Distribution Boards Market to See Strong Growth in Near Future

Distribution Boards Market

The global distribution boards market is expected to grow from an estimated $4.33 billion in 2016 to $5.91 billion by 2021, growing at a CAGR of 6.4% from 2016 to 2021. The market growth is driven by factors such as the growing need to protect electrical components and networks, increasing global electricity demand, increasing power generation, and increasing upgradation of transmission & distribution infrastructure, subsequent investments in renewable power plants, and increasing construction and infrastructural activities across the globe.

Growing inclination towards medium voltage distribution boards

The distribution boards segments on the basis of rated voltage into low voltage and medium voltage. Medium voltage distribution boards have received widespread acceptance in the past few years. The increasing investments in transmission & distribution infrastructure and in renewable power plants will likely provide a major boost to the market. The medium voltage distribution boards market is expected to grow at the highest CAGR during the forecast period. However, the demand for low voltage distribution panels is also set to increase rapidly, given the increasing access to electricity in countries such as India, South Africa, and Nigeria.

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Transmission & distribution utilities the key end-user of distribution boards

The end-user of electrical distribution boards are transmission & distribution utilities, manufacturing & processing industry, commercial & residential sector, and others, which include marine, transportation (rail traction systems, ports, and airports), mining, and offshore applications.

Distribution boards primarily find application in transmission & distribution utilities. In 2015, transmission & distribution utilities constituted the largest segment of the distribution boards market, and accounted for the largest share of the total market. Substations are a crucial element of any grid system, and require high-level protection to ensure the stability of the system. Distribution boards are used extensively by utilities to prevent damages to expensive and critical equipment.

The increasing electricity access across the world would result in an increase in the number of substations, which would in turn, raise the demand for distribution boards. The transmission & distribution infrastructure in developed economies in North America and Europe is aging and outdated. These economies are modernizing their grids and replacing old installations. Investments in offshore wind farms, which increase their capacity, are also expected to drive the market.

Asia Pacific is expected to be the largest distribution boards market

Asia-Pacific is estimated to lead the distribution panels market owing to factors such as effective smart grid initiatives, high investments in the upgradation of transmission & distribution infrastructure, energy efficiency measures, and renewable projects, increased electrification rates, urbanization, and industrialization, which propel the demand for electrical distribution boards. China dominated the global market in 2015, on account of extensive upgradation of electrical infrastructure and installation of new transmission & distribution lines. China and India are estimated to be the fastest-growing markets for distribution panel boards in the region from 2016 to 2021.

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Some of the leading players in the Distribution Boards Market are ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric (U.S.), Schneider Electric SE (France), and Siemens AG (Germany).