Global Distribution Board Market: Overview
A distribution board is where the electrical supply is distributed from within the building. It is an essential part of any circuitry in homes, offices, or any other place. It is one of the highly important devices, as it ensures that the current is properly distributed to all the devices. Distribution board also ensures that none of the devices suffer from the effects of overcurrent or short circuit. Distribution boards are available in various sizes.
The global distribution board market has been expanding significantly due to the rapid growth in the construction industry to meet the needs of the rising population. This has boosted the demand for power supply, thereby driving the power transmission & distribution market. In turn, this is augmenting the demand for electricity supply system products such as distribution boards, panel boards, breaker panels, or electric panels. Additionally, increase in investment in transmission & distribution network is propelling the global distribution board market.
Global Distribution Board Market: Key Segments
The global distribution board market can be segmented based on voltage rating, end-user, and region. In terms of voltage rating, the market can be bifurcated into low voltage and medium voltage. The medium voltage segment accounted for dominant share of the market in 2018. Rise in investments in transmission & distribution infrastructure and renewable power plants is expected to significantly boost the segment. The medium voltage segment is anticipated to expand at a faster pace than other segments during the forecast period.
Based on end-user, distribution board market can be segregated into transmission & distribution utilities, manufacturing & processing industry, commercial & residential sector, and others. The transmission & distribution utilities segment dominated the global distribution board market in 2018. It is projected to be the fastest growing segment during the forecast period. Substations are a vital element of any grid system. They require high level of protection to ensure the stability of the system. Distribution boards are used widely by utilities to prevent damages to expensive and critical equipment. Increase in electricity access across the world is likely to lead to a rise in number of substations. This, in turn, is estimated to augment the demand for distribution boards.
Global Distribution Board Market: Regional Analysis
Based on region, the global distribution board market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the global distribution board market in 2018. The market in the region is anticipated to expand at a rapid pace during the forecast period. Rapid urbanization, industrialization, effective smart grid initiatives, high investments in the upgrade of transmission & distribution infrastructure, energy efficiency measures, and renewable projects are the major factors driving the market in the region. China is the key country of the distribution boards market in Asia Pacific. It is also the world’s largest market for power transmission & distribution and a major consumer of smart grid technology. According to the International Energy Agency’s (IEA) World Energy Investment Outlook, China is expected to invest US$ 83 Bn in its transmission & distribution network during the forecast period. Europe and North America are also prominent regions of the market. These regions are now upgrading their grids and replacing old installations. Significant investment in renewable resources such as wind farms is also projected be a major factor driving the distribution boards market.
Global Distribution Board Market: Key Players
Key companies operating in the global distribution board market include Eaton Corporation PLC, General Electric Corp, Siemens, ABB Group, Schneider Electric, Larsen & Toubro, Legrand, Hager, NHP Electrical Engineering Products Pty. Ltd., and Industrial Electric Mfg.
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