Distribution Boards Market Overview:
The global Distribution Boards Market is projected to grow at a CAGR of 6.4% from 2022 2030. As a result, the global market revenue will reach USD 7,118.9 Million by 2030.
Our Market Overview and Regional Analysis provide an understanding of the industries, companies and products within the market. Our Trends section provides an analysis of how the market is currently performing and looks set to perform in the future. Our Growth Forecast section gives you an idea about how our Market Analysis works, by giving us further details on how we can build our Market Forecast model for a particular domain within this report. Lastly, in our Metrics section we outline important data points relating to each of these sections as well as our current forecasted price range.
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Market Dynamics
The key factors driving the global distribution board market's growth are growing urbanization across the globe and increasing need for protective devices. In addition, growing access to electricity, particularly in rural areas, will drive the demand for distribution boards. In addition, the aging power infrastructure also provides a growth opportunity for the global market for distribution boards.
Energy efficiency has become the primary driver for the growth of the global distribution board industry. In addition, governments across the globe are developing policies to promote the use of energy-efficient devices because of their advantages, including decreased energy consumption and cost savings. According to the International Energy Efficiency (IEA), global energy demand increased by 1.9% in 2017, driven by strong economic growth, eventually driving energy efficiency. All these factors will boost the distribution boards, which also encourages uninterrupted power.
Market Segmentation
The global distribution boards market has been segmented based on voltage rating and end-use.
Based on the voltage rating, the global distribution boards market includes low voltage and medium voltage. The medium voltage segment is projected to dominate the global market. This share can be due to increasing investments in T&D infrastructure, construction sector, and growing renewable sector.Based on end-use, the global distribution boards market has been segregated into transmission & distribution utilities, commercial & residential, manufacturing & processing industry, and others. The T&D utilities are anticipated to dominate the market as the T&D infrastructure is aged and needs refurbishment.Regional Analysis
By region, the global distribution boards market has been divided into Asia Pacific, North America, Europe, the Middle East, Africa, and South America.
The Asia Pacific has the highest market share of distribution boards. The rising construction sector and the immediate need to refurbish old and ageing infrastructure will boost the market for distribution boards in the region. China dominated the Asia Pacific region due to its vast population and growing infrastructure activities to cater to the large population.
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Key Players
Notable players in the global distribution boards market are Eaton Corporation PLC (Ireland), Industrial Electric Mfg (US), General Electric Corp (US), Siemens (Germany), Legrand (France), ABB (Switzerland), Schneider Electric (France), Larsen & Toubro (India), Hager (Germany), NHP Electrical Engineering Products Pty. Ltd (Australia), ESL Power Systems (US), and East Coast Power Systems Limited (US).
Many players like Havells (India), Legrand (France), and Finolex (India), among others, are concentrating on providing highly competitive distribution board products with varied categories. These players also aim to adopt organic and inorganic strategies in the form of new product growth, contracts & agreements, and expansion as part of their expansion strategies. For example, Havells India focuses on innovation by making a significant amount of investment in R&D for offering competitive products.
