The U.S. distribution panel market will secure lucrative growth in coming years, propelled by government initiatives to replace the existing aging distribution network with the efficient, cost effective and smart systems.
Selbyville, DE -- (ReleaseWire) -- 04/04/2018 --The Industry outlook report "Distribution Panel Market Size By Voltage (Low Voltage(LV), Medium Voltage(MV)), Mounting (Flush Mounting, Surface Mounting), End Use (Residential, Commercial(College/University, Office, Government/Military), Industrial(Power Generation (Thermal), Chemical, Refinery, Cement ), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, France, Germany, Russia, Italy, Austria, Spain, Netherlands, Denmark, Sweden, China, Australia, India, Japan, South Korea, Indonesia, Malaysia, Singapore, Thailand, New Zealand, Philippines, Saudi Arabia, UAE, Qatar, Kuwait, Bahrain, Oman, Turkey, South Africa, Nigeria, Algeria, Egypt, Cyprus, Iraq, Israel, Jordan, Lebanon, Palestine, Syria, Brazil, Argentina, Mexico), Price Trends, Competitive Market Share & Forecast, 2017 – 2024" by Global Market Insights, Inc. says Distribution Panel Market share is expected to cross $7 billion by 2024.
Growing measures to cater the electricity demand supply mismatch will drive the distribution panel market size. Over the past two decades there has been significant upsurge in the electricity consumption. As per IEA global consumption has expanded from 6,799 TWh in 1980 to 20,775 TWh in 2015. This in turn is anticipated to have substantial impact in the industry outlook.
Government measures toward rural electrification along with growing adoption of distributed generation systems will stimulate the distribution board market size. As per the recent study conducted by the World Bank over 15% of the global population lacks continuous or direct access to electric grid. In 2016, International Energy Agency stated that over USD 718 billion investment is required to achieve 100% percent electrification across the globe. Ambitious electrification targets with ongoing funding will positively influence the business landscape.
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France distribution board market is predicted to surpass USD 160 million by 2024. Strict government mandates toward installation of energy efficient systems will further complement the industry outlook. As per the country's National Energy Efficiency Action Plan, policymakers are targeting to reduce consumption of existing building structures by 38% by 2020.
China distribution panel market is predicted to witness steep progression owing to growing electricity demand. The Government of China has laid down its ambitious plan to invest USD 530 billion towards the development of smart grid network under which USD 18 billion will be used to enhance the distribution capabilities.
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Commercial distribution panel market is expected to reach over USD 1 billion by 2024. Rapidly expanding service industries along with strict measure toward energy conservation will stimulate the product demand.
Growing investments across the infrastructure developmental projects coupled with surging urban population will drive the distribution panel market growth. According to recent studies by oxford economic, the global civil/infrastructure industry will require USD 94 trillion from 2016 to 2024 toward various developmental activities.
Egypt distribution panel market is projected to witness gain of over 7% by 2024. Government measure to strengthen ageing distribution infrastructure along with growing demand for reliable and continuous electricity will complement the business growth. In 2016, Egyptian Electricity Holding Co. allocated USD 220 million towards the consolidation of the country's power distribution network.
Argentina distribution panel market will witness strong growth due to rising investments across country's real estate industry. According to Government of Argentina, in 2016 over 2000/month property sales were registered regardless of having population of 3 million.
Notable players across the distribution panel market include Legrand, GE, Siemens, Eaton, Hager, NHP Electrical Engineering, ABB, Industrial Electric Mfg, ESL Power Systems, Larsen & Toubro, Schneider Electric, Arabian Gulf Switchgear, and Abunayyan Holding.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.