Distribution Panel Market Size - By Voltage (Low Voltage, Medium Voltage), By Mounting (Flush Mounting, Surface Mounting), By End Use (Residential, Commercial, Industrial, Utility) & Global Forecast, 2023 – 2032

Distribution Panel Market Size

Distribution Panel Market size was valued at USD 6.7 billion in 2022 and is anticipated to exhibit a CAGR of 5.7% between 2023 and 2032. A distribution panel, also known as a distribution board or panelboard, is an electrical enclosure that houses circuit breakers, fuses, and other protective devices used to distribute electrical power within a building or facility. The growing implementation of smart grid networks and the upgrading of existing power networks will positively impact the business environment. In addition, ongoing integration of smart technologies including monitoring devices and advanced metering systems to enable remote monitoring, management, and control of electrical distribution will complement business landscape.

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Distribution panel industry is predicted to gain appreciable momentum on account of increasing focus on energy efficiency mandates and regulation to minimize power losses and reduce energy consumption will accelerate industry size. Growing adoption of renewable energy sources including wind and solar power coupled with increasing demand for smart distribution panels systems comprising of smart grid systems and smart homes will energize favorable business scenario.

The distribution panel market is set for growth due to the rising rate of electrification in association with ongoing refurbishment of existing electric infrastructures. The expansion of residential and commercial power networks driven by large-scale suburban migration will contribute to the market's growth. Moreover, the development of stand-alone micro-grid projects in line with the rapid digitalization of industrial peripherals will have a positive impact on the industry dynamics.
 

COVID-19 Impact

The COVID-19 pandemic has had a significant impact on the distribution panel market. The global shutdowns and restrictions imposed to control the spread of the virus disrupted supply chains, halted construction activities, and affected overall economic conditions. As a result, the market experienced a slowdown in demand and production. However, as economies gradually recover and construction activities resume, the market is slated to regain momentum. Furthermore, the increasing need for reliable and efficient electrical distribution systems in various sectors comprising of residential, commercial, and industrial will drive the market size.

Distribution Panel Voltage Market Analysis

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The low voltage segment of the distribution panel market is expected to exceed USD 2 billion by 2032. The ongoing development of LV distribution infrastructures in residential and commercial establishments has significantly contributed to the increasing demand for low-voltage distribution panels. Moreover, there is a growing need for low-voltage control systems with advanced features in line with supportive power supply reforms will influence the business growth. Ease of installation, modular design, and their flexibility are key prime factors along with easily expanded or modified to accommodate changing electrical requirements will foster the adoption of these voltage systems.
 

The MV distribution panel market held more than USD 5 billion in 2022 and is projected to upsurge over USD 9 billion by 2032, owing to the growing government emphasis on increasing electrification rates. Growing population in conjunction with escalating expansion of multi-story apartments and residential complexes will stimulate the product adoption. Additionally, rising investments in the development of new commercial establishments consisting of colleges, hotels, and malls will contribute to the growing adoption of medium voltage distribution panels.
 

Flush mounted distribution panels are favored by customers owing to their ease of design and installation along with their compact structure that allows for better space utilization. These panels are also preferred for their safety features and appealing appearances compared to other alternate counterparts in the distribution panel market. In recent times, there has been a notable increase in demand for flush mounted distribution panels in various commercial and office spaces, schools, and public buildings. In addition, increasing focus on aesthetics and seamless integration of electrical systems into building interiors will positively sway the business landscape. The ease of installation and maintenance associated with flush mounted panels is driving their adoption across the commercial sectors.
 

The surface-mounted panel market is estimated to witness over 5% CAGR through 2032, on account of the ongoing development of transmission and distribution networks coupled with the expansion of small-scale industrial facilities. The incorporation of grid-connected renewable infrastructure and the establishment of decentralized micro-grid networks are further contributing to the increased adoption of these panels. Surface-mounted distribution panels offer key benefits including high reliability and reduced operational and maintenance requirements. Furthermore, the growing population and urbanization along with the development of Tier II and III cities will complement the adoption of these distribution panel system.
 

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The commercial distribution panel market is projected to register 6% CAGR till 2032, due to various factors including increasing infrastructure spending in line with the rising electricity demand in developing regions. The growing need for efficient electrical distribution systems in association with expanding new commercial projects has positively influence the market penetration. Growing concern toward reliable and effective electrical infrastructure favored by strict government norms and policies will energize the favorable business scenario. The rapid growth in electricity demand, particularly to support the functioning of data units will augment favorable business environment for the industry. Additionally, increasing government financing schemes aimed at expanding the chemical and cement sectors in emerging economies will drive the market size.
 

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Asia Pacific distribution panel market will showcase around 4.5% CAGR during 2023 to 2032, attributed to the implementation of advanced monitoring and control solutions in both new and existing grid infrastructure. Major authorities in the region are actively working to reduce carbon emissions within the electrical grid network, thereby driving the need for grid modernization. Ongoing contractual agreements to meet the growing demands of electrical construction in line with the refurbishment and restructuring of traditional transmission networks will contribute to the growth of the electrical services market in Asia Pacific. Furthermore, favorable government policies aimed at ensuring a reliable and continuous power supply to end consumers will enhance the product installations.

Distribution Panel Market Share

The key companies operating in distribution panel market are

• alfanar Group
• EAMFCO
• Norelco
• Meba Electric Co., Ltd
• Abunayyan Holding
• Ags
• Hager Group
• ESL POWER SYSTEMS, INC.
•  INDUSTRIAL ELECTRIC MFG
• NHP
• Larsen & Toubro Limited
• General Electric
• ABB
• Siemens
• Schneider Electric
• Legrand
• Eaton
   

Distribution Panel Market Industry News

• In April 2023, Siemens has announced that its joint venture company with Rail Vikas Nigam Limited has secured a bid for electrification of Mumbai Metro Line 2B connecting to DN Nagar to Mandale. The scope of the contract includes manufacture, design, supply, testing, installation, and commissioning of 2 nos. 110 kV receiving substation comprising of 25 kV, 33 kV, and 110 kV. cabling work, complete 25 kV overhead catenary system coupled with 33 kV auxiliary power distribution system consisting of 33/0.415 kV substation, switching station and complete solution of SCADA system for main line and depot of Mumbai’s Metro Line 2 B. This contract will complement Mumbai’s Metro Line electrification network along with easy way to transportation across the city.

   

   

This 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:

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Market, By Voltage

• Low Voltage
• Medium Voltage

Market, By Mounting

• Flush Mounting
• Surface Mounting

Market, By End Use

• Residential
• Commercial
  • College/University
  • Office
  • Government/Military
  • Others
• Industrial
  • Power Generation
  • Chemical
  • Refinery
  • Cement
  • Others
• Utility

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • France
  • Germany
  • Russia
  • Italy
• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Egypt
• Latin America
  • Brazil
  • Argentina
  • Mexico