Albany, NY -- (SBWIRE) -- 04/08/2021 -- Distribution Board Market: Introduction
The global distribution board market was valued at ~US$ 5.3 Bn in 2018 and is anticipated to expand at a CAGR of more than ~6% during the forecast period
Based on power rating, the medium voltage segment accounted for a major share of the global distribution board market in 2018
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In terms of pole, the 31 to 60 pole segment held a significant share of the global distribution board market in 2018. Demand for medium voltage distribution boards is high, owing to the rise in investments in the distribution & transmission sector of the power industry, and in the infrastructure industry.
Based on end user, the utilities segment held a major share of the global distribution board market in 2018. Demand for electricity has been rising among consumers. The utilities sector is investing significantly in electricity distribution & transition to cater to this demand. This is expected to drive the distribution board market during the forecast period.
Asia Pacific is estimated to offer immense growth potential to the distribution board market in the next few years
Key Drivers and Restraints of Global Distribution Board Market
Increase in demand for electricity in residential, industrial, and commercial sectors is driving the demand for distribution boards. Global demand for electricity increased by 4%, or 900 TWh, in 2018. China and the U.S., the two major power markets in the world, accounted for 70% share of the global demand for electricity in 2018. Demand for electricity increased by 8.5% in China in 2018. This was led by the growth of the industrial sector, including iron, steel, and other metals, expansion in cement and construction sectors, and high demand for cooling systems.
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Increase in construction & infrastructure activities across the globe is likely to drive the global distribution board market. Key developing countries are bringing in various reforms and regulations to boost infrastructure development and the real estate sector. The construction sector in GCC has been expanding at a rapid pace. Building & construction (valued at US$ 69,023 Mn) was the largest market in GCC in 2018, followed by energy (valued at US$ 38,372 Mn) and infrastructure (valued at US$ 17,601 Mn). The UAE, the Kingdom of Saudi Arabia, and Qatar remain the top three countries in the construction industry in GCC.
Qatar will be hosting the FIFA World Cup in 2022. It would become the first Gulf nation to do so. Qatar has begun preparing stadiums and facilities for the World Cup 2022. The country would be investing around US$ 6 Bn toward this. Thus, demand for distribution boards is estimated to rise significantly in the country in the near future. However, lack of awareness regarding the quality of distribution boards is likely to restrain the global distribution board market during the forecast period.
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Asia Pacific a Highly Lucrative Region of Distribution Board Market
Asia Pacific dominates the global distribution board market. Rise in construction activities in China, Indonesia, and India is considered a major factor driving the distribution board market in the region. Rapid urbanization and industrialization and growth in purchasing power of the people in the region are estimated to boost the market in the region from 2019 to 2027.
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China dominated the distribution board market in Asia Pacific in 2018. The market in the country is projected to expand at a rapid pace during the forecast period, owing to growth in investments in renewable energy as well as transmission and distribution networks.
Middle East & Africa held a low share of the distribution board market in 2018 majorly due to the poor grid infrastructure and insufficient power production in Africa. Countries in Africa are witnessing political and economic turmoil. This has resulted in lack of focus on improvement of basic necessities such as power and clean water.
Distribution Board Market: Key Developments
In July 2018, Siemens AG announced the launch of APS Industrial, a new master distributor of industrial low-voltage electric and automation products, in Australia.
In May 2018, Schneider Electric, a global specialist in energy management and automation, launched Acti9 Isobar P, the latest addition to its Acti9 range of low-voltage (LV) distribution boards. Isobar P is a smart solution that can be installed quickly. It also offers high protection and connectivity during installation.
Competition Landscape of Global Distribution Board Market
The global distribution board market is highly fragmented, with the presence of a large number of players
Technological advancements, strong brand recognition, and strong position of established players pose barriers for the entry of new players in the global distribution board market
Key players operating in the global distribution board market are Hager Group, Legrand, Siemens AG, ABB, Schneider Electric, Eaton, General Electric, LARSEN & TOUBRO LIMITED, Havells India Ltd, East Coast Power Systems, INDUSTRIAL ELECTRIC MFG, Arabian Gulf Switchgear, OEZ, ESL Power Systems, INDU-ELECTRIC Gerber GmbH, and Blakley Electrics.