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Table of Content
Asia Pacific Distribution Panel Market
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Asia Pacific Distribution Panel Market Size
Asia Pacific Distribution Panel Market size was valued at USD 3.1 billion in 2023 and is projected to grow at a CAGR of 5.9% from 2024 to 2032. The increase in construction activities, infrastructure development, and expansion of commercial and industrial sectors along with the growing emphasis on sustainability and renewable energy sources will energize the business scenario.
To get key market trends
For instance, in 2022, India's renewable energy sector experienced an annual growth rate exceeding 7%, reflecting the country's significant strides towards sustainable energy development. Furthermore, the continuous integration of smart technologies including advanced metering systems and monitoring devices, enabling remote supervision, administration, and regulation of electrical distribution, will further augment the business landscape.
Asia Pacific Distribution Panel Market Report Attributes
| Key Takeaway | Details |
|---|---|
| Market Size & Growth | |
| Base Year | 2023 |
| Market Size in 2023 | USD 3.1 Billion |
| Forecast Period 2024 - 2032 CAGR | 5.9% |
| Market Size in 2032 | USD 5.3 Billion |
| Key Market Trends | |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
What are the growth opportunities in this market?
Asia Pacific Distribution Panel Market Trends
The Asia Pacific distribution panel industry is witnessing significant growth on account of Sustainable development in various areas, including infrastructure projects, and renewable energy integration along with ongoing urbanization, industrialization across the region. This expansion is driving the demand for reliable electrical distribution systems, encouraging the adoption of distribution panels across residential, commercial, and industrial applications.
Additionally, the growing investments across smart grid technologies will boost the market growth. For instance, in May 2022, Japan launched a comprehensive funding initiative. This program, amounting to USD 155 billion, aims to promote investments specifically in the development and enhancement of intelligent power grid infrastructure by improving grid reliability through cutting-edge technology, which in turn will fuel the market growth.
Asia Pacific Distribution Panel Market Analysis
Learn more about the key segments shaping this market
The medium voltage distribution panel market across Asia Pacific region is projected to reach over USD 4 billion by 2032. This surge can be attributed to several factors, including increasing industrialization, urbanization, and infrastructure development across the region. As demands for reliable and efficient electricity distribution rise, there is a heightened need for medium voltage distribution panels to ensure seamless power supply to various sectors such as manufacturing, commercial, and residential. Moreover, advancements in technology, such as digitalization and smart grid integration, are further driving the adoption of medium voltage distribution panels, fostering growth opportunities for market players in the Asia-Pacific region.
Learn more about the key segments shaping this market
Based on mounting, the Asia Pacific distribution panel market is segmented in flush mounting and surface mounting. The surface mounting market is projected to achieve a CAGR of over 5% by 2032. Government regulations and standards related to electrical safety, energy efficiency, and building codes coupled with innovative features including power monitoring, load shedding, and energy optimization capabilities will escalate the business potential.
Moreover, integration of advanced technologies such as Internet of Things (IoT), cloud computing, and artificial intelligence (AI) into building management systems influences the design and functionality of surface-mounted panels, driving the adoption of smart and connected solutions. In addition, increasing demand for compact and space-efficient electrical distribution solutions drives growth in surface-mounted distribution panels in Asia-Pacific.
Looking for region specific data?
The distribution panel market in China is projected to exceed USD 2.3 billion by 2032. The increasing demand for smart buildings, alongside urban redevelopment and energy efficiency initiatives, is driving the adoption of distribution panels. Additionally, the rapid growth of data centers in China, driven by increasing demand for digital services, cloud computing, and data storage, requires robust electrical distribution systems supported by distribution panels to ensure reliable power supply and uptime.
For instance, in May 2022, China's National Development and Reform Commission revealed plans to double the sanctioned count of data center clusters by introducing four additional mega clusters. This move is anticipated to spur heightened demand for distribution panels across diverse sectors.
Asia Pacific Distribution Panel Market Share
General Electric is one the key players in the distribution panel industry, offers a diverse range of distribution panels for residential, commercial, and industrial applications. These panels incorporate advanced technology for safety, reliability, and energy efficiency, providing scalable solutions tailored to specific installation requirements.
Asia Pacific Distribution Panel Market Companies
The key players operating across the industry include:
- ABB
- Akey Electro Techniques
- alfanar Group
- Dynamic Control Systems
- Eaton
- General Electric
- Hager Group
- Larsen & Toubro Limited
- Legrand AV Inc.
- Nextgen power controls
- Power Tech India
- Schneider Electric
- Siemens
- Symbiotic Systems
- TERASAKI ELECTRIC CO. (FE) PTE LTD
- Zhejiang Zhegui Electric Co., Ltd.
Asia Pacific Distribution Panel Industry News:
- In November 2023, ABB unveiled its Protecta Power Panel Board, a breakthrough in electrical distribution solutions. This innovative panel board merges safety and efficiency features, addressing a wide range of industrial and commercial needs. With its sturdy construction and advanced features such as improved protection and simplified installation, the company dedication is to providing dependable and forward-thinking solutions to the industry.
- In 2023, Siemens, alongside Rail Vikas Nigam Limited, secured a bid to electrify Mumbai Metro Line 2B, from DN Nagar to Mandale. The contract involves supplying and installing two 110 kV receiving substations, along with cabling work, overhead catenary system, auxiliary power distribution, and SCADA system, enhancing Mumbai's metro electrification network for seamless transportation.
The Asia Pacific distribution panel market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2019 to 2032, for the following segments:
Market, By Voltage, 2019 – 2032 (USD Million)
- Low Voltage
- Medium Voltage
Market, By Mounting, 2019 – 2032 (USD Million)
- Flush Mounting
- Surface Mounting
Market, By End Use, 2019 – 2032 (USD Million)
- Residential
- Commercial
- Industrial
- Utility
The above information has been provided for the following country:
- China
- Australia
- India
- Japan
- South Korea
Frequently Asked Question(FAQ) :
Who are the key leaders in the distribution panel industry from Asia Pacific?
Eaton, Hager Group, Larsen & Toubro Limited, Legrand AV Inc., Nextgen power controls, Power Tech India, Schneider Electric, Siemens, Symbiotic Systems, TERASAKI ELECTRIC CO. (FE) PTE LTD, and Zhejiang Zhegui Electric Co., Ltd., are some of the major distribution panel companies in Asia Pacific.
How big is the China distribution panel market?
China distribution panel industry is expected to cross USD 2.3 billion by 2032 due to increasing demand for smart buildings, alongside urban redevelopment, and energy efficiency initiatives, driving the adoption of distribution panels in the country.
What is the size of the Asia Pacific distribution panel industry?
Asia Pacific distribution panel market size was USD 3.1 billion in 2023 and is expected to register 5.9% CAGR from 2024-2032 owing to increase in construction activities, infrastructure development, and expansion of commercial and industrial sectors in the region.
Why is the demand for medium voltage distribution panel growing in Asia Pacific?
Asia Pacific distribution panel market from the medium voltage segment is expected to exceed USD 4 billion by 2032 due to increasing industrialization, urbanization, and infrastructure development along with rising demands for reliable and efficient electricity distribution.
