Global Power Distribution Component Market is expected to foresee significant growth. Asia-Pacific to lead the growth!
- Vikas Kumar
- October 11, 2021
- ENERGY & POWER, NEWS
- Power Distribution Component Market, Power Distribution Component Market Growth, Power Distribution Component Market news, Power Distribution Component Market Share, Power Distribution Component Market Size, Power Distribution Component Market Trend
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Global Power Distribution Component Market was valued at ~US$ 100 billion in 2020 and is anticipated to grow at a CAGR of ~6% over the forecast period (2021-2027). With increasing energy demand across Asia Pacific region, various countries across the region have ramped up their production of fossil fuels to meet the ever-increasing demand of electricity in the region. Despite the ongoing efforts to reduce the world’s reliance on high-polluting fossil fuels such as oil, it is projected that demand for fuel in the Asia-Pacific region could increase by 25% by 2040 compared to the current level.Owing to the lack of reliable and efficient electric distribution network, majorly in the emerging economies paired with government and utility company’s inclination towards advancement of existing electric infrastructure is expected to impact the demand for power distribution components market positively.
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Manufacturing activities of Power Distribution Component halted during the Covid-19, due to nation-wide lockdown measures across many countries and the demand decreased significantly. Rising investment towards the expansion of long-distance electric distribution infrastructure paired with technological advancement in the electric networks would further propel the growth of the market.
Based on product, the Power Distribution Component Market is segmented into Switchgear, Switchboard, Distribution Panel, Motor control Panel, Others. In 2020, Distribution Panel segment dominated the market and is expected to remain dominant during the forecast period. Based on Configuration the Power Distribution Component Market is divided into Fixed Mounting, Plug-in, Withdrawable. Fixed Mounting component segment dominated the market in 2020 and is expected to dominate the market during the analyzed period. Based on voltage rating, the market is bifurcated into Less than 11 KV, 11-33 KV, 33-66 KV, 66-132 KV. Voltage rating have become a major industry standard for the deployment of electrical components depending on the application areas, regulatory preference, and the category of technologies to be deployed.
Based on insulation, the market is bifurcated into Air, Gas, Oil, Vacuum, Others. Vacuum insulation segment dominated the market in 2020, accounting for more nearly half of the market. High consumer reliability, less competitive influence from other auxiliary insulated components, economical price, and operational reliability are the major factors contributing to the high share of the product segment. Based on installation, the Power Distribution Component Market is bifurcated into indoor and outdoor. Currently, indoor installation of Power Distribution Component dominates the market. Based on end-user the Power Distribution Component Market is bifurcated into residential, commercial, and industrial. Currently, in the US, residential, commercial, and industrial customers account for roughly equal or one-third of the nation’s electricity use
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For a better understanding of the market adoption of Power Distribution Component, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of APAC), and Rest of World. Asia-Pacific dominated the market in 2020. Countries such as China and India with rising demand for electricity are expected to drive the market for power distribution components in the Asia-Pacific region. Some of the major players operating in the market include Siemens AG, ABB Limited, Eaton Corporation PLC, Schneider Electric, L&T, Hitachi Ltd, E+I Engineering, Mitsubishi Electric Corporation, Hyundai Electric & Energy, Powell Industries Inc. etc.
Global Power Distribution Component Market Segmentation
Market Insight, by Product
- Distribution Panel
- Motor control Panel
Market Insight, by Configuration
- Fixed Mounting
Market Insight, by Voltage Rating
- Less than 11 KV
- 11-33 KV
- 33-66 KV
- 66-132 KV
Market Insight, by Insulation
Market Insight, by Installation
Market Insight, by End-User
Market Insight, by Region
- North America Power Distribution Component Market
- United States
- Rest of North America
- Europe Power Distribution Component Market
- United Kingdom
- Rest of Europe
- Asia Pacific Power Distribution Component Market
- Rest of Asia-Pacific
- Rest of World Power Distribution Component Market
Top Company Profiles
- Siemens AG
- ABB Limited
- Eaton Corporation PLC
- Schneider Electric
- Hitachi Ltd
- E+I Engineering
- Mitsubishi Electric Corporation
- Hyundai Electric & Energy
- Powell Industries Inc.