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North America Distribution Panel Market - By Voltage (Low Voltage, Medium Voltage), By Mounting (Flush Mounting, Surface Mounting), By End Use (Residential, Commercial, Industrial, Utility), 2024 – 2032
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North America Distribution Panel Market
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Premium Report Details
Base Year: 2023
Companies covered: 19
Tables & Figures: 165
Countries covered: 2
Pages: 160
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North America Distribution Panel Market
North America Distribution Panel Market size was accessed at USD 1.8 billion in 2023 and is anticipated to grow at a CAGR of 4.7% by 2032, driven by factors including rapid urbanization and industrialization which in turn drive demand for upgraded infrastructure.
Increasing investments in renewable energy sources necessitate modernized distribution systems. According to REN21, the United States invested over USD 49 billion in renewable energy in 2022, marking a substantial increase from the USD 29 billion invested in 2013. The growing adoption of smart technologies enhances efficiency and reliability. Additionally, stringent regulations regarding energy efficiency and safety standards stimulate market growth. Moreover, the rising demand for advanced power distribution solutions in commercial and residential sectors further accelerates market expansion.
North America Distribution Panel Market Trends
The market is experiencing a shift towards smart and energy-efficient solutions, driven by increasing awareness of sustainability. In May 2023, Schneider Electric launched FlexSet, a groundbreaking low-voltage switchboard in Canada, marking a notable advancement in electrical distribution solutions. This innovative switchboard prioritizes customization, flexibility, and streamlined installation, catering to varied energy distribution needs across multiple sectors. Integration of IoT technologies and digitalization is enhancing monitoring and control capabilities. Demand for modular and customizable panels is rising, facilitating easier installation and scalability. Regulatory mandates for energy conservation and safety are influencing product developments, favoring innovations such as arc fault detection and remote management.
North America Distribution Panel Market Analysis
Based on voltage, the market is segmented in medium and low voltages. Medium voltage distribution panels hold a substantial share in the North America market and is projected to grow over USD 2.3 billion by 2032. Factors including increasing urbanization, industrialization, and infrastructural development have propelled the demand for medium voltage distribution panels across the region.
Additionally, technological advancements in electrical distribution systems, coupled with growing emphasis on energy efficiency and sustainability, have further boosted market expansion. Moreover, Smart grid technologies and renewable energy integration initiatives are fueling growth in the medium voltage distribution panel market in North America.
Flush mounting distribution panel market across North America is anticipated to grow at a substantial rate of over 5% by 2032. Flush mounting, known for its space-saving design and seamless integration, is driving demand across residential, commercial, and industrial sectors. This trend is fueled by the increasing emphasis on aesthetics and space optimization in building designs.
Moreover, advancements in flush-mounted panel technology, including enhanced safety features and compatibility with smart home systems, are further propelling market expansion. As a result, flush-mounted distribution panels are witnessing widespread adoption and contributing significantly to the overall growth of the market in North America.
U.S. distribution panel market is projected to grow over USD 2.2 billion by 2032, driven by factors including rapid urbanization, industrialization, and infrastructure development, which contribute to increased demand for distribution panels across residential, commercial, and industrial sectors. Additionally, technological advancements in electrical distribution systems, including the integration of smart grid technologies and renewable energy sources, further stimulate market growth. As per the Business Council for Sustainable Energy, Renewable energy utilization in 2023 in the U.S. reached record levels, accounting for 8.8% of the total energy demand and meeting 23% of the electricity demand. Moreover, stringent regulations emphasizing energy efficiency and safety standards drive innovation and adoption of advanced panel solutions.
North America Distribution Panel Market Share
ABB maintains a significant share in the North American distribution panel market due to its robust product offerings, technological innovations, and established presence. Its comprehensive range of distribution panels caters to diverse industry needs, consolidating ABB's position as a key player in the region.
North America Distribution Panel Market Companies
Some of the key market players operating across the North America distribution panel industry are:
North America Distribution Panel Market Industry News:
North America 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 Voltage (USD Million)
Market, By Mounting (USD Million)
Market, By End Use (USD Million)
The above information has been provided for the following countries: