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.
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.
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.
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.
Instrument Transformers Market - In terms of value, the global instrument transformers market is anticipated to expand at a CAGR of 5.5% from 2020 to 2030 and cross a value of US$ 12 Bn by 2030. Asia Pacific led the global instrument transformers market in 2019, in terms of demand. This trend is anticipated to continue between 2020 and 2030. Rise in investment in smart grids, including digitization of substations, smart meters and microgrid technologies, is a key factor that is estimated to boost the global instrument transformers market in the near future. Instrument transformers play a vital role in power distribution and transmission network. The expansion of the renewable power generation capacity across the globe is estimated to drive the global instrument transformers market during the forecast period.
Distribution Transformer Market - The distribution transformer market is segmented based on field of usage (power transformer for transmission network, distribution transformer for distribution network, power supply, isolation, rectifier, and others); number of phases (single phase and multi-phase); installation location (overhead distribution systems, underground or above ground vaults, pad mounts, and interior installation); and region (North America, Latin America, Europe, Middle East & Africa, and Asia Pacific). The global distribution market is driven by the increasing need for power across the globe. North America and Europe are the major markets for distribution transformers due to large per capita electricity consumption in these regions. The market in Asia Pacific is poised to gain momentum and outperform North America and Europe in terms of size.
Distribution Voltage Regulator Market - The increasing demand for power has been the main factor which attributed to the growth of the distribution voltage regulator's market. Governments across the globe, especially in emerging markets such as India and China among others, are in constant pursuit of upgrading their domestic power networks and developing smart grid infrastructure to meet the increasing demand for electricity. In order to install and upgrade new and existing transmission and distribution (T&D) networks, governments of both developed and developing countries have planned to invest huge amount during the forecast period. Such investments are boosting the global distribution voltage regulator market since voltage fluctuations are required to be stabilized for providing uninterrupted electricity supply. The growth in utility and industrial infrastructure investment has also positively impacted the market. Utility companies are utilizing distribution voltage regulators to increase power demand during off-peak periods apart from meeting the demand for power requirement during peak periods.
Subsea Electric Power Distribution Market - The share of oil and gas to be supplied from deeper water depths is expected to grow in the coming year due to increase investment in subsea production and processing system. The subsea electrical power distribution system will mark the end for many large offshore platforms and floats. The demand for electrical power for subsea consumer will increase with subsea electrical power distribution system solution. The driving factor in the subsea electric power distribution market is exploration of new oil reservoir in deep water and ultra deep water across the world. Subsea systems minimize environmental risks associated with the production from Arctic region and in deepwater offshore areas. Other driving factors in the subsea electrical power distribution market are; development in deeper water, longer distances, marginal fields and unexplored Arctic fields. Brazil's interest in deep water and ultra deep water exploration and production activities across the world has increased significantly. The additional benefit of deepwater and ultra deepwater oil and gas is that new finds tend to be significantly larger than recent onshore discoveries.
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