ALBANY, N.Y., June 17, 2021 /PRNewswire/ -- The demand for electricity has skyrocketed extensively, especially in the industrial sector. With the rising influence of industrialization across many countries, improving the existing electrical setup has gained considerable traction. Based on these factors, the power distribution component market is estimated to display promising growth across the assessment period of 2020-2030.
A power distribution component is a type of equipment that helps regulate the electrical power distribution to various machines in a production unit or manufacturing facility. The overwhelming use of power distribution components in commercial, industrial as well as residential aspects will bring extensive growth prospects for the power distribution component market.
Transparency Market Research (TMR) has conducted extensive research on every aspect associated with the growth of the power distribution component market. The researchers at TMR estimated the power distribution component market to expand at a CAGR of 6 percent across the forecast period of 2020-2030. The global power distribution component market is prognosticated to reach a valuation of US$ 15.3 bn by 2030, the end year of the forecast period.
The ongoing demand for electricity on the back of the swelling population numbers is helping in boosting the growth opportunities across the power distribution component market. In addition, the growing focus on commercial zone development in tandem with investment opportunities will bring ample growth opportunities across the power distribution component market. Strengthening the long-distance distribution infrastructure will significantly impact on the growth of the power distribution component market.
Booming Industrialization in Developing Economies is anticipated to Bring Tremendous Growth Opportunities for the Power Distribution Component Market
Densely populated countries like India and China are increasing their industrialization levels through various initiatives and subsidies. Availability of abundant natural resources and vast swathes of land are propelling the industrial aspects of these countries. These factors will help in generating substantial revenues for the power distribution component market.
Aging Electrical Grid Infrastructure across many Regions to Play a Vital Role in the Growth of the Power Distribution Component Market
Increased spending in the renovation and construction of existing electrical grid infrastructure will bring immense growth prospects for the power distribution component market. The government bodies of numerous countries are increasing their focus on electrification measures exponentially. These factors will have a profound impact on the growth of the power distribution component market.
Power Distribution Component Market: COVID-19 Impact
The COVID-19 outbreak has a vast influence on the growth projections of many businesses and sectors. The advent of the pandemic brought the world to a standstill and had a major economic impact. Many countries enforced strict lockdowns to break the virus chain to upgrade the healthcare infrastructure. These lockdowns resulted in the closure of manufacturing facilities and production units. The production and demand for power distribution component was affected exponentially due to the lockdown restrictions.
After a brief lull, some relaxations in the restrictions were announced by the governments of various countries to streamline the economic growth. With strict guidelines, manufacturing facilities and production facilities were allowed to function. This factor is helping in reviving the growth of the power distribution component market. However, the threat of the second and third waves of the COVID-19 outbreak persists, but vaccination is speeding up in many countries. Mass vaccination drives across almost all countries are reigniting the hopes of a pre-pandemic life.
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