Power Distribution Component Market Size Growing at 6.5% CAGR, Set to Reach USD 191.7 Billion By 2030

TOKYO, March 01, 2023 (GLOBE NEWSWIRE) -- The Global Power Distribution Component Market Size accounted for USD 109.2 Billion in 2021 and is projected to occupy a market size of USD 191.7 Billion by 2030 growing at a CAGR of 6.5% from 2022 to 2030.

Power Distribution Component Market Research Report Highlights and Statistics:

• The Global Power Distribution Component Market size in 2021 stood at USD 109.2 Billion and is set to reach USD 191.7 Billion by 2030, growing at a CAGR of 6.5%
• The growing adoption of renewable energy sources and the increasing demand for smart grid systems are driving the growth of the market.
• The low-voltage segment is expected to grow at the highest rate due to the increasing use of low-voltage systems in residential and commercial buildings.
• Asia-Pacific is expected to be the largest market for power distribution components, due to the presence of a large number of developing countries and the increasing demand for energy-efficient systems.
• Key players in the market include ABB Ltd., Siemens AG, General Electric, Schneider Electric SE, and Eaton Corporation.
  
  

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Power Distribution Component Market Report Coverage:

Power Distribution Component Market Overview:

The Power Distribution Component Market is thriving with advancements in technology and increasing demand for reliable power distribution systems. These components play a critical role in the functioning of power distribution networks, making them indispensable for both residential and industrial applications.

With the growing adoption of renewable energy sources, the demand for energy-efficient and smart grid systems is on the rise. A plethora of unique applications of power distribution components can be observed in various industries, such as telecommunications, transportation, and energy, among others. These components are vital in ensuring a smooth and consistent flow of electricity to power various devices and equipment, making them essential for diverse industries.

The low-voltage segment is expected to exhibit the highest growth rate due to the widespread use of low-voltage systems in residential and commercial buildings. The North American region is projected to be the largest market for power distribution components, driven by the presence of several developing countries and the growing demand for energy-efficient systems.

Leading companies, such as ABB Ltd., Siemens AG, General Electric, Schneider Electric SE, and Eaton Corporation, are operating in the Power Distribution Component Market and continuously innovating to meet the growing demand for these components.

The Power Distribution Component Market holds immense potential for growth, with its diverse and unique applications in various industries. As the demand for reliable and efficient power distribution systems continues to grow, the market for these components is expected to thrive in the coming years.

Trends in the Power Distribution Component Market:

• The increasing use of renewable energy sources, such as solar and wind energy, is driving the demand for efficient power distribution components.
• The expansion of electrical infrastructure in both developed and developing countries is driving the demand for power distribution components.
• The increasing construction of residential and commercial buildings is driving the demand for power distribution components.
• The growing awareness about energy conservation and the need for energy-efficient systems is driving the demand for power distribution components.
• The increasing use of low-voltage systems in residential and commercial buildings is driving the demand for power distribution components.
• Government initiatives and regulations aimed at promoting the use of energy-efficient systems are driving the demand for power distribution components.
• The growing demand for smart grid systems, which optimize the use of electricity, is driving the growth of the power distribution component market.
  

Power Distribution Component Market Dynamics:

• Miniaturization of components: The miniaturization of power distribution components, such as circuit breakers and transformers, is becoming a trend in the market.
• Advancements in high-temperature superconductors: The development of high-temperature superconductors, which have higher efficiency and lower energy losses, is a growing trend in the market.
• Increasing demand for compact and modular components: The growing demand for compact and modular components, which are easy to install and maintain, is becoming a trend in the market.
• Growing demand for microgrids: The increasing demand for microgrids, which provide local power generation and distribution, is becoming a trend in the market.
• Development of wireless power distribution systems: The development of wireless power distribution systems, which use electromagnetic waves to transfer power, is a growing trend in the market.
• Growing demand for digital power distribution systems: The increasing demand for digital power distribution systems, which provide real-time monitoring and control, is becoming a trend in the market.
• Increasing demand for high-voltage direct current (HVDC) systems: The growing demand for high-voltage direct current (HVDC) systems, which have higher efficiency and lower energy losses, is becoming a trend in the market.
  

Growth Hampering Factors in the Market for Power Distribution Component:

• Competition from low-cost imports: Competition from low-cost imports from countries such as China can hinder the growth of the power distribution component market.
• Difficulty in scaling up production: The difficulty in scaling up production to meet the growing demand for power distribution components can hinder the growth of the market.
• Difficulty in finding qualified technicians: The difficulty in finding qualified technicians who can install and maintain power distribution components can hinder the growth of the market.
• Difficulty in obtaining raw materials: The difficulty in obtaining raw materials, such as copper and aluminum, required for manufacturing power distribution components can hinder the growth of the market.
• Uncertainty in global political and economic conditions: Uncertainty in global political and economic conditions can cause fluctuations in the demand for power distribution components and hinder the growth of the market.
• Difficulty in accessing funding: The difficulty in accessing funding for research and development of power distribution components can hinder the growth of the market.
• Difficulty in obtaining licenses: The difficulty in obtaining licenses and permits required to manufacture and sell power distribution components can hinder the growth of the market.
  

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Market Segmentation:

By Product Type

• Motor Control Panels
• Switchboard
• Switchgear
• Distribution Panel
• Others
  

By Configuration

• Plug-in
• Fixed Mounting
• Withdrawable
  

By Voltage Rating

• Less than 11 kiloVolt
• Between 11 and 33 kiloVolt
• Between 33 and 66 kiloVolt
• Between 66 and 132 kiloVolt

By Insulation

• Vacuum
• Air
• Oil
• Gas
• Others
  

By Installation

• Outdoor
• Indoor

By Current

• DC
• AC

Application

• Commercial
• Residential
• Industrial
  

Power Distribution Component Market Overview by Region:

North America’s Power Distribution Component market share is the highest globally, Growth being driven by the presence of a large number of technological advanced countries, such as the United States and Canada. The region has seen significant growth in the adoption of renewable energy sources, such as solar and wind power, which has driven the demand for efficient power distribution components. The region has a well-established infrastructure and a large number of established manufacturers, which makes it easier for companies to expand their business.

The Asia-Pacific region’s Power Distribution Component Market share is also huge and is the fastest growing, driven by the presence of a large number of countries with rapidly developing economies, such as China and India. The region has seen significant growth in the demand for energy-efficient power distribution components, due to the increasing use of renewable energy sources and the growing awareness about energy conservation. The region has a large number of established manufacturers and a rapidly growing distribution network, which makes it easier for companies to reach their customers.

Europe is another key market for Power Distribution Components, growth is driven by the presence of a large number of countries with well-developed infrastructure, such as Germany and the United Kingdom. The region has a strong focus on energy efficiency and the use of renewable energy sources, which has driven the demand for energy-efficient power distribution components. The region has a large number of established manufacturers and a well-developed distribution network, which makes it easier for companies to reach their customers.

The South American and MEA regions have a smaller Power Distribution Component market share. The regions have a growing number of established manufacturers and a rapidly growing distribution network, which makes it easier for companies to reach their customers.

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Power Distribution Component Market Key Players:

The Power Distribution Component Market is a competitive market, with a large number of players operating in the market. Some of the major players in the market include ABB, Siemens AG, Schneider Electric SE, General Electric, Eaton Corporation, Hubbell Inc., Legrand, Mitsubishi Electric Corporation, LSIS Co., Ltd., Toshiba Corporation, Rittal GmbH & Co. KG, Phoenix Contact GmbH & Co. KG, Rockwell Automation, Inc., Havells India Ltd., Omron Corporation, Fujitsu Limited, WEG SA, Nidec Corporation, and Danfoss A/S. These players compete based on factors such as product quality, price, and innovation. The market is expected to see further consolidation in the future, with smaller players being acquired by larger players.

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