Overview and Scope
A residential distribution panel is a crucial component of a home and commercial building’s electrical system, serving as a central point where electrical power is distributed to various circuits within the house. It ensures the safe operation of electrical equipment by dividing the power feed into secondary circuits, each protected by fuses or circuit breakers.
Sizing and Forecast
The residential distribution panel market size has grown strongly in recent years. It will grow from $1.11 billion in 2023 to $1.21 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to rising population and urbanization, government regulations and standards, increasing awareness among consumers, the growing emphasis on renewable energy sources.
The residential distribution panel market size is expected to see strong growth in the next few years. It will grow to $1.58 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to energy storage solutions, electrification trends, grid modernization initiatives, increased connectivity and IoT integration, resilience and reliability concerns. Major trends in the forecast period include smart and connected panels, energy management systems, enhanced safety features, digitalization and IoT integration, and user-friendly interfaces.
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The residential distribution panel market covered in this report is segmented –
1) By Voltage: ≤ 250 Volts, > 250 Volts to ≤ 750 Volts, > 750 volts
2) By Mounting: Flush Mounting, Surface Mounting
3) By End-Use: Residential, Commercial, Industrial, Utility
Asia-Pacific was the largest region in the residential distribution panel market in 2023. The regions covered in the residential distribution panel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Rising infrastructural spending is expected to propel the growth of the residential distribution panel market moving forward. Infrastructural spending involves investment in developing, maintaining, and improving physical and organizational structures such as roads, bridges, utilities, and public facilities. The rise in infrastructural spending is driven by the need to address aging infrastructure, promote economic growth, enhance public services, and adapt to evolving societal needs. Residential distribution panels are essential components of the infrastructure in residential buildings, providing safe and efficient power distribution to meet the needs of modern households. For instance, at the Office for National Statistics (ONS), a UK-based government agency, there was a 15.2% increase in overall government investment in infrastructure in 2022 compared to 2020, reaching $30.16 billion (£23.8 billion) in current prices. The total expenditure on infrastructure by the general government in 2021 amounted to $30.16 billion (£23.8 billion), with $21.93 billion (£17.3 billion) allocated by the central government and the remaining $8.24 billion (£6.5 billion) spent by local government. Therefore, rising infrastructural spending is driving the growth of the residential distribution panel market.
Key Industry Players
Major companies operating in the residential distribution panel market are Siemens AG, General Electric Company, Mitsubishi Electric Corporation, ABB Ltd., Eaton Corporation plc, Larsen & Toubro Limited, Delta Electronics, Inc., Legrand SA, Alfanar Electrical Systems, Schneider Electric SE, Havells India Limited, Leviton Manufacturing Co. Inc., NHP Electrical Engineering Products Pty Ltd., AGS Transact Technologies Limited, Industrial Electric Manufacturing, Hager SE, Paneltronics Inc., Abunayyan Holding, Norelco Cabinets Ltd., ESL Power Systems, Inc., Meba Electric Co. Ltd., Symbiotic Systems Pvt Ltd., CSE Solutions Pvt. Ltd., Cutler-Hammer, Litton Systems
The residential distribution panel market report table of contents includes:
1. Executive Summary
2. Residential Distribution Panel Characteristics
3. Residential Distribution Panel Trends And Strategies
4. Residential Distribution Panel – Macro Economic Scenario
5. Global Residential Distribution Panel Size and Growth
…..
32. Global Residential Distribution Panel Competitive Benchmarking
33. Global Residential Distribution Panel Competitive Dashboard
34. Key Mergers And Acquisitions In The Residential Distribution Panel
35. Residential Distribution Panel Future Outlook and Potential Analysis
36. Appendix
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