Power Distribution Component Market: Current Analysis and Forecast (2023-2030)

The electrical apparatus that controls how electrical power is distributed to various types of equipment is known as a power distribution component. The power distribution components are used to deliver electric power to various machines in a factory or to numerous systems on an automobile vehicle. They are the high voltage utility and industrial distribution networks quick penetration. The demand for advanced transmission and distribution control systems has increased, which has led to growth in the power distribution component business. The commercial potential will be increased by the growing necessity for modifications to the current electrical setup together with administrative and financial advancements over the mechanical and technological periphery. Lack of an effective, dependable, and robust electric system in developing nations, as well as an opportunity to enhance the current system internationally.

The global power distribution component is anticipated to grow at a fantastic CAGR of 6% during the forecasted period (2023-2030). One of the main factors propelling the expansion of the power distribution component market is the surge in demand for efficient T&D control systems. Growth in the need for refurbishing current electrical setups, as well as regulatory and fiscal reform across the industrial sector, are additional factors that are anticipated to boost market demand.

Based on the product, the market is divided into switchgear, switchboard, distribution panel, motor control panel, and others. In 2022, the distribution panel is expected to hold a significant share. responsible for distributing electricity from the power source to various electrical loads. As the demand for electricity continues to grow, the market for power distribution components, including distribution panels, is also increasing. This is because distribution panels play a crucial role in ensuring the safe and efficient distribution of electricity, and as the demand for electricity increases, so does the need for reliable and efficient power distribution systems. Additionally, advancements in technology and the development of new materials have led to the creation of more advanced and durable distribution panels, which further increase their demand in the market.

Based on configuration, the market is segmented into fixed mounting, plug-in, and withdrawable. In 2022, the fixed mount segment controlled the market for power distribution component. Fixed mount power distribution component are a great option for manufacturing facilities, processing facilities, oil & gas exploration & extraction, and similar industrial peripherals due to the requirement for greater ampacity and voltage rating infrastructure. In applications where regular system modifications or alterations are not necessary, fixed mounting configurations are frequently used. Thus, such factors are in turn increasing the market for power distribution component.

Based on insulation, the market is divided into categories for air, gas, oil, vacuum, and other. In 2022, vacuum insulation is expected to grow at a significant CAGR. This is mainly owing to its high customer reliability, leakage-free design, and affordable price. Some key characteristics of the product, such as low competition influence from other established insulated technologies, an affordable price, high customer reliability, reliable & safe operation, and leakage-free technology are further expected to increase its demand in the market. Moreover, these components are also quite adaptable by nature to be used in multiple applications. Thus, the growing demand for vacuum insulation is increasing the market for power distribution component.

Based on installation, the power distribution component market is bifurcated into indoor and outdoor. The indoor installation is expected to grow with a considerable CAGR during the forecast period. Owing to the growth due to space restrictions and rising R&D expenditures for the creation of intelligent and small control equipment. Indoor installation of power distribution components also offers several advantages over outdoor installation, including greater safety, easier maintenance, and reduced visual impact. Additionally, as more people choose to install electrical systems in their homes, there will be a greater demand for reliable and efficient power distribution components, which will further drive the growth of the market.

For a better understanding of the market adoption of the power distribution component, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Italy, Rest of Europe), Asia-Pacific (China, India, Japan, Rest of Asia-Pacific), Rest of World. North America region is expected to grow significantly during the forecast period. This is mainly due to the existence of many highly developed technical nations, like the United States and Canada. The adoption of renewable energy sources in the region, like solar and wind power, has increased significantly, which has increased the demand for effective power distribution components. Moreover, the aging electrical infrastructure, the growing demand for electricity, and the need for reliable and efficient power distribution systems are further growing the demand for power distribution component. Additionally, the region is home to a large number of manufacturing and industrial facilities, which require reliable and efficient power distribution systems to operate. Thus, the market for power distribution components in North America is expected to continue growing in the coming years, driven by the need for upgrades and replacements of the existing electrical infrastructure, as well as the growing demand for electricity.

Some of the major players operating in the market include: Siemens; ABB; Eaton; Schneider Electric; LARSEN & TOUBRO LIMITED; Hitachi Energy Ltd.; E+I Engineering; Mitsubishi Electric Corporation; HD HYUNDAI ELECTRIC CO., LTD; and Powell Industries.