- The growing need to protect electrical networks and components is a key factor driving growth.
- Growth in the manufacturing and process industries is also growing the market.
- Foreign investment in developing countries, designed to develop electricity infrastructure is further proving market growth.
The distribution boards market is projected to reach $5.91 billion by 2021, growing at a CAGR of 6.4% during the forecast period. The distribution board plays a crucial role in the power sector across various segments, including power generation, transmission & distribution, and equipment protection. The growing need to protect electrical networks and components, investments in renewable power plants, and increasing construction & infrastructural activities are expected to drive the global distribution boards market.
To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the electric distribution boards market including ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric (U.S.), Schneider Electric SE (France), and Eaton Corporation (Ireland). These players are trying to penetrate developing economies and are adopting various methods to increase their market share.
Scope of the Report:
· By Voltage Rating
o Low Voltage
o Medium Voltage
· By End-User
o Transmission & Distribution Utilities
o Manufacturing & Process Industries
o Commercial & Residential Infrastructure
o Others, including Marine, Mining, Offshore, Transportation, and Power Generation
· By Region
o North America
o South America
o Middle East & Africa
The need to protect electrical devices and network components is expected to drive the demand for power distribution boards during the forecast period. Electricity access is increasing in countries across the world, with the emerging economies of regions such as Asia-Pacific and Africa receiving foreign investments to develop their electricity infrastructure. Most developing countries have started shifting from an agrarian economy to the industrial and service sectors, thereby increasing the rate of urbanization.
The distribution boards market is primarily driven by the growing need to protect electrical networks and components, increasing transmission & distribution activities, power generation capacity additions, growth in the manufacturing and process industries, and rising commercial and residential construction activities.