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Power Distribution Component Market Size
Power Distribution Component Market size surpassed USD 200 billion in 2022 and is anticipated to expand at 8% CAGR from 2023 to 2032.
Growing focus on the refurbishment and retrofitting activities for the modernization of existing grid infrastructure is anticipated to have a positive impact on the industry outlook. Both public, as well as private entities across developing economies, are investing heavily in the deployment of next-generation technologies, tools, and techniques to facilitate resilient, reliable, efficient, and affordable access to electricity.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 234.1 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 8% |
| 2032 Value Projection: | USD 538.9 Billion |
| Historical Data for: | 2019 to 2022 |
| No. of Pages: | 700 |
| Tables, Charts & Figures: | 1,341 |
| Segments covered: | Product, Configuration, Voltage Rating, Insulation, Current, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Additionally, the constantly escalating global demand for electricity is expected to spur grid development activities, therefore fostering significant power distribution component market demand. For instance, the Central Electricity Authority (CEA) of India projects the annual electricity demand to record a 7.2% annual growth from 1,320 billion units in 2021/22 to 1,874 billion units in the year ending in March 2027. Hence, the rising electricity needs and a surge in industrial and construction activities will complement industry expansion.
Advanced power distribution relies on next-generation technologies for applications. Slow-paced evolution of technologies may restrain overall business development. Moreover, growing political tensions and power struggles among leading economies may negatively influence the vitality of regional, local, and global energy sectors thereby restricting investments. Low- and middle-income economies struggle the most when it comes to technological evolution due to a lack of investments and resources. Hence, macroeconomically induced supply chain disruptions and lack of technical sophistication could restrict market growth.
Power Distribution Component Market Analysis
Switchgear products captured 45% of the power distribution component market share in 2022. The product is widely deployed by industrial players, households, and manufacturers to control the amount of energy consumed to power devices, and machinery. Besides residential and industrial power distribution, switchgear is gaining substantial momentum in solar power generation. The increasing focus on renewable energy will spur the uptake of switchgear. According to the Energy Information Administration (EIA), solar will be responsible for more than 50% of the new electricity generating capacity in 2023.
Vacuum-insulated power distribution component industry size is set to reach over USD 338 billion by the end of 2032 on account of economical pricing, leakage-free technology, and reliable & safe operation of the product. Additionally, these components are extremely versatile in nature thus catering to an array of applications. For instance, vacuum-insulated switchgear offers advantages such as greater safety, superior dielectric strength, simplified breaker mechanism, improved arc quenching, and minimal maintenance requirements.
North America power distribution component market is estimated to amass USD 99 billion by 2032. The growing focus on the expansion of long-distance distribution networks and hefty investments aiming at the refurbishment of domestic grid infrastructures will proliferate regional industry growth. Governments are ramping up efforts to modernize and upgrade gaining grid networks to better address power outages and peak electricity demand. With rapid industrialization and urbanization in the U.S., and Canada, the region is expected to witness an upsurge in electricity demand, thus indicating a significant need for high-performance power distribution components.
Power Distribution Component Market Share
Some of the leading companies include:
- General Electric
- ABB
- Eaton
- Schneider Electric
- Siemens
- Hitachi Energy Ltd
- Mitsubishi Electric Corporation
- Fuji Electric FA Components & Systems Co., Ltd
- Hubbell
- Lucy Group Ltd
- Powell Industries
- Hyundai Electric & Energy Systems Co Ltd
- Hyosung Heavy Industries
- L&T Electrical & Automation
- Norelco Oy
- START Electrical Switchgear Assembly LLC
- Rittal GmbH & Co. KG.
Power Distribution Component Industry News
- February 2023: Eaton announced a partnership with Saudi Arabia’s Madar Electrical Materials to scale up the production of electrical power & control components designed for residential & commercial construction applications.
- October 2022: Schneider Electric introduced an innovative, and advanced range of AirSeT medium-voltage switchgear offering greater performance and efficiency of electricity distribution utilities.
- January 2020: Siemens Energy entered an agreement to acquire C&S Electric, an Indian supplier of electrical & electronic equipment to enable the electrification of data centers, smart campuses, construction, and smart city infrastructure.
This market research report on power distribution component includes in-depth coverage of the industry with estimates & forecast in terms of “000 Units” & “USD Million” from 2019 to 2032 for the following segments:
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Market, By Product
- Switchgear
- Switchboard
- Distribution Panel
- Motor Control Panels
- Others
Market, By Configuration
- Fixed Mounting
- Plug-in
- Withdrawable
Market, By Voltage Rating
- ≤ 11 kV
- > 11 kV to ≤ 33 kV
- > 33 kV to ≤ 66 kV
- > 66 kV to ≤ 132 kV
Market, By Insulation
- Air
- Gas
- Oil
- Vacuum
- Others
Market, By Current
- AC
- DC
Market, By Application
- Residential
- Commercial
- Industrial
- Utility
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Spain
- Italy
- UK
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Nigeria
- Latin America
- Brazil
- Argentina
- Peru
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