Distribution Panel Market Size 2022 In-Depth Analysis, Growth Strategies, and Comprehensive Forecast to 2027
Ongoing upgradation and renovation of existing power infrastructure is expected to boost the demand for distribution panels. Regulatory policy towards digitalization and expansion of long route transmission infrastructure could accelerate the demand for these panels over time. Governments worldwide are focusing on extending the installation of energy-efficient electrical systems and rural electrification.
Concerns toward supplying reliable energy and investments towards replacement of power distribution infrastructure will drive product penetration in utility sector. Lately, expansion of small-scale industries and advent of smart grid technology have intensified the required for reliable energy supply. With sustained construction and active industrial activities, the distribution panel industry could record promising growth.
Some of the key players operating across the market include ABB, Schneider Electric, Larsen & Toubro, Hager Group, Legrand, and Siemens. Both public & private players are investing expansively toward renewable capacity addition and boosting product manufacturing to avoid unnecessary delays in supply capacity.
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Highlighting some of the key trends enhancing the distribution panel market growth
Demand across the Middle East & Africa
A report published by Global Market Insights, Inc., states that the Middle East & Africa distribution panel market is expected to grow by over 8% by 2027. Rising demand for electricity, sustainable population and surge in disposable income will complement industry scenario. Varying energy consumption patterns are being observed across businesses and households. To meet escalating energy requirement, many countries including UAE and Saudi Arabia are pumping funding and investments for the deployment of efficient electric equipment, initiatives that may favor the regional distribution panel industry size.
Increasing inclination towards medium voltage distribution panel
Medium voltage distribution panels are expected to record sturdy demand as to an increase in the development of industrial manufacturing facilities and large-scale integration of renewable energy infrastructure. Apart from this, rising measures taken by the government for increasing existing manufacturing capability and being less dependent on imports will enhance market expansion in the coming years. New initiatives and schemes offered by governments will also be a contributing factor in the development of the medium voltage distribution panel industry.
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Impacts incurred by COVID-19 pandemic
The COVID-19 pandemic has hit the global economy severely. Many businesses are facing challenges in resuming their manufacturing operations owing to the current restrictions. While companies specializing in the making of distribution panels are suffering from challenges in relation to distribution & supply. However, an uptake in requirement for electricity in the healthcare sector may supplement extension of energy lines, thereby enhancing the growth prospects of distribution panel industry.
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