Power Distribution Component Market: Current Analysis and Forecast (2021-2027)
$3999 – $7577
Emphasis on Product (Switchgear, Switchboard, Distribution Panel, Motor control Panel, Others); Configuration (Fixed Mounting, Plug-in, Withdrawable); Voltage Rating (Less than 11 KV, 11-33 KV, 33-66 KV, 66-132 KV); Insulation (Air, Gas, Oil, Vacuum, Others); Installation (Indoor, Outdoor); End-User (Residential, commercial, industrial); Region and Country
Global Power Distribution Component Market was valued at ~US$ 100 billion in 2020 and is anticipated to grow at a CAGR of ~6% over the forecast period (2021-2027). Growing demand for effective transmission and distribution control systems required for refurbishing old electric systems is propelling the demand for power distribution components globally. These components are used to regulate distribution of electric power from transmission frameworks to any specific end-use equipment or the end consumers. Power distribution components not only help in the distribution of power but ensures safety and protection of end use equipment. Furthermore, with rising industrial sector demand for electricity form the industrial sector have increased, this has further propelled the demand of power distribution component, especially in the emerging economies. To add on, rapid digitization across major industries would further drive the demand for cost effective transmission and distribution control systems, however, high installation costs of these components act as major restraining factor for the growth of the market. Asia Pacific is the largest generator/ producer of electricity globally. Asia-Pacific accounted for 47% of the overall electricity generated across the world in 2020 (China being the largest contributor, followed by India), while North America accounted for 20.1% share, which US being the largest producer in the region.
Top Countries, with highest Renewable Energy production, 2020 (in TWh)
Movement of raw materials required for manufacturing power distribution components, were restricted during the lockdown period, as cross-border trade and movements and plateauing investments for the development of new power distribution components witnessed a decline in the first half of 2020, this has negatively impacted the growth of the power distribution component market.
Insights Presented in the Report
“Amongst Product, Distribution Panel segment dominated the market in 2020.”
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. The high share of the segment can be attributed to its wide range of application from low-voltage suburban networks to utility-based distribution infrastructure and low cost associated with the component.
“Amongst Configuration, Fixed Mounting component segment dominated the market in 2020.”
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.
“Amongst Voltage rating, 11-33 KV segment dominated the market in 2020.”
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. 11-33 KV segment dominated the market in 2020, owing to increasing demand for low-voltage power distribution networks across commercial & residential end-users.
“Amongst Insulation, Vacuum insulation segment dominated the market in 2020.”
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.
“Amongst Installation, indoor installation segment dominated the market in 2020.”
Based on installation, the Power Distribution Component Market is bifurcated into indoor and outdoor. Currently, indoor installation of Power Distribution Component dominates the market. The segment is expected to witness reasonable growth during the forecast period owing to the increasing space constraints and increasing investments in R&D activities for the development of smart and compact control equipment for efficient and adequate supply of electricity.
“Amongst End-User, residential, commercial, and industrial customers account for almost equal share.”
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.
“Asia Pacific represents as the largest market in the Global Power Distribution Component Market.”
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 accounts for major market owing to high electricity production in country such as China and India. 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.
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional & country-level analysis of the industry
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|1.4.||Currency used in Report|
|1.5.||Scope of the Global Power Distribution Component Market Study|
|2.1.||Research Methodology for the Global Power Distribution Component Market|
|2.1.1.||Main Objective of the Global Power Distribution Component Market|
|5||GLOBAL POWER DISTRIBUTION COMPONENT MARKET COVID-19 IMPACT|
|6||GLOBAL POWER DISTRIBUTION COMPONENT MARKET REVENUE (USD BN), 2019-2027F|
|7.4.||Motor control Panel|
|9.1.||Less than 11 KV|
|13.1.||North America Power Distribution Component Market|
|13.1.3.||Rest of North America|
|13.2.||Europe Power Distribution Component Market|
|13.2.5.||Rest of Europe|
|13.3.||Asia Pacific Power Distribution Component Market|
|13.3.4.||Rest of Asia Pacific|
|13.4.||Rest of World Power Distribution Component Market|
|15||POWER DISTRIBUTION COMPONENT MARKET OPPORTUNITIES|
|16||POWER DISTRIBUTION COMPONENT MARKET TRENDS|
|17||LEGAL & REGULATORY FRAMEWORK|
|18.1.||Demand Side Analysis|
|18.2.||Supply Side Analysis|
|18.2.1.||Top Product Launches|
|18.2.2.||Top Business Partnerships|
|18.2.3.||Top Business Expansions, Investments and Divestitures|
|18.2.4.||Top Merger and Acquisitions|
|19||VALUE CHAIN ANALYSIS|
|20.1.||Porter’s Five Forces Analysis|
|20.1.1.||Bargaining power of Supplier|
|20.1.2.||Bargaining power of Buyer|
|20.1.4.||Availability of Substitute|
|20.1.5.||Threat of new Entrants|
|20.2.1.||Company Shares, By Revenue|
|21.3.||Eaton Corporation PLC|
|21.8.||Mitsubishi Electric Corporation|
|21.9.||Hyundai Electric & Energy|
|21.10.||Powell Industries Inc.|
Analyzing the historical market, estimation of the current market, and forecasting the future of the Global Power Distribution Component were the three major steps undertaken to create and analyze their adoption across various regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detailed secondary study was conducted to obtain the historical market size of the Power Distribution Component through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Power Distribution Component, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are product, configuration, voltage rating, insulation, installation, and end-users. Further regional & country-level analyses were conducted to evaluate the overall adoption of the Power Distribution Component in the global context.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size. Further, we conducted factor analysis using dependent and independent variables such as Growing spending to build efficient grid infrastructure and expansion of micro-grid networks and Increasing demand for effective transmission and distribution control systems etc. Historical trends and their year-on-year impact on the market size and share was analyzed. Demand and supply side scenario was also thoroughly studied.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Market, and market shares of the segments and company. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of Power Distribution Component across the major markets
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the Power Distribution Component Market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Power Distribution Component Market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product, configuration, voltage rating, insulation, installation, and end-users.
The main objective of the Power Distribution Component Market Study
The current & future market trends of Power Distribution Component were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional & country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of Power Distribution Component in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of product, configuration, voltage rating, insulation, installation, and end-users
- Defined analysis of the regulatory framework for the Global Power Distribution Component industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Power Distribution Component for the major regions & countries
- Major regions studied in the report include North America (US, Canada, Rest of North America), Europe (Germany, United Kingdom, France, Italy, Rest of Europe), Asia Pacific (China, Japan, India, Rest of Asia-Pacific), and Rest of World
- Company profiles of the Power Distribution Component Market players and the growth strategies adopted by them to sustain in the fast-growing market
Deep dive regional & country level analysis of the industry