Distribution Panels Market Forecast and CAGR
According to assessment, the distribution panels market is projected to witness growth over 6% to 8% CAGR during the assessment period of 2021 to 2031. Demand for distribution boards or panels will witness steady growth in short-term, with moderate growth outlook in the long-run.
Significant demand from various end use applications will create significant opportunities in near future, however, sales of distribution panels for residential and commercial projects, and other end use applications will provide momentum.
What is Driving Demand for Distribution Panels?
Growing demand in industrial facilities as well as in civic power sub-stations will continue to drive demand for distribution panels. Rural electrification in emerging economies is driving the sales of electrical components. The significant investments by numerous governments for the expansion of electric grid network across the rural areas in the country will provide the opportunities for distribution panels market.
Renovation of existing grid infrastructure along with rising infrastructural spending is set to drive the business expansion. In recent times, the advent of various electrical distribution systems has significantly increased to compete with manufacturers.
As the distribution panel allows for monitoring, testing, switching, routing, and other maintenance to be handled quickly. Thus, manufacturers are venturing into providing these services, which is encouraging the demand for such electrical components. This, in turn, will push the manufacturers to offer various innovations in distribution board features. For instance, electrical components manufacturers is foreseen to drive the growth of distribution panels market.
Distribution panels are extensively available for customers with different sizes. Manufacturers are offering their electrical components through various distribution networks. It enables users to choose their own choice with desired size, brand, price range and others.
Construction Industry is Likely to Augment Sales of the Product
Though the current and forthcoming residential and commercial projects around the globe have been impacted by COVID-19, due to induced slowdown on construction activities, the electrical components manufacturers are likely to witness sustained opportunities in the future from customers across the world.
Demand from interim job sites as well as incorporation of electricity network in building areas is expected to incur the distribution panels in direct proportion.
The product is extensively used to control and distribute appropriate amounts of power to each electrical circuits. Although lockdown and shelter-at-home guidelines have meant restricted production activities, sales are likely to improve over the course of the assessment period.
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China Market Growth Outlook
China is considered to be one of the prominent markets for electrical components manufacturers globally. The regional market is set to tread on the historic pattern of bust and boom during the assessment period 2021-2031. Demand is likely to grow in the next couple of years, as a number of end-use industries make gradual recovery.
Demand for electrical components in China will account for high demand from the construction projects and other end use industries across the country, as demand for electrical components will continues to grow over the forecast period. Chain’s electrical components exports is likely to surge drastically over a period and beyond, and this will continue to benefit various companies.
North America Demand Scenario
North America hold significant share in the electrical components exports, with U.S. projected to lead the sales of distribution panels. Manufacturers of electrical components are offering wide range of solutions to meet the tough demands.
The electrical components can be used in small and medium-sized applications and they are designed to provide long service life, these are well known to ensure the safe use of electricity. These devices are used to control and distribute appropriate amounts of power to each of your electrical circuits.
Despite the COVID-19 challenges, U.S. and Canada have maintained a steady growth in production, sales and exports of electrical components in 2020. US is the major prominent players in the region, creating opportunities for electrical components to cater the demand from end use industry applications.
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Who are the Key Manufacturers and Suppliers of Distribution Panels?
Some of the leading manufacturers and suppliers include
- Schneider Electric
- General Electric
- Larsen & Toubro
- Industrial Electric
- ESL Power Systems
- Hager Group
- NEC Wire & Cables Pvt. Ltd
- APS Industrial
- Abunayyan Holding
- Meba Electric
- Ba’amer Electric
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