Distribution Boards Market is Projected to USD 5.91 Billion by 2021
The global distribution boards market is projected to reach USD 5.91 billion by 2021, growing at a CAGR of 6.4% from 2016 to 2021. This growth can be attributed to the rise in construction and infrastructural activities, increasing power generation, and increasing upgradation of transmission & distribution infrastructure, triggered by the rising energy demand.
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.
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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.
Despite increasing urbanization across the globe, households in several countries still lack electricity access and face frequent power outages. Governments ensure that most households have access to electricity by upgrading the existing power distribution infrastructure and setting up new substations to meet the growing electricity demand. These factors are expected to drive the market for distribution panels.
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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.
Asia-Pacific is estimated to be the fastest-growing market for power distribution boards, followed by the Middle East & Africa and North America. This growth can be attributed to increased investments in the T&D infrastructure, construction and infrastructural activities, and the electrification network in the recent past. China accounted for the largest share in the Asia-Pacific region in 2015 and is projected to grow at the highest CAGR from 2016 to 2021.
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The transmission & distribution segment of the distribution boards market (by end-user) is expected to register the highest CAGR from 2016 to 2021, making it the most attractive market in the current scenario. This growth can be attributed to the increasing upgradation of transmission & distribution networks. A number of smart grid and substation automation projects are being undertaken across the globe, especially in the North American and European regions. This is expected to further drive the demand for distribution panels.
Asia-Pacific is estimated to be the fastest-growing market for power distribution boards, followed by the Middle East & Africa and North America. This growth can be attributed to increased investments in the T&D infrastructure, construction and infrastructural activities, and the electrification network in the recent past. China accounted for the largest share in the Asia-Pacific region in 2015, and is projected to grow at the highest CAGR from 2016 to 2021.
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