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Distribution Boards Market Research Report Information By Voltage Type (Low Voltage and Medium Voltage), By End User (Transmission & Distribution Utilities, Manufacturing & Processing Industry, and Commercial & Residential Sector), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) โ€“Market Forecast Till 2032

ID: MRFR/E&P/2306-HCR | 188 Pages | Author: Priya Nagrale| May 2024

Global Distribution Boards Market Overview:

Distribution Boards Market Size was valued at USD 4.78 Billion in 2023. The Distribution Boards market industry is projected to grow from USD 5.09 Billion in 2024 to USD 7.86 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.59% during the forecast period (2024 - 2032). Increased demand for protecting electrical networks and components and increasing urbanization throughout the globe are the key market drivers enhancing the growth of market.

Global Distribution Boards Market Overview

Source: The Secondary Research, Primary Research, MRFR Database, and Analyst Review

Distribution Boards Market Trends

  • Growing demand for safeguarding electrical components and networks is driving market growth.

Market CAGR for distribution boards is being driven by the rising growing demand for safeguarding electrical components and networks. The huge demand for protecting the electrical parts and networks and scarce power supply is being considered by the companies and government. There is an increase in the allocation of investments to renewable energy-production units and penetration in the construction of distribution boards, and also, the growth in infrastructural activities will boost the market growth.

The producers are emphasizing on increasing their production capacities and manufacturing customized distribution boards. The rising demand for electricity in the emerging economies will fuel the growth of the distribution board market. The surging requirement for electrical equipment protection and the safeguarding of network components will offer a boost to the distribution board's demand. The rising construction activities and the continuous requirement for energy from a slew of industries, and the rapid development of strong energy infrastructure will eventually fuel the distribution boards' market growth globally. The increasing deployment of solar panels and wind power turbines and the requirement for distribution boards in the energy utilities section will spread the scope of the market demand globally. The large-scale adoption of smart grid systems and the development of old power infrastructure will provide new growth avenues for market growth.

The replacement of mechanical breakers with new digital circuit breakers in different electricity management applications is driving the market growth as they help in simplified and rapid power management than the mechanical breakers. The inclusion of IT and OT (Operational Technology) in different sections to enhance the distribution system performance is providing a change in the distribution board market. The manufacturers, by providing imroved customer satisfaction, are trying to improve the organizational performance and are also trying to improve the system reliability and efficiency. The operational assets in the electric network in real-time are boosting the market. Therefore, electric distribution systems are increasingly becoming mainstream in OT intelligence for voltage regulators. Thus, driving the Distribution Board market revenue.

However, the rising product recalls due to product failure and also the latency in the execution of power distribution projects, creating panic among the vendors involved in the market projects, is a hindrance to the market growth globally. This further affects the financial status of the vendors due to the differing payment from the utilities. The easy availability of alternative products at a subsidized rate is also a restraint to the growth of the market. 

Distribution Boards Market Segment Insights:

Distribution Boards Voltage Type Insights

The Distribution Boards' market segmentation, based on voltage type, includes Low Voltage and Medium Voltage. The medium voltage segment dominates the market, accounting for the largest market revenue. This rise in the segment is due to the increase in the investment of funds for enhancing the transmission & distribution infrastructure and building up of renewable energy units in the countries of North America and Europe. Further, the increase in offshore wind farms will fuel the expansion of this segment globally.

Figure 1: Distribution Boards Market, by Voltage Type, 2024 & 2032 (USD Billion)

Distribution Boards Market, by Voltage Type, 2022 & 2032

Source: The Secondary Research, Primary Research, MRFR Database, and Analyst Review

Distribution Boards End User Insights

The Distribution Board market segmentation, based on end users, includes Transmission & Distribution Utilities, Manufacturing & Processing Industry, and the Commercial & Residential Sectors. The transmission & distribution utilities segment, with the largest market share in the year 2022, dominates the end-user area during the forecast period. The expansion of the segment is due to the replacement of the traditional or old electric grids with new grids along with a growth in capacity expansion along with the electric grid upgradation.

Distribution Boards Regional Insights

By region, the study offers market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Distribution Boards market area dominates the market due to the increase in renewable energy projects in the countries of this region. The launch of smart electric grids and smart electric meters and also the rising demand for electric vehicles will fuel the market in the North American region.

Further, the primary countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, Japan, India, China, Australia, South Korea, and Brazil.

Figure 2: Distribution Boards Market Share By Region 2022 (USD Billion)

Distribution Boards Market Share By Region 2022

Source: The Secondary Research, Primary Research, MRFR Database, and Analyst Review

The Asia-Pacific Distribution Boards Market accounts for the second-largest market share due to the growing urbanization, increasing rate of electrification, and industrialization. Fast upgradation of power grid infrastructure in the countries of this region. Moreover, China’s Distribution Boards market held the largest market share, and the Indian Distribution Boards market was the rapid-growing market in the Asia-Pacific region.

The Europe Distribution Boards market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the rising demand for electric vehicles and increasing renewable energy projects in the region. Further, the German Distribution Boards market held the largest market share, and the UK Distribution Boards market was the rapid-growing market in the European region.

Distribution Boards Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Distribution Boards market grow even more. Market players are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Distribution Boards industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Distribution Boards industry to benefit clients and increase the market sector. In recent years, the Distribution Boards industry has offered some of the most significant advantages to the cable transmission industry. Major players in the Distribution Boards market, including General Electric Inc., Havells India Limited, Lewden Palazzoli, Sterlite Power Transmission Ltd., Siemens AG, Larsen & Toubro Limited, Blakley Electrics, Legrand, ESL Power Station, and others, are attempting to increase market demand by investing in research and development operations.

Siemens is a German multinational conglomerate corporation and a leading industrial manufacturing company in Europe, headquartered in Munich. The primary divisions of the company are digital industries, mobility, smart infrastructure, healthcare, and finance. In March 2021, the company acquired C&S Electric for 2840.3 million dollars. C&S Electric is an Indian-based manufacturer of electronic equipment and electrical including power protection, switchgear, and distribution boards. This acquisition will help the company to get the access to Indian market and establish an export hub for providing low-voltage goods to the market. The company also aims to establish a design and manufacturing center in India through this acquisition, thus allowing the expansion of business to export electrification solutions to the markets that are emerging throughout the world.

Sterlite Power Transmission Limited operates as an electricity transmission company offering power transmission and distribution services, and also the manufacturers power the cables and conductors. In 2019, Sterlite Power which is a main Indian player in the private power transmission section got a letter of award for two projects of more than INR 3000 crore for a Udupi-Kasaragod project inclusive of gas-insulated substations and electric lines. The project is expected to make use of a distribution board for efficiently handling electric instruments & network transmission. This will fuel the expansion of the distribution board industries in India and throughout the zone of Asia-Pacific.

Key Companies in the Distribution Boards market include

  • General Electric Inc.

  • Havells India Limited

  • Lewden Palazzoli

  • Sterlite Power Transmission Ltd.

  • Siemens AG

  • Larsen & Toubro Limited

  • Blakley Electrics

  • Legrand

  • ESL Power Station

Distribution Boards Industry Developments

March 2019:The construction of the West Asheville substation project was started by National Grid in New York, United States, in order to combat the low voltage concerns on the existing electric transmission grid.

April 2017:Lewden Palazzoli, an electrical specialist, launched a new range of TP&N distribution board that are best for use in modern industrial and commercial installations. All the boards are designed to save space and also offer the installer fast and easy wiring installation.

February 2018:A leading Fast Moving Electrical Goods company, Havells India Limited, announced its strategy to further strengthen its presence in North India by launching innovative switchgear products like ACCL, distribution boards, and circuit breakers.

Distribution Boards Market Segmentation:

Distribution Boards Voltage Type Outlook

  • Low Voltage

  • Medium Voltage

Distribution Boards End User Outlook

  • Transmission & Distribution Utilities

  • Manufacturing & Processing Industry

  • Commercial & Residential Sector

Distribution Boards Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Attribute/Metric Details
Market Size 2023 USD 4.78 Billion
Market Size 2024 USD 5.09 Billion
Market Size 2032 USD 7.86 Billion
Compound Annual Growth Rate (CAGR) 5.59% (2024-2032)
Base Year 2023
Market Forecast Period 2024-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, The Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Voltage Type, End User, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The US, Canada, German, France, UK, Italy, China, Japan, Spain, India, Australia, South Korea, and Brazil
Key Companies Profiled General Electric Inc., Havells India Limited, Lewden Palazzoli, Sterlite Power Transmission Ltd., Siemens AG, Larsen & Toubro Limited, Blakley Electrics, Legrand, ESL Power Station ย 
Key Market Opportunities The new project launches, aging power infrastructure, and rising R&D activities.
Key Market Dynamics Increased demand for protecting the devices and rising urbanization globally.

Frequently Asked Questions (FAQ) :

The Distribution Boards market size was valued at USD 4.78 Billion in 2023.

The market is foreseen to grow at a CAGR of 5.59% during the forecast period, 2024-2032.

North America had the largest share of the market

The key players in market are General Electric Inc., Havells India Limited, Lewden Palazzoli, Sterlite Power Transmission Ltd., Siemens AG, Larsen & Toubro Limited, Blakley Electrics, Legrand, and ESL Power Station.

The medium voltage category dominated the market in 2022.

The transmission & distribution utilities had the largest share in the market.

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