November 8, 2021 07:37 ET | Source: Market Research Future Market Research Future

New York, November 8, 2021 (GLOBE NEWSWIRE) - Overview of the distribution board market: According to a comprehensive research report by Market Research Future (MRFR), "Distribution board market research report, rated voltage, end use and region-forecast to 2030", the market value is expected to be 13.79 billion U.S. dollars by 2030, the compound annual growth rate during the forecast period (2022-2030) is 6.67%, and the market value in 2021 is 5.25 billion U.S. dollars.

The list of companies introduced in the power distribution board market research report is ——

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The switchboard market is implementing multiple strategies, such as collaboration, expansion, product launches, and mergers and acquisitions. Major industry players make substantial strategic investments in R&D activities and develop expansion plans. 

For example, on October 28, 2021, Panasonic Life Solutions India launched a new high-quality switchgear series "UNO Plus". The new series of protection devices provide advanced safety and excellent quality, which enhances the model of energy-saving and innovative switchgear. The new UNO Plus series includes miniature circuit breakers (MCB), residual current circuit breakers (RCCB) and distribution boards (DB).

Market research future comments on the distribution board market

The prospects for the distribution board market are extremely promising. Factors such as increasing energy demand and automation of the grid distribution process have driven the market share growth. In addition, due to the benefits of energy-saving equipment, such as reduced energy consumption and cost savings, governments around the world are reforming their policies to encourage the use of energy-saving equipment.

Such government initiatives and the growing demand for improved grid efficiency confirm the growth of the market. With the government's substantial investment in reliability improvement programs, market revenue is expected to increase significantly in the next few years.

The rapid deployment of smart grids to meet growing regulatory goals can increase market value. In addition, global power demand and global grid infrastructure have expanded the market size. The massive investment in upgrading the aging grid infrastructure has increased market revenue. The tremendous technological advancement and improvement of power grid technology has increased market sales.

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In addition, more and more smart grid deployments and ever-increasing regulatory targets have created huge market demand and witnessed a huge increase in expenditures for modernization of power infrastructure. Utilities around the world are working to improve grid efficiency by integrating renewable energy and using information and communication technologies. 

Increased legislative measures to expand reliable grid infrastructure to complement the commercial landscape in development. In addition, the increasing use of these systems to improve the efficiency and flexibility of the grid network creates huge opportunities. 

In recent years, the energy industry has undergone major changes, mainly due to the increase in the deployment of digital grids. Increasing demand in the energy sector is a key driver. Increasing smart city projects and increasing awareness of energy efficiency benefits increase market value. It is estimated that the increasing emphasis on renewable energy will unlock value and contribute to electrification, automation and digitization.

The COVID-19 outbreak has severely hit the switchboard industry and caused huge revenue losses. Technology suppliers and equipment manufacturers face various problems, including difficulties in obtaining raw materials and components, attracting workers from isolated areas required for production, and delivering final products to the market.

Due to strict lock-in regulations, the installation and replacement of these solutions were delayed, which further affected the market share of the switchboard and brought the market to a standstill. In addition, the lock-in interruption caused product prices to soar, which subsequently reduced market demand and disrupted component and equipment manufacturing and supply chains.

The market is divided into rated voltage, end use and region. The voltage rating is subdivided into low and medium voltage. The end-use sector is subdivided into power transmission and distribution utilities, manufacturing and processing industries, commercial and residential, etc. By region, the analysis is divided into Asia-Pacific, America, Europe and other regions of the world.

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The Asia-Pacific region dominates the global switchboard market. Factors such as the huge energy demand and growing population in the region are driving the growth of the distribution board market. In addition, the increasing demand for protection of electrical components and the development of infrastructure have promoted the scale of the distribution board market.

In addition, the growing construction industry and outdated infrastructure upgrades have increased the distribution board market share in the region. In addition, the increasing demand for connectivity and grid monitoring processes affects the market value of distribution boards. 

Market segments covered by the research:

Distribution board market research report: by voltage rating (low and medium voltage), end use (transmission and distribution utilities, manufacturing and processing industries, commercial and residential, etc.) and by region (North America, Europe, Asia-Pacific, Middle East) , Africa and South America)-forecast to 2030

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