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

  • Report ID: GMI7483
  • Published Date: Nov 2023
  • Report Format: PDF

Medium Voltage Distribution Panel Market Size

Medium Voltage Distribution Panel Market was valued at USD 5.3 billion in 2022 and is projected to expand at over 5% CAGR from 2023 to 2032, propelled by the increasing urbanization and industrialization globally are fueling the demand for reliable and efficient power distribution systems. Additionally, the escalating adoption of renewable energy sources, such as solar and wind power, necessitates robust distribution infrastructure, boosting the market growth. According to the International Energy Agency (IEA), the global investment in clean energy has surpassed USD 1.7 trillion in 2023 and is predicted to continue rising due to increasingly stringent emission regulations enforced by various nations.
 

Medium Voltage Distribution Panel Market

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Technological advancements, like smart grid initiatives and the evolution of IoT-enabled solutions, are driving innovations in distribution panels, enhancing their monitoring, control, and efficiency capabilities. The ongoing emphasis on upgrading aging infrastructure, especially in developed economies, further contributes to the market growth as utilities and industries seek modern, more resilient distribution solutions to meet growing power demands while ensuring reliability and safety.
 

COVID-19 Impact

The COVID-19 pandemic initially slowed the medium voltage distribution panel market due to supply chain disruptions and project delays. However, as industries adapted to remote work and safety protocols, demand for reliable power distribution systems surged. Increased investments in infrastructure, renewable energy integration, and smart grid initiatives amid recovery efforts have subsequently revitalized the market, emphasizing the need for resilient and efficient distribution solutions, spurring growth.
 

Medium Voltage Distribution Panel Market Trends

The shift towards smart and digital solutions is prominent, leveraging technologies like IoT and data analytics for real-time monitoring, predictive maintenance, and improved efficiency. Increasing emphasis on sustainability and renewable energy integration is driving the demand for panels capable of accommodating diverse power sources, aligning with global efforts to reduce carbon footprints. Modular designs and advancements in compact, space-saving panels are gaining traction, catering to evolving installation needs and offering scalability. Additionally, there's a growing focus on enhancing safety features and reliability standards, ensuring robust performance and compliance in diverse industrial, commercial, and utility settings.
 

Medium Voltage Distribution Panel Market Analysis

Medium Voltage Distribution Panel Market Size, By Mounting, 2021 – 2032 (USD Billion)
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The surface mounting segment is slated to register gains at nearly 5% up to 2032. This growth trajectory is driven by ongoing enhancements in transmission and distribution networks, alongside expansions in small-scale industrial setups. The surge in grid-connected renewable infrastructure and the emergence of decentralized micro-grid networks are also bolstering the uptake of these panels. Surface-mounted distribution panels offer compelling advantages such as heightened reliability and decreased operational and maintenance needs. Moreover, the market is set to benefit from population surges, urbanization trends, and the development of Tier II and III cities, all contributing to increased adoption of these distribution panel systems.

 

Medium Voltage Distribution Panel Market Share, By End Use, (2022)
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The commercial distribution panel market is forecasted to achieve 5.5% CAGR through 2032. Increased infrastructure spending in response to escalating electricity demands in developing regions is anticipated to fuel demand for distribution panels in the commercial sector. The rise in new commercial projects underscores the necessity for efficient electrical distribution systems, enhancing market penetration. Stricter government regulations favoring reliable and efficient electrical infrastructure will bolster a positive business landscape. The burgeoning demand for electricity, especially to support data centers' operations, will further stimulate market growth.

 

Asia Pacific Medium Voltage Distribution Panel Market, 2021 – 2032 (USD Billion)
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Asia Pacific medium voltage distribution panel market is poised to attain about 5.5% CAGR from 2023 to 2032. Rapid urbanization, industrialization, and infrastructural developments in countries like China, India, and Southeast Asian nations are driving increased electricity demand. The expansion of renewable energy sources, coupled with government initiatives promoting clean energy adoption, is further fueling the market. Additionally, investments in upgrading aging electrical infrastructure to accommodate smart grid technologies and the increasing focus on reliable power distribution solutions for industries and urban developments are significant drivers. The region's burgeoning industrial sector, especially in manufacturing and IT, is propelling the demand for medium voltage distribution panels.
 

Medium Voltage Distribution Panel Market Share

Among the listed companies, Siemens holds a substantial market share in the medium voltage distribution panel industry. Siemens' dominance stems from its extensive product portfolio, technological innovation, and global presence. The company's long-standing expertise in electrical distribution solutions, particularly in the medium voltage segment, has positioned it as a market leader. Siemens' focus on research and development, offering advanced features like smart grid integration and digitalization, has garnered trust among industries and utilities seeking reliable and future-ready distribution solutions. Its widespread reach across diverse geographical markets and a reputation for quality and innovation contribute significantly to maintaining its formidable market share in the medium voltage distribution panel industry.
 

Some of the key market players operating across the medium voltage distribution panel industry are:

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

Medium Voltage Distribution Panel Industry News

  • In April 2023, Siemens announced that its joint venture with Rail Vikas Nigam Limited secured a bid for electrifying Mumbai Metro Line 2B, connecting DN Nagar to Mandale. The contract involves designing, manufacturing, supplying, testing, installing, and commissioning two 110 kV receiving substations, including 25 kV, 33 kV, and 110 kV cabling. It encompasses a comprehensive 25 kV overhead catenary system and a 33 kV auxiliary power distribution system, comprising substations, switching stations, and a complete SCADA system for the main line and depot. This project will significantly enhance Mumbai's Metro Line electrification network, providing improved transportation across the city.
     

This medium voltage distribution panel market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2019 to 2032, for the following segments:

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Market, By Mounting

  • Flush Mounting
  • Surface Mounting

Market, By End Use

  • Commercial
  • Industrial
  • 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 

 

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of medium voltage distribution panel was worth USD 5.3 billion in 2022 and is estimated to observe about 5% growth rate from 2023 to 2032, owing to the increasing urbanization and industrialization globally influencing the demand for reliable and efficient power distribution systems.
The commercial segment is poised to record over 5.5% CAGR from 2023 to 2032, due to the increased infrastructure spending in response to escalating electricity demands in developing regions.
Asia Pacific market for medium voltage distribution panel is expected to register 5.5% CAGR from 2023 to 2032, owing to the expansion of renewable energy sources, coupled with government initiatives promoting clean energy adoption.
Eaton, Legrand, Schneider Electric, Siemens, ABB, General Electric, Larsen & Toubro Limited, NHP, INDUSTRIAL ELECTRIC MFG, ESL POWER SYSTEMS, INC., Hager Group, Ags, Meba Electric Co., Ltd, Norelco, EAMFCO, and alfanar Gro.

Medium Voltage Distribution Panel Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 16
  • Tables & Figures: 293
  • Countries covered: 20
  • Pages: 250
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