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

Surface Mounting Distribution Panel Market Size

Surface Mounting Distribution Panel Market was valued at USD 3.4 billion in 2022 and is estimated to expand at a CAGR of 5.5% between 2023 and 2032. The increasing demand for efficient and reliable electrical distribution solutions in residential, commercial, and industrial sectors is fueling the adoption of surface mounting distribution panels. These panels offer a space-saving and convenient solution for organizing and distributing electrical power within buildings. Additionally, the growing emphasis on energy efficiency and the integration of smart technologies in buildings are driving the need for advanced electrical distribution systems, further boosting the market.
 

The rise in construction activities, both in developed and emerging economies, is also contributing to the expansion of the surface mounting distribution panel business as new buildings and infrastructure projects require modern and scalable electrical solutions. As new buildings and infrastructure projects continue to proliferate, the demand for efficient and space-saving electrical distribution solutions rises in tandem, positioning the surface mounting distribution panel for significant market growth and expansion.
 

COVID-19 Impact

The COVID-19 pandemic initially disrupted the surface mounting distribution panel market due to construction delays and supply chain interruptions. However, the market rebounded as the need for efficient electrical solutions in remote work setups and healthcare facilities surged. Pandemic-driven shifts towards smart infrastructure and increased construction activities for essential facilities also contributed to market recovery, albeit with intermittent challenges related to supply chain disruptions and labor shortages.
 

Surface Mounting Distribution Panel Market Trends

The surface mounting distribution panel industry has been witnessing steady growth driven by the increasing demand for compact and space-efficient electrical distribution solutions in both residential and commercial settings. Manufacturers are focusing on developing panels with enhanced durability, safety features, and modular designs to cater to diverse customer needs. Additionally, advancements in smart technology integration, such as IoT-enabled panels for remote monitoring and control, are gaining traction, providing users with greater convenience and energy management capabilities. Moreover, the emphasis on sustainable and energy-efficient infrastructure has led to the development of panels that comply with green building standards, further driving market expansion.
 

Surface Mounting Distribution Panel Market Analysis

The medium voltage surface mounting distribution panel is projected to experience around 5% CAGR through 2032 from. The pressing need to modernize aging infrastructure coupled with the rise in renewable energy integration has driven demand for efficient and adaptable electrical distribution solutions. Rapid urbanization, industrial expansion, and the imperative for reliable power distribution networks further propel the adoption of surface mounting panels due to their ease of installation and flexibility. Technological advancements enhancing safety, monitoring capabilities, and compliance with regulatory standards have significantly contributed to their increased preference.
 

The commercial sector is expected to achieve about 5.5% CAGR till 2032, driven by the increasing demand for commercial spaces, including office buildings, retail outlets, and data centers, which in turn has amplified the need for efficient and reliable electrical distribution systems. Surface mounting panels offer a space-saving solution, crucial in environments where space optimization is paramount. Furthermore, the trend toward modernization and smart building technologies has fueled the adoption of these panels, as they often integrate seamlessly with advanced control and monitoring systems.
 

Asia Pacific surface mounting distribution panel market is poised to witness more than 5% CAGR between 2023 and 2032, owing to the rapid urbanization and industrialization across countries in the region, which in turn have spurred the demand for efficient electrical distribution solutions in commercial, residential, and industrial sectors. Infrastructure development initiatives and investments in smart cities have also propelled the market, with surface mounting panels being favored for their adaptability to diverse environments and ease of installation. Moreover, the region's increasing focus on renewable energy integration, coupled with stringent regulations emphasizing safety and energy efficiency, has further accelerated the adoption of these panels.
 

Surface Mounting Distribution Panel Market Share

Siemens holds a substantial market share in the surface mounting distribution panel sector due to its comprehensive range of innovative and technologically advanced solutions. Their commitment to developing efficient, reliable, and intelligent distribution panels has garnered significant trust among consumers. Siemens' panels are known for their compliance with safety standards, integration capabilities with smart systems, and adaptability to diverse applications across industries. Their global presence, extensive R&D investments, and emphasis on energy efficiency position Siemens as a leading player in the market, catering to the evolving demands for modern and sustainable electrical distribution solutions.
 

Some of the key market players operating across the surface mounting distribution panel industry are:

• Eaton
• Legrand
• Schneider Electric
• Siemens
• ABB
• General Electric
• Larsen & Toubro Limited
• NHP
• ΩΤΚΑ
• ESL POWER SYSTEMS, INC.
• Hager Group
• Ags
• GEWISS
• Meba Electric Co., Ltd
• Norelco
• EAMFCO
• alfanar Group
• Chengdu Youlike enterprise management co.,ltd
• Gem Switchgear
   

Surface Mounting Distribution Panel Industry News

• In November 2023, ABB has unveiled its latest innovation, the Protecta Power Panel Board, designed to prioritize safety in electrical distribution systems. The cutting-edge panel board integrates advanced safety features, including arc fault detection technology, providing enhanced protection against electrical fires. This pioneering solution ensures reliability and efficiency in power distribution, catering to diverse industrial and commercial applications. With its robust design and comprehensive safety measures, ABB's Protecta Power Panel Board aims to elevate industry standards, offering peace of mind and safeguarding critical electrical systems. This launch marks a significant stride in advancing safety within the realm of electrical distribution.
   

This surface mounting 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

• Low Voltage
• Medium Voltage

Market, By End Use

• Residential
• 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