disruptions, rising raw material costs, and intense competition.
Growth opportunities for the Surface Mounted Medium Voltage Distribution Panel Market lie in expanding into emerging markets, developing new products, and adopting sustainable practices.
Key factors to consider when investing in the Surface Mounted Medium Voltage Distribution Panel Market include market size, growth potential, competition, regulations, and technological advancements.
