Distribution Boards Market Research Report - Global Forecast till 2030

Distribution Boards Market Research Report: Information by Voltage Rating (Low Voltage and Medium Voltage), End Use (Transmission & Distribution Utilities, Manufacturing & Processing Industry, Commercial & Residential, and Others), and by Region (North America, Europe, Asia-Pacific, Middle East, Africa, and South America)-Forecast till 2030

ID: MRFR/E&P/2306-HCR | November 2022 | Region: Global | 188 Pages         

Distribution Boards Market

Distribution Boards Market is projected to grow at a CAGR of 6.4% with a revenue will reach USD 5.91 Billion from 2021-2027.

Segmentation

By Voltage Rating Low Voltage Medium Voltage
By End Use Transmission & Distribution Utilities Manufacturing & Processing Industry Commercial & Residential Others

Key Players

  • 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)
  • East Coast Power Systems Limited (US)

Drivers

  • Aging power infrastructure
  • Increasing urbanization across the globe
  • Increasing need for protective devices
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Distribution Boards Market Overview


The global distribution boards market had estimated to have recorded a market size of USD 4.33 Billion as a part of the historic forecast period that ended in 2018 and is projected to grow at a CAGR of 6.4% from 2021 2027. As a result, the global market revenue will reach USD 5.91 Billion by 2027. The global market growth is driven by factors such as the growing need to protect electrical components and networks, increasing global electricity demand, followed by other factors like the subsequent investments in renewable power plants and increasing construction and infrastructural activities across the globe. The functional market is segmented by voltage rating, end-user, and region to meet the rising needs of the global target audience.

Further, the prominence of increasing energy demands from the industries and rapid infrastructure growth in the energy sector are likely to drive the distribution board market during the continuous period that ends in 2027. However, the market trends suggest that delays in implementing the distribution projects are expected to restrain the distribution board market expansion in the global market.

COVID 19 Analysis


The outbreak of the novel coronavirus pandemic has been questioning the global market functions, and the distribution boards market is one of them. Furthermore, the healthcare emergency has imposed healthcare questions, and the unavailability of resources and raw materials is creating a rift in the demand and supply scale of the market. The situation is worrying on various levels as people's health is at stake. Further, the non-functionality of the global market operations is questioning the preparedness of the market and the market players to meet the uncertainties. However, the uncalled pandemic is a question that imposes restrictions and strict norms by the global governments across the globe.

The distribution boards market players have been keeping in mind the constant requirements of the market, and hence, they are on the way to innovating their market products as per the trends and demands. Also, the research and developments of the market products, along with the rising investments and infrastructural support from the global governments, will help in the distribution boards market expansion. Therefore, the market players are targeting the untapped markets to improve their market size and revenue in the long run, as a part of the forecast period ending in 2027.

Market Dynamics


Drivers

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.

Restraints

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.

Technology Analysis

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 2027. 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.

Segment Overview


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:

By Voltage Rating


  • Low Voltage

  • Medium Voltage


By End-User


  • Transmission & Distribution Utilities

  • Manufacturing & Process Industries

  • Commercial & Residential Infrastructure

  • Others, including Marine, Mining, Offshore, Transportation, and Power Generation


By Region


  • Asia-Pacific

  • North America

  • South America

  • Europe

  • Middle East & Africa


Regional Analysis


The Asian Pacific region is estimated to lead the distribution panels market, owing to increased electrification rates, urbanization, and industrialization, which propel the demand for electrical distribution boards. The Chinese region had dominated the global market in 2015 on account of extensive upgradation of electrical infrastructure and installation of new transmission & distribution lines. Both participating regions, China and India, are estimated to be the fastest-growing markets for distribution panel boards from 2016 to 2021.

Countries in the Asia-Pacific region, such as China, India, and Indonesia, are expanding their existing transmission and distribution system by laying new transmission lines and installing new substations with a motive to fill the energy because of the rapidly increasing urbanization and industrialization demand-supply gap in their respective country, hence, contributing to the expansive market share. Such market developments will likely use several distribution boards at every end-user level.

In 2019, the Asia-Pacific region's primary energy consumption was 257.56 Exajoules, out of 44.1% of the world's total primary energy. The APAC region's considerable share of energy demand will likely create dominance over the region's distribution board.

In 2019, the power supply project for the China-Laos railway became functional post its inauguration. The project runs along the China-Laos railway through five provincial administrative regions located in Northern Laos. It is likely to build 20 circuits of 115kV transmission lines having a total length of 268 km and extend 11 bays in 10 substations to supply power from the state-run Electricite du Laos' grid to 10 railway traction substations. Several planned substations are expected to be installed by several distribution boards for the safety of the network and equipment in the project. The project will be ending by the end of 2021.

Competitive Landscape


Some of the leading players in the distribution boards market are mentioned as follows:


  • ABB Ltd. (Switzerland)

  • General Electric (U.S.)

  • Siemens AG (Germany)

  • Schneider Electric SE (France)


The new product launch was the prominent strategy most commonly used by top players from 2012 to 2016, followed by contracts and agreements, expansion, and other developments.

Recent Developments



  • The global market growth can be attributed to the rise in construction and infrastructural activities, increasing power generation, and increasing upgradation of transmission & distribution infrastructure, triggered by the rising energy demand.

  • The distribution boards market report segments the distribution panels market based on the low and medium voltage rating. The medium voltage segment is expected to grow at the highest CAGR during the ongoing forecast period. This growth can be credited to the increasing investments in transmission and distribution infrastructure, followed by other factors like renewable power plants and construction and infrastructural activities. However, the demand for low voltage distribution panels is also set to increase rapidly, given the increasing access to electricity in regions like India, South Africa, and Nigeria.

  • The transmission and distribution utility segment had recorded the largest market size in 2015. The availability of transmission & distribution infrastructure in developed economies in North America and Europe is aging and outdated. Hence, these economies are modernizing their grids and replacing old installations. In addition, the availability of investments in offshore wind farms, which increase their capacity, is also expected to drive the market.


Intended Audience



  • Distribution board manufacturers, dealers, and suppliers

  • Transmission & distribution utilities

  • State and national regulatory authorities

  • Power generation plants

  • Consulting companies and associations in the energy & power sector

  • Government and research organizations

  • Energy associations

  • Investment banks


Report Overview


The ecosystem in the form of the distribution boards market report is often categorized into in-house and outsourced tasks. In-house activities lay their primary focus on critical aspects and components of a product, while the required auxiliary parts are usually outsourced. The essential components of the power distribution board are manufactured during this stage, as discussed in the report, and these include the contacts and the tripping mechanism. The components of the materials are then assembled according to the required specification during the assembly stage. Finally, the report discusses the scope of the market functions during the period, followed by the developments and recent market developments.



Report Scope:

Report Attribute/Metric Details
  Market Size   2030: USD 13.79 billion
  CAGR   6.67% CAGR (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Billion)
  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


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    Frequently Asked Questions (FAQ) :

    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 2027, the distribution boards market is poised to attain a valuation of USD 5.91 billion.

    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).