The global power distribution component market size was estimated at USD 102.10 billion in 2020 and is expected to reach over USD 183.1 billion by 2030, expanding growth at a remarkable CAGR of 6.1% from 2021 to 2030.
The spike in demand for effective T&D control systems is a primary driver of the power distribution component market's growth. In addition, the market demand is likely to be accelerated by a rise in demand for refurbishment of existing electrical setups, as well as regulatory and fiscal reorganization across the industrial sector.
Moreover, the absence of reliable and efficient electric network across the developing nations has fostered the demand for the development of efficient power distribution system. Also, with the Government policies and heavy investment in order to develop an efficient energy distribution infrastructure is fueling the market growth.
The rapid urbanization and industrialization in the developing economies such as India and China are expected to boost the market growth. Also, the surge in construction sector is estimated to drive the market growth. With the increasing demand for electric vehicles all over the world, the need for development of energy infrastructure surges and this attribute is anticipated to fuel the growth of the Power Distribution Component Market.
Scope of The Power Distribution Component Market Report
|Market Size In 2030||USD 183.1 Billion|
|Growth Rate||CAGR of 6.1% from 2021 to 2030|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2030|
|Segments Covered||Product, Configuration, Insulation, Installation, Current, Application, Region|
|Companies Mentioned||GE, ABB, Eaton, Schneider, Siemens, Hitachi, Powell, Hubbell, Fuji Electric, L&T, E+I Engineering, Lucy Electric, Al Hassan Engineering, START, Norelco, Skema, Mitsubishi, Rittal, Hyundai, Hyosung, and CG|
The Power Distribution Component Market is segmented into switchgear, switchboard, distribution panel, motor control panels, and others based on product type. Due to its utility in a variety of applications ranging from low voltage suburban networks to utility-based distribution infrastructure, the distribution panels & circuit breakers component segment leads the power distribution component market is expected to grow at a highest CAGR during the forecast period. Its cost effectiveness is also one of the primary elements driving market expansion.
Based on the configuration type, the market is divided into fixed mounting, plug-in, and withdrawable.
The fixed mount configuration type segment leads the market with remarkable revenue share in 2020 and is expected to grow significantly growth rate during the forecast period. It is because of the demand for fixed mount power distribution components having a greater ampacity and voltage rating infrastructure, making them an excellent alternative for fixed mount power distribution components having a greater ampacity and voltage rating infrastructure, making them an excellent alternative for process plants, manufacturing units, oil & gas exploration & extraction and similar industrial peripherals.
Insulation Type, Insights
Based on the insulation type, the Power Distribution Component Market is divided air, gas, oil, vacuum, and others. The Vacuum insulation type segment leads the market in 2020 and is expected to witness highest CAGR during the forecast period owing to its high consumer reliability, leakage-free technology, and its economical price.
Installation Type Insights
Based on the installation type, the market is divided indoor and outdoor. The indoor Installation type segment dominated in the market in 2020 and is expected to grow significantly at a CAGR during the forecast period. It is because of the surge in space constraints and increasing investments in research and development for the growth of smart and compact control equipment.
Voltage Rating Type Insights
Based on the Voltage Rating type, the < 11kV voltage rating type segment leads the power distribution component market in 2020 and is expected to grow significantly at a CAGR during the forecast period. It is because of the rapid expansion of low-voltage distribution networks across commercial & residential establishments. Furthermore, operational performance, flexible product configurations and aesthetic proximity are some of the attributes that drives the market growth.
Current type Insights
Based on the Current type, the AC current type hit largest revenue share in 2020. It is due to its lucrative features such as less heat generation, economical energy loss, flexible and effective high-end voltage levels.
Furthermore, the ease of handling conducting properties integrated with ease of transformation, competitive lay-down costs, economic machinery cost and manufacture are few indispensable parameters are some of the attributes that fuels the market growth.
Application type Insights
Based on the Application type, the industrial application type segment leads the power distribution component market in 2020 and is projected to hit highest growth rate during the forecast period owing to development of secure and smart electric infrastructure across the world. Also, expansion of data centers, communication hubs and rapid growth in demand for energy are some of the factors that are anticipated to drive the growth of the Power Distribution Component Market.
North America accounted largest revenue share in 2020 and is expected to grow significantly at a CAGR during the forecast period. It is due to the surge in Government investments in order to develop refurbishment of domestic electric infrastructure and long-distance distribution networks. Furthermore, the growing emphasis on replacing traditional electrical equipment with innovative, high-quality systems is likely to boost market demand.
In the past decade, the power distribution component market across Asia Pacific and LAMEA has seen significant growth owing to the rising demand for restoring the electrical setup and with the heavy Governments investments to develop energy infrastructure. These factors are estimated to boosts the market growth. For instance, On 19th October 2021, Samsung Heavy Industries (SHI) has granted GE Power Conversion a new contract to deliver its SeaGreen Power Take Off (PTO) system, which incorporates GE's latest medium voltage Advanced technology Permanent Magnet Machine (APMM), for Maran Gas Maritime’s new LNG carrier. The LNG carrier will be delivered to Maran, the LNG shipping specialists based in Greece, in 2023 and will be built at Samsung Heavy Industries yard in Geoje, South Korea.
Key Companies Profiled
The global Power Distribution Component Market is characterized by the presence of various small and big players. The major market player GE, ABB, Eaton, Schneider, Siemens, Hitachi, Powell, Hubbell, Fuji Electric, L&T, E+I Engineering, Lucy Electric, Al Hassan Engineering, START, Norelco, Skema, Mitsubishi, Rittal, Hyundai, Hyosung, and CG. As the market is competitive in nature, the players are indulged in rapid adoption of advanced technologies to improve the energy transmission infrastructure and in raising their competitive share by means of strategic initiatives like mergers, new product and acquisitions.
Segments Covered in the Report
By Voltage Rating
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