The Global Power Distribution Component Market Size accounted for USD 109.2 Billion in 2021 and is projected to occupy a market size of USD 191.7 Billion by 2030 growing at a CAGR of 6.5% from 2022 to 2030.
A power distribution component is a piece of electrical equipment that regulates the distribution of power to various types of equipment. Rising demand for refurbishment of existing electrical infrastructure, combined with regulatory and fiscal restructuring across the industrial peripheral, will enhance business potential. Rapid urbanisation and industrialization in developing economies like India and China are expected to drive market growth. Furthermore, the construction sector is expected to drive the power distribution component industry growth.
Power Distribution Component Market Report Statistics
Global Power Distribution Component Market Dynamics
Power Distribution Component Market Report Coverage
|Market||Power Distribution Component Market|
|Power Distribution Component Market Size 2021||USD 109.2 Billion|
|Power Distribution Component Market Forecast 2030||USD 191.7 Billion|
|Power Distribution Component Market CAGR During 2022 - 2030||6.5%|
|Power Distribution Component Market Analysis Period||2018 - 2030|
|Power Distribution Component Market Base Year||2021|
|Power Distribution Component Market Forecast Data||2022 - 2030|
|Segments Covered||By Product, By Configuration, By Voltage Rating, By Insulation, By Installation, By Current, By Application, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||CG, GE, Hyosung, ABB, Hyundai, Eaton, Rittal, Schneider, Mitsubishi, Siemens, Skema, Hitachi, Norelco, Powell, START, Hubbell, Al Hassan Engineering, Fuji, Electric, Lucy Electric, L&T, and E+I Engineering.
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Power Distribution Component Market Growth Factors
The power distribution component industry has seen an upsurge because of the developing demand for successful T&D control systems. Increasing need for refurbishment of prevailing electrical setup combined with administrative and financial rebuilding over the mechanical fringe will supplement the business potential. Absence of productive and reliable solid electric system over the emerging countries alongside a move toward the improvement of existing system crosswise over emerged economies have additionally incorporated a good business situation. Economical costs, safe task, and product smallness are a portion of the basic parameters driving the business development.
Distribution or Dissemination boards and circuit breakers in the present routine have picked up prominence because of product adaptability and various relevance across distribution systems. The products yield wide relevance crosswise over assorted applications going from low voltage rural systems to utility-based conveyance foundation. With increment in selection, industry members and makers have adjusted their concentration towards the improvement and compelling dissemination of the products. Hereafter, good shopper inclinations and product flexibility supported by practical setups will expand the market share
Power Distribution Component Market Segmentation
The global power distribution component market is segmented based on product, configuration, voltage rating, insulation, installation, current, application, and geography.
Power Distribution Component Market By Product
According to the power distribution component industry analysis, distribution panel sub-segment achieved significant market share in 2021 and is likely to continue its trend during the forecast timeframe from 2022 to 2030. On the other hand, switchboard sub-segment is anticipated to witness a considerable growth in the coming years owing to the growth in construction activities and rising industrialization and urbanization.
Power Distribution Component Market By Configuration
Fixed mount power distribution component market is required to outperform USD 110 Billion by 2030. The products have seen steep penetration crosswise over high voltage utility and industrial distribution systems. Despite the fact that, the design has considerable sending crosswise over business and private dissemination arranges be that as it may, the industry elements are cleared dependent on their mix crosswise over similarly higher voltage systems. Assembling units, process plants, oil and gas investigation and extraction and comparable mechanical peripherals demand for higher ampacity and voltage rating system which will animate the product demand.
Power Distribution Component Market By Voltage Rating
According to the power distribution component market forecast, 11 kV is expected to hold a significant market share between 2022 and 2030. The massive growth of low-voltage distribution networks across commercial and residential establishments is credited with the segment's high share. Additionally, flexible product configurations, operational performance, and aesthetic proximity are some of the factors driving market growth.
Power Distribution Component Market By Insulation
According to the power distribution component market forecast, the vacuum is expected to occupy more than half of the market share during 2022 to 2030. Demand for the product has been fueled by a few essential qualities, including low competitive impact from other established insulated technologies, economical price, high consumer reliability, reliable & safe operation, and leakage-free technology.
Power Distribution Component Market By Installation
Based on installation, the indoor sub-segment is likely to outgrow with an impressive growth rate from 2022 to 2030. Rising space constraints, combined with ongoing R&D investments in the development of smart, compact control equipment, will drive product adoption. On the other hand, the outdoor installation sub-segment holds a significant market share in 2021.
Power Distribution Component Market By Current
By current, the market size is bifurcated into AC and DC. Among them, AC current type dominated the market with utmost shares in 2021. The impressive shares in the AC current type is because of its advantageous characteristics, including lower heat generation, less expensive energy loss, flexible and efficient high-end voltage levels.
Power Distribution Component Market By Application
The application segment is majorly occupied by the industrial sector and will register a considerable growth rate in the coming years. The high growth in the segment is credited to the development of secure and smart electric infrastructure across the world. The rate of energy consumption has also increased as a result of the expansion of data centers and communication hubs.
Power Distribution Component Market Regional Outlook
The Middle East & Africa
Power Distribution Component Market Regional Analysis
The U.S. market is required to observe a yearly establishment of more than 9.6 million units by 2026. Development sought after because of expanded reserve stream towards the advancement of long- distribution networks & refurbishment of household electric foundation have stimulated the business scene. The U.S. Government in 2018 drove intends to spend USD 10.3 billion to grow new electric systems, which is required to diminish the abridgement rate of the Western Transmission and Distribution (T&D) Network. The developing spotlight on the supplanting of conventional electrical hardware with advanced high-quality systems will push the product demand.
In the ongoing years, the power distribution component industry crosswise over Middle East, Africa and Asia-Pacific has watched considerable movement attributable to the rising demand for compelling Transmission and Distribution (T&D) systems. Expanding demand for reclamation of prevailing electrical setup alongside rising speculations over the energy system division will increase the business development. According to a main distribution, controllers crosswise over Saudi Arabia in 2018 have proposed an investment worth USD 133 Billion over its Energy and Water ventures.
Power Distribution Component Market Players
CG, GE, Hyosung, ABB, Hyundai, Eaton, Rittal, Schneider, Mitsubishi, Siemens, Skema, Hitachi, Norelco, Powell, START, Hubbell, Al Hassan Engineering, Fuji, Electric, Lucy Electric, L&T, and E+I Engineering are the some companies catering to the international power distribution component market.
The market size of power distribution component market in 2021 was accounted to be USD 109.2 Billion.
The projected CAGR of power distribution component market during the analysis period of 2022 to 2030 is 6.5%.
The prominent players of the global power distribution component market include CG, GE, Hyosung, ABB, Hyundai, Eaton, Rittal, Schneider, Mitsubishi, Siemens, Skema, Hitachi, Norelco, Powell, START, Hubbell, Al Hassan Engineering, Fuji, Electric, Lucy Electric, L&T, and E+I Engineering.
North America held the dominating power distribution component during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for power distribution component during the analysis period of 2022 to 2030.
Growing demand for uninterrupted power supply, increasing number of data centers, and rapid industrialization and urbanization drives the growth of global power distribution component market.
Based on configuration, fixed mounting segment is expected to hold the maximum share of the power distribution component market.