Global Distribution Panel Market

Distribution Panel Market Size, Share, Growth Analysis, By Type(Low Voltage, Medium Voltage, High Voltage), By Application(Residential, Commercial, Industrial, Utility), By Component(Switches, Circuit Breakers, Fuses, Surge Protectors), By Region - Industry Forecast 2024-2031

Report ID: SQMIG10E2018 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 93 | Figures: 76

Distribution Panel Market News

  • Eaton is a global technology leader in power management solutions. The power management company reported in March 2023 it will be releasing a new product. The Cutler-Hammer EasyPac Smart distribution panel can boost convenience of installation and upkeep. It is also integrated with communication capabilities and sensors to facilitate remote monitoring and control.
  • Schneider Electric is a French multinational company that specializes in digital automation and energy management. The global specialist in energy management stated in February 2023 that it will be releasing a new product. The EcoStruxure Power One modular distribution panel is greener and more energy-efficient than other models. The sensors and communication capabilities it is equipped with enable it to offer remote monitoring and control.
  • ABB is a pioneering technology leader that works closely with utility, industry, transportation and infrastructure customers. The company offers sustainable electrification and automation. This company reported in January 2023 the upcoming release of its new product. The Terra 3.0 smart distribution panel is a modular system that can be changed to cater to varying applications. The sensors and communication capabilities it is equipped with enable it to offer remote monitoring and control.
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Distribution Panel Market size was valued at USD 6.80 Billion in 2022 and is poised to grow from USD 7.18 Billion in 2023 to USD 11.19 Billion by 2031, at a CAGR of 5.7% during the forecast period (2024-2031).

The distribution panel market is defined by its competitive landscape. The market terrain encompasses numerous industry leaders and new entrants who are constantly engaged in fierce rivalry to capture market share. These market players tend to target innovation to broaden their product range and improve quality. These participants focus on continual R&D to develop advanced features like energy efficiency, remote control, and smart monitoring. 'Alfanar Group (Saudi Arabia)', 'Hager (France)', 'NAFFCO (United Arab Emirates)', 'Schneider Electric (France)', 'EAMFCO (Egypt)', 'Siemens (Germany)', 'Rittal GmbH & Co. KG (Germany)', 'ABB (Switzerland)', 'National for Electrical Panel Boards (Egypt)', 'Meba Electric Enterprise (China)', 'Mitsubishi Electric (Japan)', 'Larsen & Toubro Limited (India)', 'Eaton Corporation (US)', 'Delta Electronics (Taiwan)', 'Rockwell Automation (US)', 'Chint Group (China)', 'General Electric (US)', 'Honeywell International (US)', 'Socomec Group (France)', 'Legrand (France)'

Electrical energy is widely demanded all over the world. This factor has led to a heightened demand for distribution panels. Faster industrial growth and shifts to urban areas, along with the increasing number of residential and commercial settings have fueled this demand, feuling market growth. Infrastructure development projects, especially in emerging nations, have surged the need for modern distribution panels, which are required for efficient power supply.

Smart Distribution Panels : Smart distribution panels have landed on the market and have gained massive popularity. Their widespread adoption can be credited to its various benefits. These include its offering of advanced technologies like remote controlling, real-time monitoring, and IoT connectivity. They improve safety measures and efficient energy management, along with providing predictive maintenance. As industries and buildings strive for greater automation and energy efficiency, the demand for smart distribution panels is on the rise, reshaping the market landscape.

The market region which has remained at the top is North America. Its thriving industrial sector and growing residential settings, along with its safety regulations and widespread technology integration are responsible for its supremacy. North America’s advanced infrastructure and consistent demand for dependable power distribution systems have made it essential for the market's overall growth.

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Global Distribution Panel Market

Report ID: SQMIG10E2018

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