ID: MRFR/E&P/2306-HCR | 188 Pages | Author: Priya Nagrale | May 2023
Distribution Boards Market is projected to grow at a CAGR of 6.4% with a revenue will reach USD 7,118.9 Million from 2022-2030.
In 2019, Sterlite Power, India's leading private power transmission player, received a letter of award for two key inter-state projects worth over INR 3000 crore for Udupi-Kasargode and WRSS 21 (Part B), which involves lines and gas-insulated substations (GIS). The substation project is projected to use a distribution board to safely handle the electric types of equipment employed and network before transmitting it to various end-users. The project involves 765 KV lines and GIS substations and is expected to be completed by the first quarter of 2021.
However, the distribution boards market is expecting the rise of restraints during the ongoing forecast period. There have been delays in grid expansion projects and are restraining the market's growth. The project delays create panic among vendors involved in the market projects as they extend the period for the delivery cycles. They also affect the financial condition of the vendors and the main reason behind this is the deferred payments from utilities. The rise of such factors hinders the demand for substations and distribution boards market share.
Due to the substantially increased number of renewable energy installations that require a distribution board for the safety of various electric equipment, the power utility segment is expected to be the largest growing segment for the distribution board market during the forecast period ending in 2030. Furthermore, the rising investments for the employment and establishment of new technology of intelligent distribution boards enable pinpointing overloads and inefficiencies proactively and making informed decisions that improve operational efficiency. These factors will likely create several opportunities for the distribution board market and expand its revenue by the end of the ongoing forecast period.
The distribution boards market has been segmented to meet the rise of the global target audience spread in various global locations. The market segmentation depends on the funding, investments, functions, and other heads like distribution of resources. The global market segments are as follows:
|Market Size||2030: USD 7,118.9 Million|
|CAGR||6.4% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Voltage Rating and End Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Eaton Corporation PLC (Ireland), General Electric Corp (US), Siemens (Germany), ABB (Switzerland), Schneider Electric (France), Larsen & Toubro (India), Legrand (France), Hager (Germany), NHP Electrical Engineering Products Pty. Ltd (Australia), Industrial Electric Mfg (US), ESL Power Systems (US), and East Coast Power Systems Limited (US)|
|Key Market Opportunities||Aging power infrastructure New product launches and R&D amongst major key players|
|Key Market Drivers||Increasing urbanization across the globe Increasing need for protective devices|
Increasing urbanization on the global front is supposed to drive the growth of the distribution boards market.
The distribution boards market is poised to mark 6.4% CAGR.
By 2030, the distribution boards market is poised to attain a valuation of USD 7,118.9 Million.
By voltage rating, the segments are low voltage and medium voltage.
The key participants are General Electric Corp (US), Eaton Corporation PLC (Ireland), Siemens (Germany), Schneider Electric (France), ABB (Switzerland), Larsen & Toubro (India), Hager (Germany), Legrand (France), NHP Electrical Engineering Products Pty. Ltd (Australia), ESL Power Systems (US), Industrial Electric Mfg (US), and East Coast Power Systems Limited (US).
Key Questions Answered
Why Choose Market Research Future?