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Distribution Panel Market Size
- Report ID: GMI2392
- Published Date: Jun 2024
- Report Format: PDF
Distribution Panel Market Size
Distribution Panel Market was valued at USD 7.1 billion in 2023 and is anticipated to grow at a CAGR of 5.6% between 2024 and 2032, due to the increasing demand for reliable and efficient power distribution systems across various industries. Key factors contributing to this growth include rapid urbanization, industrialization, and expansion of the construction sector, particularly in emerging economies. The surge in renewable energy projects and the integration of smart grid technologies are also pivotal, as they necessitate advanced distribution panels to manage complex electrical networks.
Multiple companies are launching innovative products as business strategy in this industry. For instance, in November 2023, ABB launched Protecta Power panel board supporting flexible power distribution. It is designed for commercial, industrial, and institutional buildings. Additionally, the rising adoption of electric vehicles (EVs) and the corresponding need for robust charging infrastructure are boosting market demand. Technological advancements, such as the development of intelligent and automated distribution panels, enhance energy efficiency and operational safety, further propelling market expansion.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Distribution Panel Market Size in 2023: | USD 7.1 Billion |
| Forecast Period: | 2024 – 2032 |
| Forecast Period 2024 – 2032 CAGR: | 5.6% |
| 2024 – 2032 Value Projection: | USD 11.7 Billion |
| Historical Data for: | 2021 – 2023 |
| No. of Pages: | 110 |
| Tables, Charts & Figures: | 20 |
| Segments covered: | Voltage, Mounting, End Use |
| Growth Drivers: |
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Frequently Asked Questions (FAQ) :
Distribution Panel Market Scope
