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Distribution Panel Market Size

  • Report ID: GMI2392
  • Published Date: May 2023
  • Report Format: PDF

Distribution Panel Market Size

Distribution Panel Market size was valued at USD 7.1 billion in 2023 and is anticipated to exhibit a CAGR of 5.6% between 2024 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.

 

Distribution Panel Market

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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.

Authors: Ankit Gupta, Riya Gupta

Frequently Asked Questions (FAQ) :

The market size of distribution panel exceeded USD 7.1 billion in 2023 and will progress at a 5.6% CAGR between 2024 and 2032, propelled by the growing implementation of smart grid networks and the upgrading of existing power networks.

The low voltage segment is expected to exceed USD 2 billion in revenue by 2032, as a result of a growing need for low-voltage control systems with advanced features such as ease of installation, modular design, and flexibility.

The commercial end-use segment is anticipated to witness over 6% CAGR from 2023 to 2032, owing to increasing infrastructure spending in line with the rising electricity demand in developing regions.

Asia Pacific market is slated to surge at more than 4.5% CAGR through 2032, attributed to ongoing contractual agreements to meet the growing demands of electrical construction in the region.

Distribution Panel Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 17
  • Tables & Figures: 595
  • Countries covered: 20
  • Pages: 300
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