Power Distribution Component Market
Power Distribution Component Market (Type: Panel and Socket; and Application: Residential and Commercial) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
Demand for Continuous Power in Households Keeps Economies Running during Coronavirus Crisis
Over the past few months, the coronavirus pandemic has caused an unprecedented global economic and social crisis. This has caused ripple effects even in the power distribution sector. Since commercial and industrial sectors continue to function in a staggered manner as stakeholders are reluctant to make short and long-term investments in projects, sales in power distribution component market have been affected.
Suppliers and manufacturers in the power distribution component market are focusing on needs of the residential sector, as several individuals and businesses are working remotely from their respective homes. The Western Power Distribution in the U.K. is increasing efforts to work 24/7 in order to keep the power flowing to millions of customers; such trends are helping to keep economies running during the ongoing pandemic.
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Prevention of Signal Loss Helps Offset Disadvantages of Digital Control Panels
The power distribution component market is expected to reach the valuation of US$ 15.3 Bn by 2030. Digital control panels are gaining prominence for preventing signal loss during analog to digital conversion. However, its drawbacks involve the need for additional training to operate and troubleshoot the device. As such, companies are expanding their portfolio in before and after-sale services to gain a competitive edge over other market leaders and helps to provide training to service professionals.
Increase reliability, programmable functions, and reduction in signal loss are offsetting the disadvantages of digital control panels. Digital control panels help to easily manage other variables such as humidity, pressure, and temperature in commercial and residential spaces.
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Automated Power Distribution Devices Help Reduce Electricity Generation Costs
Automated power distribution is a fast growing phenomenon in the power distribution component market. This explains why the market is expected to grow at a favorable CAGR of 6% during the forecast period. The automated distribution of electricity helps to overcome major economic challenges such as increasing cost of electricity generation, rising cost of maintenance of components, and poor customer service.
Most electric utilities aim to save costs, whilst providing better services to their customers. Companies in the power distribution component market are gaining awareness about these demands and innovating in devices that deliver automated power distribution such as in the case of digital control panels.
Smart Power Distribution Enables Facility Managers Build Intelligent Electricity Infrastructures
Intelligent power innovation with predictive monitoring of low-voltage power distribution applications is translating into growth opportunities for stakeholders in the power distribution component market. In August 2020, power management company Eaton introduced its panelboards and switchboards that demonstrate real-time breaker health monitoring under its family of Pow-R-Line Xpert intelligent components.
Combined solutions with intelligent power distribution is providing accurate and actionable data useful for professionals and facility managers in healthcare, commercial buildings, and data centers. Such trends are contributing to the growth of the global power distribution component market. Smart power distribution helps industrial facilities to take smart decisions about upgrading their power distribution infrastructure.
Field-modifiable Panel Designs Increasing Safety of Operators
Innovators in the power distribution component market are increasing their focus in modular and field-modifiable panel designs. ReliaGear neXT from ABB is gaining popularity for dramatically speeding up field modifications and omitting the need of labor-intensive bolt-on components. Innovations in plug-in circuit breakers help save time, labor, and cost, while ensuring greater energy efficiency and rock-solid reliability of electrical infrastructures.
Field-reversible bus stacks, along with plug-in circuit breakers help in fast installation of electrical infrastructures. Manufacturers in the power distribution component market are increasing their production capabilities in spring-loaded circuit breaker plug-in connectors with increased plating thickness for enhancing panel durability to facilitate repeated insertion and removal. Component suppliers are growing passionate about safety by developing arc-resistant switchgear and ground fault sensing circuit breakers that help to keep personnel out of harm’s way.
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Discoms are increasing efforts to maintain reliable networks to power home offices, home schooling, and are timely charging power distribution devices to ensure connectivity among individuals during the ongoing COVID-19 pandemic. Digital control panels are easily programmable and help to implement complex control techniques. However, there is a need of training in order to operate digital control panels. Hence, companies in the power distribution component market should amp-up their services, offer training to field professionals, and increase awareness about advantages such as prevention of signal loss during analog to digital conversion. Intelligent power distribution techniques help to deliver smart circuit protection of panelboards and switchboards.
Power Distribution Component Market: Overview
- According to Transparency Market Research’s latest research report on the global power distribution component market for the historical period 2019 and the forecast period 2020–2030, usage of power distribution components in residential and commercial sectors and surge in construction & infrastructural activities are expected to boost the global power distribution component market during the forecast period
- In terms of revenue, the global power distribution component market is expected to reach the value of US$ 15.3 Bn by 2030, expanding at a CAGR of 6% during the forecast period. Based on application, the commercial segment dominated the global power distribution component market in 2019. Increase in investments in commercial buildings, primarily in developing economies, is anticipated to propel the commercial segment of the global power distribution component market in the near future.
Increase in Access to Electricity: Key Driver of Power Distribution Component Market
- Global electrification rates reached 89.95% in 2019; however, around 770 million people are still without access to electricity. The progress amounts to an average annual electrification rate of 0.8%, and newly gained access for more than 920 million people since 2010. The electrification trend began to accelerate in 2015. An additional 153 million people received electricity at an annual rate of more than 1% yearly between 2015 and 2017.
- Key strategies for increasing access to electricity include data-based decision-making and advanced policy-planning frameworks, private sector financing, and efforts to extend rural electrification and cope with urban densification. Various strategies adopted to increase the access to electricity are boosting the demand for power distribution component, as power distribution component divides an electrical power feed into subsidiary circuits, while providing a protective fuse or circuit breaker for each circuit in a common enclosure.
Rise in Applications of Power Distribution Component in Residential & Commercial Sectors
- Power distribution components play a pivotal role in commercial, residential, and industrial sectors, as they are used to distribute electricity in residential and commercial establishments
- The global construction industry expanded by 3% in 2019, after 3.5% in 2018 and 2.7% in 2017. Thus, growth in construction and infrastructure activities is likely to boost the demand for power distribution components over the next few years.
- Many countries across the globe are facing high costs associated with disruptions and Customer Minutes Lost (CML). The level of investment needed to maintain and upgrade the electricity network is also high. Energy distribution and generating facilities need to work in accordance with ‘future proof’ networks, as more coal plants are decommissioned. Renewable and nuclear power are likely to continue to play a bigger role in power generation in the near future. There is also a growing need for new technologies and fuel choices to be integrated into the grid (such as smart grid) in the future.
- Demand for smart power distribution components is directly linked with the adoption of the smart grid technology, as implementation of smart grid technologies require the integration of energy efficient solutions such as smart panels that can distribute electricity effectively. Thus, adoption of smart grids is estimated to create opportunities for the global power distribution component market.
Power Distribution Component Market: Competition Landscape
- Detailed profiles of providers of power distribution components have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global power distribution component market are
- ABB Ltd.
- Lucy Electric
- Schneider Electric SE
- Larsen & Toubro Limited
- Hyundai Electric & Energy Systems co., Ltd.
- Fuji Electric co., Ltd.
- Crompton Greaves Consumer Electricals Ltd.
- Mitsubishi Electric Corporation
- General Electric
Power Distribution Component Market: Key Developments
- Key providers of power distribution components, such as ABB Ltd., Siemens, Eaton, and Mitsubishi Electric Corporation are focusing on designing of smart and cost-effective power distribution components to attract more customers. Major developments in the global power distribution component market are highlighted below:
- In November 2018, ABB Ltd. launched the world’s first dry-type (oil free) digital transformer, the ABB Ability TXpert Dry, and another innovative product called TXpand at its ABB Customer World (ACW) event in Xiamen, China
- In April 2019, Siemens launched Sensgear and Sensformer. These new digital switchgear are part of the digitally connected transformer portfolio of the company. Gas-insulated switchgear, circuit breakers, surge arresters, disconnectors, instrument transformers, and coil products would be equipped with the Sensgear technology.
- In June 2020, Eaton announced its agreement to purchase a new facility in Hodges, South Carolina, thus establishing a new home for its busway product line currently spanning three facilities across Greenwood County. The investment in the new facility is expected to consolidate operations to one location to support accelerated growth of the comprehensive portfolio of power distribution and control equipment solutions used in hospitals, data centers, factories, and commercial, residential, and industrial facilities.
- In October 2019, Mitsubishi Electric Corporation started construction of a new plant in Gujarat, India. The new plant is likely to enable the company to expand its output of products such as motor-control units for electric power steering, exhaust gas recirculation valves, and giant magnet-resistance sensors.
- In the global power distribution component market report, we have discussed individual strategies, followed by company profiles of providers of hall-effect sensor systems. The ‘Competition Landscape’ section has been included in the global power distribution component market report to provide readers with a dashboard view and company market share analysis of key players operating in the power distribution component market.
Power Distribution Component Market – Scope of the Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the power distribution component market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the power distribution component market in order to identify opportunities for stakeholders. The report also provides insightful information about how the power distribution component market would expand during the forecast period of 2020 to 2030.
The report offers intricate dynamics about different aspects of the power distribution component market, which aids companies operating in the market in making strategic decisions. TMR’s study also elaborates on the significant changes that are anticipated to configure growth of the power distribution component market during the forecast period. It also includes key indicator assessment that highlights growth prospects for the power distribution component market and estimates statistics related to the market in terms of value (US$ Mn).
This study covers detailed segmentation of the power distribution component market, along with key information and a competition outlook. The report mentions company profiles of players that are currently dominating the power distribution component market, wherein various developments, expansions, and winning strategies practiced by these players have been presented in detail.
Key Questions Answered in TMR’s Report on Power Distribution Component Market
The report provides detailed information about the power distribution component market on the basis of a comprehensive research on various factors that are playing a key role in accelerating the growth of the market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the global market and are looking for innovative methods to create a unique benchmark in the global market so as to help them design successful strategies and make target-driven decisions.
- Which application segment of the power distribution component market would emerge as a major revenue generator during the forecast period?
- Which type segment of the power distribution component market would emerge as a major revenue generator during the forecast period?
- How are key market players successfully earning revenues in the power distribution component market?
- What would be the Y-o-Y growth trend of the power distribution component market between 2019 and 2030?
- What are the winning imperatives of leading players operating in the power distribution component market?
Research Methodology – Power Distribution Component Market
The research methodology adopted by analysts for compiling the report on the power distribution component market is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the power distribution component market.
During the primary research phase, analysts have interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine sources, analysts have emphasized the changing scenario of the power distribution component market.
For secondary research, analysts have scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the power distribution component market.
Power Distribution Component Market – Segmentation
TMR’s research study assesses the power distribution component market based on type, application, and region. The report presents extensive market dynamics and progressive trends associated with different segments and how they are influencing growth prospects of the power distribution component market.