ALBANY, N.Y., Nov. 12, 2020 /PRNewswire/ -- Electricity demand is increasing at a large scale across the world due to the booming population numbers. This aspect is increasing the demand for the distribution boards greatly. In addition, the flourishing construction sector and the escalating investments in the renewable energy sector may bring expansive growth prospects for the distribution board market across the assessment period of 2019-2027.
A distribution board is the main electrical supply system of any building or space. These boards are not just enclosures but a system in itself comprising neutral links, interconnecting wires, and earth leakage units for seamless electricity distribution.
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According to the researchers at Transparency Market Research (TMR), the distribution board market is prognosticated to expand at a CAGR of ~6 percent during the forecast period of 2019-2027. The distribution board market was valued at ~US$ 5.3 bn in 2018.
The deepening penetration of electrification across rural areas in densely populated countries like India and China may invite extensive growth prospects for the distribution board market. The benefits etched to the distribution boards such as long-term protection and safety may further invite tremendous growth prospects for the distribution board market.
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Distribution Board Market: Analysts Perspective
The analysts at Transparency Market Research (TMR) attribute the growth of the distribution board market to factors such as digital innovations across the industrial electric infrastructure and an increase in renewable energy projects. The analysts, however, highlight the high rate of electrical hazard accidents due to mechanical circuit breakers as growth restraints.
The analysts advise the players in the distribution board market to increase efficacy in the development of plug-on distribution boards to address space-constrained requirements of end-users. The analysts also suggest manufacturers to focus on next-gen power grids to broaden their revenue scope.
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Distribution Board Market: Key Revelations
- On the basis of power rating, the medium voltage segment acquired a major share of the distribution board market in 2018
- In regards to the pole, the 31 to 60 pole segment held a prominent share of the distribution board market in 2018
- The utilities segment accounted for a major share of the distribution board market in terms of the end-user in 2018
- The utilities segment is estimated to reach a value of ~US$ 2.8 bn by 2022
- Asia Pacific dominated the distribution board market in 2018
- North America held a large share of the global distribution board market in 2018
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Distribution Board Market: Growth Accelerators
The adoption of smart grid technologies across various regions around the world may prove to be a turning point for the growth of the distribution board market.
- The extensive focus on renewable energy segments will promise good growth prospects for the distribution board market
- The integration of IT with OT (operational technology) may prove to be a great growth generator for the distribution board market
- The addition of digital circuit breakers to overcome the limitations of mechanical circuit breakers may further help in increasing the growth rate of the distribution board market
Distribution Board Market: China Emerging as Growth-Generating Powerhouse
China makes up for the maximum demand for distribution boards across the globe. The rising urbanization across the country due to favorable housing policies such as reduced interest on loans and exemption of sales tax on residential housing may bring immense growth prospects for the distribution board market.
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Global Distribution Board Market: Segmentation
By Power Rating
- Low Voltage
- Medium Voltage
- 1 to 30
- 31 to 60
- Above 60
By End User
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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