The global distribution boards market size is estimated to reach USD 7.86 billion with a CAGR of 6.40% from 2023 to 2032.
The report presents the strengths, opportunities, threats, and future business risks and offers a holistic overview of the global market environment with the results of COVID-19.
The distribution board is the main electrical supply system for residential, commercial, and industrial organizations. Being one of the most essential devices in the electricity distribution system, it ensures that the current is correctly distributed to all devices that allow it to function properly.
There are main types of distribution boards, i.e. single door distribution boards and double door distribution boards. Single door distribution boards are installed in fairly simple applications and are available in 4-way, 8-way, and 16-way configurations. On the other side, the Double Door Distribution Board is used for heavy-duty operations and is primarily used in commercial applications.
Key Players
· General Electric Inc.
· Havells India Limited
· Lewden Palazzoli
· Sterlite Power Transmission Ltd.
· Siemens AG
· Larsen & Toubro Limited
· Blakley Electrics
· Legrand
· ESL Power Station
Many players like Havells (India), Legrand (France), and Finolex (India), among others, are concentrating on providing highly competitive distribution board products with varied categories. These players also aim to adopt organic and inorganic strategies in the form of new product growth, contracts & agreements, and expansion as part of their expansion strategies. For example, Havells India focuses on innovation by making a significant amount of investment in R&D for offering competitive products.
Market Dynamics
The key factors driving the global distribution board market's growth are growing urbanization across the globe and increasing need for protective devices. In addition, growing access to electricity, particularly in rural areas, will drive the demand for distribution boards. In addition, the aging power infrastructure also provides a growth opportunity for the global market for distribution boards.
Energy efficiency has become the primary driver for the growth of the global distribution board industry. In addition, governments across the globe are developing policies to promote the use of energy-efficient devices because of their advantages, including decreased energy consumption and cost savings. According to the International Energy Efficiency (IEA), global energy demand increased by 1.9% in 2017, driven by strong economic growth, eventually driving energy efficiency. All these factors will boost the distribution boards, which also encourages uninterrupted power.
Market Segmentation
The global distribution boards market has been segmented based on voltage rating and end-use.
Based on the voltage rating, the global distribution boards market includes low voltage and medium voltage. The medium voltage segment is projected to dominate the global market. This share can be due to increasing investments in T&D infrastructure, construction sector, and growing renewable sector.
Based on end-use, the global distribution boards market has been segregated into transmission & distribution utilities, commercial & residential, manufacturing & processing industry, and others. The T&D utilities are anticipated to dominate the market as the T&D infrastructure is aged and needs refurbishment.
Regional Analysis
By region, the global Electrical panels market size has been divided into Asia Pacific, North America, Europe, the Middle East, Africa, and South America.
The Asia Pacific has the highest market share of distribution boards. The rising construction sector and the immediate need to refurbish old and ageing infrastructure will boost the market for distribution boards in the region. China dominated the Asia Pacific region due to its vast population and growing infrastructure activities to cater to the large population.
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