Wilmington, Delaware, United States, Sept. 29, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Ensuring reliability of electrical infrastructures in terms of both efficiencies in electricity distribution and operator safety is accelerating the adoption of power distribution components. Of note, modular and field-modifiable panel designs have gained popularity, which leading automation companies in the power distribution component market are capitalizing on. The power distribution component market is projected to advance at CAGR of 6% during the forecast period of 2020-2030.
Rise in use of technologically advanced power distribution components in smart grids has opened up a vast avenue for players in the value chain, found a granular power distribution component market demand analysis. Of note, the study authors observed that transition toward smart grids has enabled leading utility companies in developed regions to significantly reduce Customer Minutes Lost (CML).
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During the COVID-19 outbreaks, surge in household electricity consumptions presented players with value-grab opportunities, which allowed firms to grow power distribution component market share. Rise in electricity consumption in commercial and industrial sectors in recent years has spurred the commercialization of products in power distribution component market. Power distribution is also making vast strides on the back of rise in construction & infrastructural activities. The study found that in 2019, commercial segment accounted for largest revenue share in power distribution component market.
Key Findings of Power Distribution Component Market Study
- Adoption of Automated Power Distribution Technologies by Discoms Steering Revenue Generation: Increased proclivity of utility companies toward automated power distribution systems has reinforced massive revenue streams. Power discoms are leaning on adopting them to reduce the cost of distribution on one hand and boost reliability of grids on the other.
- Growing Use of Digital Control Panels Propelling Profitable Demand: Companies are tapping into the growing demand for state-of-the-art control systems in power distribution. Of note, digital control panels have gathered traction, offering massive profitable avenue for firms in the power distribution component market. Commercialization of digital switchgear and transformers is a case in point. Companies have grown their spending on training and skilling programs for aftersales professionals who cater to customers of digital control panels.
- Commercialization of Cutting-edge Panel Designs and Advanced Circuit Breakers Boost Market Outlook: Innovation in products such as plug-in circuit breakers and modular panels have opened up new revenue streams. The use of plug-in circuit breakers for ensuring safety and reliability of distribution networks is expanding lucrative avenues for companies in the power distribution component market.
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Power Distribution Component Market: Key Drivers
- Rising electrification of households especially in emerging economies, supported by efforts by governments, is a key driver of the power distribution component market. Policymakers are geared toward increasing access to affordable electricity, which is a key underpinning for demand for power distribution components.
- Modernization of distribution networks is catalyzing lucrative demand for power distribution components. Strides in renewable power generation has added constant emphasis on the integration of solar and wind power into the power grids has expanded the window of new opportunities for market players over the past few years.
- Focus on nuclear-renewable integration presents a promising avenue, bolstered by growing investments on distributed power generation systems.
Power Distribution Component Market: Key Players
Some of the key players in power distribution component market are General Electric, Mitsubishi Electric Corporation, Fuji Electric co., Ltd., Larsen & Toubro Limited, Schneider Electric SE, Eaton, Siemens, Lucy Electric, and ABB Ltd.
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Power Distribution Component Market Segmentation
Type
- Panel
- Distribution Panel
- Motor Control Panel
- Others (including Lighting Control Panel)
- Socket
- Plug Socket
- Wall Socket
Application
- Residential
- Commercial
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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