Power Distribution Component Market: Current Analysis and Forecast (2023-2030)
Emphasis on Product (Switchgear, Switchboard, Distribution Panel, Motor Control Panel, and Others); Configuration (Fixed Mounting, Plug-in, Withdrawable); Insulation (Air, Gas, Oil, Vacuum, and Others); Installation (Indoor, Outdoor); Region and Country
Global Power Distribution Component Market is anticipated to grow at a CAGR of 6% over the forecast period (2023-2030). The 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 the distribution of electric power from transmission frameworks to any specific end-use equipment or end consumers. Power distribution components not only help in the distribution of power but also ensure the safety and protection of end-use equipment. Furthermore, the rising industrial sector demand for electricity from the industrial sector has increased, which has further propelled the demand for power distribution component, especially in emerging economies. To add on, rapid digitization across major industries would further drive the demand for cost-effective transmission and distribution control systems.
Some of the major players operating in the market include Siemens; ABB; Eaton; Schneider Electric; LARSEN & TOUBRO LIMITED; Hitachi Energy Ltd.; E+I Engineering; Mitsubishi Electric Corporation; HD HYUNDAI ELECTRIC CO., LTD; and Powell Industries.
Insights Presented in the Report
“Amongst product, the distribution panel is expected to hold a significant share in 2022.”
Based on the product, the market is divided into switchgear, switchboard, distribution panel, motor control panel, and others. In 2022, the distribution panel is expected to hold a significant share. responsible for distributing electricity from the power source to various electrical loads. As the demand for electricity continues to grow, the market for power distribution components, including distribution panels, is also increasing. This is because distribution panels play a crucial role in ensuring the safe and efficient distribution of electricity, and as the demand for electricity increases, so does the need for reliable and efficient power distribution systems. Additionally, advancements in technology and the development of new materials have led to the creation of more advanced and durable distribution panels, which further increase their demand in the market.
“Amongst configuration, the fixed mount segment controlled the market for power distribution component in 2022.”
Based on configuration, the market is segmented into fixed mounting, plug-in, and withdrawable. In 2022, the fixed mount segment controlled the market for power distribution component. Fixed mount power distribution component are a great option for manufacturing facilities, processing facilities, oil & gas exploration & extraction, and similar industrial peripherals due to the requirement for greater ampacity and voltage rating infrastructure. In applications where regular system modifications or alterations are not necessary, fixed mounting configurations are frequently used. Thus, such factors are in turn increasing the market for power distribution component.
Power Distribution Component Market Report Coverage
“North America region is expected to grow significantly during the forecast period”
North America region is expected to grow significantly during the forecast period. This is mainly due to the existence of many highly developed technical nations, like the United States and Canada. The adoption of renewable energy sources in the region, like solar and wind power, has increased significantly, which has increased the demand for effective power distribution components. Moreover, the aging electrical infrastructure, the growing demand for electricity, and the need for reliable and efficient power distribution systems are further growing the demand for power distribution component. Additionally, the region is home to a large number of manufacturing and industrial facilities, which require reliable and efficient power distribution systems to operate. Thus, the market for power distribution components in North America is expected to continue growing in the coming years, driven by the need for upgrades and replacements of the existing electrical infrastructure, as well as the growing demand for electricity.
Reasons to buy this report:
- 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
Customization Options:
The Global Power Distribution Component Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for Power Distribution Component Market Analysis (2023-2030)
Analyzing the historical market, estimating 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 in 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, insulation, and installation. 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 were analyzed. Demand and supply-side scenario were 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 were applied to arrive at the market forecast for 2030 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
Market Engineering
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 on 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, insulation, and installation.
- 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
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February 11, 2025
