Rising energy requirements to drive distribution panel market over 2017-2024
Date: 2018-06-21   Author: Sunil Hebbalkar  Category: #market

Rising energy requirements to drive distribution panel market over 2017-2024

Heavy investments in electrification programs across the globe will reportedly drive distribution panel market. The governments of various countries and financial institutions such as the African Development Bank, the Asian Development Bank, and the International Finance Corporation have also been undertaking initiatives to develop sustainable power outputs, which will boost distribution panel industry share.

Five trends improvising distribution panel market:

  • The growing need for energy efficiency is remarkably encouraging regional energy developers to refurbish aging power distribution infrastructure. The increasing requirement of reliable power supply for utilities is reported to propel the industry growth.
  • As per estimates, U.S. distribution panel industry size was pegged at USD 1 billion in 2016 and is expected to increase considerably over the years ahead. The surging need for cost-effective, efficient, and smart energy systems is prompting regulators to replace existing distribution networks.
  • Reportedly, flush mounting distribution panel market will register an annual growth rate of more than 5% over 2017-2024. The high safety index and ability to acquire less mounting space will increase its popularity across the commercial sector.
  • In several countries, governments have deployed electrification policies to help fulfill the energy requirements of people staying in rural as well as urban areas. With the supportive efforts of regional governments, low voltage distribution panel industry will apparently gain substantial returns. As per estimates, in 2016, low voltage distribution panel market size stood at USD 600 million.
  • Powered by rapid developments across the commercial as well as residential sectors, UK distribution panel market will observe a robust growth rate over 2017-2024. The long-term strategy of the UK government to upgrade old energy infrastructure is anticipated to fuel the product demand over the years ahead.

The competitive spectrum of distribution panel market is quite diverse, comprising the companies such as ESL Power Systems, Legrand, GE, ABB, Schneider Electric, NHP Electrical Engineering Products, Eaton, and Siemens.

About Author

Sunil Hebbalkar

Sunil Hebbalkar

Sunil currently works as an content writer at AlgosOnline. A Post graduate mechanical design engineer by qualification, he worked as an intern at the defense lab for one year in the engine design and development department before switching his professional genre. Foll...

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