Power Distribution Component Market to Hit US$ 164.38 Bn by 2030

Ottawa, Nov. 16, 2021 (GLOBE NEWSWIRE) -- In 2020, the power distribution component market valued at US$ 102.10 billion and it is expected to grow at a CAGR of 6.1% during the forecast period owing to the surge in demand for the transmission and distribution control system in the market.

The power distribution component is electrical equipment that regulates the power distribution to different parts of the electronic devices. It has deep penetration in high voltage utility and in the industrial power distribution networks.

The Government interest in developing efficient energy distribution infrastructure is anticipated to create huge opportunities for the growth of Power Distribution Component Market.

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Crucial factors accountable for market growth are:

• Increase in demand for effective T&D control systems.
• Rapid urbanization and industrialization in the developing economies foster the market growth.
• Rise in demand for refurbishment of prevailing electrical setup coupled with regulatory & fiscal restructuring across the industrial sector.
• Government interest and heavy investment in developing efficient energy distribution infrastructure

Scope of the Power Distribution Component Market

Regional Snapshots

North America leads the power distribution component market contributing US$ xx in 2020 and will continue to grow remarkably in the upcoming years owing to the heavy Government investments in developing refurbishment of domestic electric infrastructure and long-distance distribution networks. For instance, On 3rd February 2021, GE Power Conversion and BLP Industry.AI have signed a Memorandum of Understanding (MOU) whereby the parties have agreed to work together to provide next generation AI technology and asset performance management solutions to help wind farm operators to maximize their asset availability and reliability. The technical expertise of GE Power Conversion’s Engineering Design Centre (EDC), in Chennai, India, will support, through software and analytics, the Asset Performance Management solutions for sector specific applications in marine, metals and renewable, etc., globally.

Market Dynamics

Driver - The rise in demand for the development of effective T&D control systems is the primary factor that drives the growth of the market. Furthermore, the Government interest in developing robust energy infrastructures is also fostering the market growth. For instance, On 8th April 2021, Schneider Electric, the leader in the digital transformation of energy management and automation, announced the launch of EcoStruxureTM Rail in India. The company hopes to create a collaborative digital environment for safe, efficient, reliable, and sustainable metro train operations across the country with its end-to-end digital solution.

Restraint - The major restraining factor that will negatively impact the growth of the Power Distribution Component Market includes the high installation cost of the electrical components and the large size of electric components in case of limited space.

Challenges - The large size of electrical components may hamper the component’s operational capability and this is factor is expected to be a major challenge encountered by the market.

Report Highlights

• The distribution panels & circuit breakers component segment is expected to lead the market with largest revenue share in the upcoming years
• The fixed mount Configuration type segment of the Power Distribution Component Market is estimated to lead the market with remarkable market share in 2020
• The < 11kV voltage rating type segment accounted largest revenue share in 2020
• The indoor Installation type segment of the market is estimated to lead the market with significant revenue share in 2020
• By Geography, North America holds a significant share in 2020 in the market in terms of revenue share because of the Government investment for developing long-distance distribution networks & refurbishment of domestic electric infrastructure.
  
  

Recent Developments

• On 15th July 2021, GSI has chosen GE Power Conversion to design, develop, manufacture, engineer, install, and commission power converters for the ring accelerator SIS100's main dipole and quadrupole magnets at the new Facility for Antiproton Ion Research (FAIR) in Darmstadt, Germany.
• On 14th October 2021, ABB has been selected to assist Basel in its transition to sustainable e-bus operations by 2027. The contract is part of BVB's ambition to switch its whole bus fleet to battery power operations.
• On 12th July 2021, Schneider Electric,a global leader in the design and manufacture of complete laboratory solutions, has announced a strategic partnership with Kewaunee Scientific Corporation's International Division, a world leader in the design and production of next-generation smart labs of the future. This alliance will encourage Schneider Electric’s advancements in digital transformation and the integration of new-age technologies in the life sciences, healthcare, diagnostic and other segments requiring top-performing laboratories.
• On 4th August 2021, Lucy Electric provides load shedding solutions in South Africa. As Power continuity is critical for business and economic growth, and disruptions to the quality of supply on the distribution network can often lead to an interruption of power.

Segments Covered in the Report

By Product

• Switchgear
• Switchboard
• Distribution panel
• Motor control panels
• Others
  
  

By Configuration

• Fixed mounting
• Plug-in
• Withdrawable
  
  

By Insulation

• Air
• Gas
• Oil
• Vacuum
• Others
  
  

By Installation

• Indoor
• Outdoor

By Voltage Rating

• < 11 kV
• 11 kV to 33 kV
• > 33 kV to 66 kV
• > 66 kV to 132 kV

By Current

• AC
• DC

By Application

• Residential
• Commercial
• Industrial
  
  

By Geography

• North America
• Europe
• Asia Pacific
• LAMEA

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