Power Distribution Component Market Size, Share and Global Trend By Product (Switchgear, Switchboard, Distribution Panel, Motor control Panel, Others), By Configuration (Fixed Mounting, Plug-in, Withdrawable Unit), By Insulation (Air, Gas, Oil, Vacuum, Others), By Installation (Indoor, Outdoor) By Application (Residential, Commercial, Industrial, Utility) and Regional Forecast, 2024-2032

The power distribution component is the electrical equipment which regulates the distribution of electrical power to different types of equipment. They distribute the electrical power to numerous systems on an automotive vehicle or to different machines in a factory. The power distribution component has rapid penetration in high voltage utility and in industrial distribution networks. The rise in demand for transmission and distribution control systems is expected to uplift the market. Many industry manufacturers are focusing on the effective distribution and development of the products.

Thus, the market is expected to grow due to the increase in the adoption of such components, and rising consumer tendencies in acquiring cost-effective configurations. Along with this, the rapid expansion of low-voltage distribution networks across residential and commercial establishments with rising demand for high operational performance is also expected to boost the global power distribution component market.

Among the various power distribution components, circuit breakers and distribution panels are gaining major market share due to its applicability across a wide range of distribution networks and product versatility. Fixed mounting power distribution component market has flourished across high voltage utility & industrial distribution networks. Vacuum insulation has high demand as it has high consumer reliability, economical price, reliable & safe operation, and leakage-free technology. Indoor power distribution is high due to rising space constraints along with ongoing investments in R&D for the development of smart and compact control equipment. Digitalization is an industrial phenomenon that is driving the adoption of smart and secure electric infrastructure.

Growing demand for efficient transmission and distribution control systems along with ongoing development of existing electrical infrastructure will increase the industry landscape. In addition, the rise in the establishment of smart grid technology and continuous investment in upgrading transmission & distribution systems is expected to uplift the power distribution component market. Additionally, rapid industrialization and urbanization are also expected to participate in market growth along with the rapid expansion of low-voltage distribution networks across residential and commercial establishments is also expected to boost the global power distribution component market.

High installation cost and space restraint across commercial and residential establishments including private and public apartments, educational premises, offices, data, and communication centers restrict the growth of power distribution components in the forecast period.

Key Players Covered

Some of the major companies that are present in power distribution component market are Eaton, Schneider, ABB, L&T, Siemens, Powell, Hitachi, E+I Engineering, START Electronics, Al Hassan Engineering, Skema, Hubbell, Norelco, Rittal, Mitsubishi Electric, Fuji Electric, Hyundai, Lucy Electric, Crompton Greaves and Hyosung.

SEGMENTATION 

Regional Analysis

The global power distribution component market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America power distribution component market is expected to grow due to its capacity enhancement and grid modernization. Owing to the increase of the power distribution component application in the establishment of an effective and sustainable power grid infrastructure, Europe is expected to drive demand positively in the power distribution component market. Asia-Pacific is expected to be the dominant player all over the world as economies like China and India are highly upgrading and installing new transmission lines and distribution networks in order to increase infrastructural development. Along with rising peak load demand, expansion of micro-grid networks, and grid stability & security of supply concerns. Government regulations in Latin America and the Middle East towards electrification and integration of decentralized micro-grid systems across grid isolated areas are expected to upsurge the power distribution component market in the region along with the increase in electricity demand and integration of sustainable energy infrastructure.

Key Industry Developments

• In Jun 2019, Japan’s Fuji Electric Co., Ltd. announced its acquisition of Consul Neowatt Power Solutions Pvt Ltd (CNPS), manufacturer of uninterruptible power supply (UPS) systems. The acquisition is done by private equity investor Peepul Capital, which owned the company through its third fund, and other individual shareholders.
• In Jul 2018, ABB announced its acquisition of GE Industrial Solutions in $2.6 billion. The acquisition offers value creation and growth opportunities.
• In March 2019, Siemens announced its acquisition of Massachusetts-based Russelectric, a leading U.S. manufacturer of power control systems including paralleling switchgear, automatic transfer switches, and other power control systems for electric infrastructure.