Power Distribution Component Market: Introduction
Transparency Market Research delivers key insights on the global power distribution component market. In terms of revenue, the global power distribution component market is estimated to expand at a CAGR of 6% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global power distribution component market.
The global power distribution component market is broadly affected by several factors such as increase in construction and infrastructure activities; and growth in access of electricity. Thus, applications of power distribution components have increased in the market. This is propelling the global power distribution component market.
Power Distribution Component Market: Dynamics
Power distribution components are the major elements of an electric supply system for commercial, residential, and industrial sectors. The main cable comes into the distribution board and is then distributed in secondary circuits such as lights and plugs via breakers. Electric panel includes distribution panel, motor control panel, and others.
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In any building, electric supply is distributed from the distribution board (DB). The main supply cable goes into the distribution board, and is then distributed to the breakers and subsequently to all the circuits such as the geyser, lights, and plugs.
Motor control panel is an assembly to control some or all electric motors in a central location. Motor control panel is typically found in residential and commercial buildings with many electric motors that need to be controlled from a central location such as an electrical room or mechanical room. Socket connects electric equipment to the alternating current (AC) power supply in buildings and other sites. Electrical socket is also referred as electrical outlet.
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Based on type, the panel segment dominated the global power distribution component market in 2019. In terms of application, the commercial segment accounted for a prominent share of the global power distribution component market in 2019. Rise in installation of energy efficient electrical systems to obtain sustainable power output & improve safety is anticipated to drive the residential segment of the global power distribution component market in the near future.
Power Distribution Component Market: Prominent Regions
The power distribution component market in Asia Pacific is expected to expand during the forecast period. Rise in investment in single and multi-housing units in developing economies is estimated to boost the demand for the power distribution components in Asia Pacific in the near future. As per the FDI India, the real estate sector in the country is expected to reach the value of US$ 1 Trn by 2030.
The power distribution component market in North America is projected to witness favorable growth during the forecast period. Increase in spending in construction and renovation of aging electrical grid infrastructure is anticipated to propel the power distribution component market in the region. The power distribution component market in Europe is likely to expand during the forecast period, owing to the rise in spending on research and development activities to enhance the operational efficiency of power distribution components such as panels and sockets.
Power Distribution Component Market: Key Players
Key players operating in the global power distribution component market are ABB Ltd., Lucy Electric, Siemens, Eaton, Norelco, Schneider Electric SE, Larsen & Toubro Limited, Hyundai Electric & Energy Systems co., Ltd., Fuji Electric co., Ltd., Crompton Greaves Consumer Electricals Ltd., Mitsubishi Electric Corporation, and GENERAL Electric.
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