The power distribution component refers to equipment that is used to regulate the distribution of electric power from transmission frameworks to particular end-use equipment or consumers. A real-world scenario would include the components used to regulate the distribution of power to various machines in a factory or to use various systems in a car. They have a critical role to play not only in the distribution of power but also to ensure the safety and protection of end-use equipment and personnel operating it. Designed to distribute power, these components are capable of handling high and medium voltage and distributing it according to the power demand of the end-use equipment. The rise in the demand for power distribution components is propelled due to the need for effective transmission and distribution control systems needed for refurbishing old electric systems and the addition of such components to prevent systems failures or accidents in electric systems. With industrialization, the need for such components is ever increasing, especially in developing economies. The fiscal & regulatory restructuring across the large-scale industries combined with administrative and financial rebuilding has boosted the demand for such components. Being economical, adaptable, and having a wide application, these components have wide relevance not only for industries and institutions but for individual consumers as well. Some of the widely used power distribution components are switchgear, switchboard, distribution panel, motor control Panel among others. While having various applications, components such as switchgear are used to switch devices on or off and can be used in the control of low, medium, or high voltage power distribution, while also having new-age applications like being used on cryptocurrency farms for mining cryptocurrencies like bitcoin.
With rapid digitization across industries, the need for power distribution components is bound to grow, however, despite the components themselves being economical, the installation costs of these components remain high acting as a restraint to the market growth and more widespread adoption. Also being quite large in size, limited space may hinder the component’s operational capability and in turn affect the market growth.
The global power distribution component market has been can be segmented on the basis of product, configuration, voltage rating, insulation, installation, current, application, and geography.
By product, the market can be segmented into switchgear, switchboard, distribution panel, motor control Panel among others.
By configuration, the market has been segmented into fixed mounting, plug-in, withdrawable.
By voltage rating, the market has been segmented into < 11 kV, 11 to 33 kV, 33 to 66 kV, and 66 to 132 kV.
By insulation, the market has been segmented into air, gas, oil, and vacuum among others.
By installation, the market has been segmented into indoor and outdoor.
By current, the market has been segmented into AC and DC
By application, the market has been segmented into residential, commercial, and industrial.
By Geography, the market has been segmented into North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa.
Need of effective transmission and distribution control systems
The need for effective T&D control systems has propelled the growth of power distribution components. The outdated electric systems need refurbishing and in turn demand for these components is on the rise. Rapid industrialization and urbanization have increased the need for these components combined with the regulatory restructuring in large-scale industries. With the expansion of smart grid networks in North America and the expansion of micro-grid networks in the APAC region, market growth is ensured.
Spike in residential interest.
With these components being economical and having wide applications, residential interest in these components is on the rise. Applications like being used in the mining of cryptocurrencies among other factors play a role in keeping residential consumers on the lookout for these components.
High installation costs
The high installation costs of power distribution components like switchgear might be not being very economical for certain institutions and residential consumers acting as a barrier to the market’s growth.
Due to the large size of these components, the wide use application might get affected acting as a restraint to the market’s growth.
Delivery of raw materials required for manufacturing power distribution components, restrictions on cross-border trade and movements, and plateauing investments for the development of new power distribution components due to the novel COVID-19 crisis also had a negative impact on the growth of the power distribution component market.
The global power distribution component market is a competitive and saturated market with a number of big and small players catering to local and international demands. Prominent/major key market players in the global power distribution component market include Eaton, Schneider, ABB, L&T, Siemens, Powell, and Hitachi among others. The players in the global power distribution component market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the global power distribution component.
Mergers and Acquisitions