Distribution panel market valuation to cross USD 7 billion by 2024, five pivotal regional trends to look out for
Date: 2018-05-24   Author: Saipriya Iyer  Category: #market

Distribution panel market valuation to cross USD 7 billion by 2024, five pivotal regional trends to look out for

Global Market Insights, Inc., projects the overall distribution panel market size to register a CAGR of 5% over 2017-2024. The industry growth is reportedly driven by the increased funding provided toward electrifying the rural and inaccessible areas of the emerging economies and the rising number of energy efficient electrical system installations to obtain sustainable power output.

Five geographical trends predominating distribution panel market:

  • UK distribution panel industry size will increase at a commendable rate over 2017-2024, subject to the rising demand for electric equipment. The prevalence of the National Infrastructure Commission by the UK government to upgrade the country’s aging infrastructure will augment the regional growth.
  • In India, the government had apparently, in 2015, launched the Deen Dayal Upadhyaya Gram Jyoti Yojana to enable consistent supply of power supply to rural homes. The rising number of initiatives undertaken to deliver reliable and uninterrupted electricity supply in the Asian countries will stimulate APAC distribution panel market share.
  • Argentina distribution panel industry size will record a healthy CAGR driven by the growing investments in the region’s residential and commercial establishments.
  • Pertaining to the rising need of replacing the aging distribution networks with cost-efficient and smart systems, U.S. distribution panel market size stood at USD 1 billion in 2016. As per estimates, the U.S. capital expenditure for electric and gas utilities was pegged at USD 115 billion in 2015.
  • Egypt distribution panel industry share has been forecast to register a CAGR of 7% over 2017-2024. The regional expansion is powered by the growing government measures to improve the region’s older distribution infrastructure and the rising demand for continuous power supply.

Owing to the increasing electricity demand, especially from the urban areas, prominent distribution panel market firms such as Larsen & Toubro, Hager Group, Legrand, ABB Group, Siemens AG, and Eaton Corp. are focusing on the development of innovative systems like smart panels.

About Author

Saipriya Iyer

Saipriya Iyer

Saipriya Iyer currently works as a content developer for AlgosOnline. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her belt, she has dabbled with website...

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