Global Power Distribution Component Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Product (Switchgear, Switchboard, Distribution Panel, Motor Control Panel, Others), By Configuration (Fixed Mounting, Plug-in, Withdrawable Unit), By Voltage Rating (< 11 KV, 11 To 33 KV, 33 To 66 KV, 66 To 132 KV), By Insulation (Air, Gas, Oil, Vacuum, Others), By Installation (Indoor, Outdoor), By Current (AC, DC), By Application (Residential, Commercial, Industrial), And By Geography - Forecasts From 2022 To 2027

The global power distribution component market is projected to witness a CAGR of 3.53% during the forecast period to reach a market size of US$23.669 billion by 2027, increasing from US$18.560 billion in 2020. The surge in demand for efficient T&D control systems is fueling the expansion of the power distribution component market. Furthermore, a growth of the market for the refurbishment of pre-existing electrical setups, along with regulatory and fiscal reform across the industrial sector, is projected to boost market demand.  Moreover, the lack of a stable and efficient electric network in emerging countries has fueled the demand for a more effective power distribution system. Additionally, the market is being fueled by government initiatives and considerable investment to construct an efficient energy distribution infrastructure. For example, Eaton announced in June 2020 that it had agreed to purchase a new site in Hodges, South Carolina, offering a new home for its busway product line, which now spans three facilities in Greenwood County. The new facility will consolidate activities to one location, allowing for faster growth of the company's entire range of power distribution and control equipment solutions for healthcare, network infrastructure, plants, and commercial, residential, and industrial buildings. Market growth is likely to be boosted by rising urbanization and industrialization in developing countries such as India and China. In addition, market growth is expected to be fueled by a spike in the building sector. As the demand for electric vehicles grows around the world, so does the need for energy infrastructure expansion, which is expected to stimulate the demand of the Point Distribution Component Market.

Growth Factor:

Rising demand for efficient transmission and distribution

One of the key elements driving the market growth is the rise in the demand for the development of more effective transmission and distribution control systems. According to the Energy Information Administration, national energy transmission & distribution losses account for around 6% of total electricity generated in the US each year. Material advancements and innovative designs can be used to improve these technologies. To keep costs down, these improvements will need to address manufacturability. Furthermore, the growing requirement for electrical system renovation, as well as administrative and financial reconstruction on the mechanical perimeter, will add to the economic potential. A favorable business condition has also been absorbed by the absence of a profitable and dependable solid electric system throughout emerging economies, as well as a move toward the development of current systems across emerging nations. Economical costs, a safe task, and a tiny product are only a few of the key characteristics driving business growth.

Key Developments:

• In December 2020, New Hitachi ABB Power Grids launched high-voltage switchgear for offshore wind industries. This new hybrid switchgear will be installed at China's first 66-kilovolt offshore wind farm in Huadian Yuhuan Phase 1 development to optimize the Yangtze River Delta's energy landscape.
• In May 2022, Schneider Electric, a world leader in power management and automation digitalization, launched its new SureSeT MV switchgear solution for the North American market.
• Hitachi ABB Power Grids announced in September 2020 a strategic restructuring of its global high-voltage switchgear production, design, and service footprint to improve competitiveness in a dynamic market characterized by increased competition. The move is projected to cost more than $100 million to strengthen the High Voltage Products company, which employs over 7,500 people worldwide and ensures profitable and long-term growth.
• HPL Electric & Power, in September 2021, launched three new switchgears at the 14th Renewable Energy India Expo.

COVID-19 Impact on Power Distribution Component Market

The COVID-19 pandemic negatively impacted the power distribution components market. The robust outbreak of the virus and its exponential spread along the masses increased safety and health concerns, which resulted in the implementation of nationwide lockdowns around the globe. The physical shutdown resulted in hampering operations across numerous end-user industries and hence a considerable fall in demand. Furthermore, international trade barriers led to supply chain constraints, which resulted in manufacturing disruption. Major players in the market witnessed a large dip in their revenues owing to these factors.

Global Power Distribution Component Market Scope:

Market Segmentation:

• By Product
  • Switchgear
  • Switchboard
  • Distribution Panel
  • Motor control Panel
  • Others
• By Configuration
  • Fixed Mounting
  • Plug-in
  • Withdrawable Unit
• By Voltage Rating
  • <11kV
  • 11 to 33kV
  • 33 to 66kV
  • 66 to 132 kV
• By Insulation
  • Air
  • Gas
  • Oil
  • Vacuum
  • Others
• By Installation
  • Indoor
  • Outdoor
• By Current
  • AC
  • DC
• By Application
  • Residential
  • Commercial
  • Industrial
• By Geography
  • North America
    • U.S
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • Others