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The global power distribution component market size was USD 107.06 billion in 2023, calculated at USD 113.48 billion in 2024 and is projected to surpass around USD 203.23 billion by 2034, expanding at a CAGR of 6% from 2024 to 2034.
The global power distribution component market size accounted for USD 113.48 billion in 2024 and is expected to be worth around USD 203.23 billion by 2034, at a CAGR of 6% from 2024 to 2034. The North America power distribution component market size reached USD 39.61 billion in 2023.
The U.S. power distribution component market size was estimated at USD 27.78 billion in 2023 and is predicted to be worth around USD 53.87 billion by 2034, at a CAGR of 6.2% from 2024 to 2034.
North America accounted largest revenue share in 2023 and is expected to grow significantly at a CAGR during the forecast period. It is due to the surge in Government investments in order to develop refurbishment of domestic electric infrastructure and long-distance distribution networks. Furthermore, the growing emphasis on replacing traditional electrical equipment with innovative, high-quality systems is likely to boost market demand.
In the past decade, the power distribution component market across Asia Pacific and LAMEA has seen significant growth owing to the rising demand for restoring the electrical setup and with the heavy Governments investments to develop energy infrastructure. These factors are estimated to boosts the market growth. For instance, On 19th October 2021, Samsung Heavy Industries (SHI) has granted GE Power Conversion a new contract to deliver its SeaGreen Power Take Off (PTO) system, which incorporates GE's latest medium voltage Advanced technology Permanent Magnet Machine (APMM), for Maran Gas Maritime’s new LNG carrier. The LNG carrier will be delivered to Maran, the LNG shipping specialists based in Greece, in 2023 and will be built at Samsung Heavy Industries yard in Geoje, South Korea.
The spike in demand for effective T&D control systems is a primary driver of the power distribution component market's growth. In addition, the market demand is likely to be accelerated by a rise in demand for refurbishment of existing electrical setups, as well as regulatory and fiscal reorganization across the industrial sector.
Moreover, the absence of reliable and efficient electric network across the developing nations has fostered the demand for the development of efficient power distribution system. Also, with the Government policies and heavy investment in order to develop an efficient energy distribution infrastructure is fueling the market growth.
The rapid urbanization and industrialization in the developing economies such as India and China are expected to boost the market growth. Also, the surge in construction sector is estimated to drive the market growth. With the increasing demand for electric vehicles all over the world, the need for development of energy infrastructure surges and this attribute is anticipated to fuel the growth of the Power Distribution Component Market.
| Report Highlights | Details |
| Market Size in 2034 | USD 176.65 Billion |
| Market Size in 2023 | USD 107.06 Billion |
| Market Size in 2024 | USD 203.23 Billion |
| Growth Rate from 2024 to 2034 | CAGR of 6% |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2023 |
| Forecast Period | 2024 to 2034 |
| Segments Covered | Product, Configuration, Insulation, Installation, Current, Application, Region |
| Regions Covered | North America, Asia Pacific, Europe, Latin America, Middle East and Africa |
The power distribution component market is segmented into switchgear, switchboard, distribution panel, motor control panels, and others based on product type. Due to its utility in a variety of applications ranging from low voltage suburban networks to utility-based distribution infrastructure, the distribution panels segment leads the power distribution component market is expected to grow at a highest CAGR during the forecast period. Its cost effectiveness is also one of the primary elements driving market expansion.
Based on the configuration type, the market is divided into fixed mounting, plug-in, and withdrawable. The fixed mount configuration type segment leads the market with remarkable revenue share in 2023 and is expected to grow significantly growth rate during the forecast period. It is because of the demand for fixed mount power distribution components having a greater ampacity and voltage rating infrastructure, making them an excellent alternative for fixed mount power distribution components having a greater ampacity and voltage rating infrastructure, making them an excellent alternative for process plants, manufacturing units, oil & gas exploration & extraction and similar industrial peripherals.
Based on the insulation type, the Power Distribution Component Market is divided air, gas, oil, vacuum, and others. The vacuum insulation type segment leads the market in 2023 and is expected to witness highest CAGR during the forecast period owing to its high consumer reliability, leakage-free technology, and its economical price.
Based on the installation type, the market is divided indoor and outdoor. The indoor Installation type segment dominated the market in 2023 and is expected to grow significantly at a CAGR during the forecast period. It is because of the surge in space constraints and increasing investments in research and development for the growth of smart and compact control equipment.
Based on the voltage rating, the < 11kV voltage rating type segment leads the power distribution component market in 2023 and is expected to grow significantly at a CAGR during the forecast period. It is because of the rapid expansion of low-voltage distribution networks across commercial & residential establishments. Furthermore, operational performance, flexible product configurations and aesthetic proximity are some of the attributes that drives the market growth.
Based on the current type, the AC type hit the largest revenue share in 2023. It is due to its lucrative features such as less heat generation, economical energy loss, flexible and effective high-end voltage levels.
Furthermore, the ease of handling conducting properties integrated with ease of transformation, competitive lay-down costs, economic machinery cost and manufacture are few indispensable parameters are some of the attributes that fuels the market growth.
Based on the application, the industrial application type segment leads the power distribution component market in 2023 and is projected to hit highest growth rate during the forecast period owing to development of secure and smart electric infrastructure across the world. Also, expansion of data centers, communication hubs and rapid growth in demand for energy are some of the factors that are anticipated to drive the growth of the Power Distribution Component Market.
Segments Covered in the Report
By Product
By Configuration
By Insulation
By Installation
By Voltage Rating
By Current
By Application
By Geography
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