Press release
Power Distribution Component Market In North America And Europe To Surpass Valuation Of US$ 7.1 Bn By 2030
Transparency Market Research delivers key insights on the power distribution component market in North America and Europe. In terms of revenue, the power distribution component market in North America and Europe is estimated to expand at a CAGR of ~6% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the power distribution component market in North America and Europe.
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The power distribution component market in North America and Europe is broadly affected by several factors, including increase in construction & infrastructure activities in these regions. Furthermore, rise in urbanization and industrialization is the key factor that is anticipated to propel the power distribution component market in North America and Europe.
North America & Europe Power Distribution Component Market: Dynamics
In developed countries, aging energy generation and distribution infrastructure is one of the biggest challenges. It has a significant impact on the energy generation and distribution infrastructure to provide a reliable, cost effective, and future proof provision for end users. The demand for smart power distribution components is directly linked with the adoption of the smart grid technology. The implementation of smart grid technologies requires the integration of energy efficient solutions such as smart panel that can distribute electricity effectively.
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Hence, the adoption of smart grids is expected to create opportunities for the power distribution component market in North America and Europe in the near future. This is estimated to boost the power distribution component market in North America and Europe during the forecast period.
The adoption of smart grid has boosted the demand for smart power distribution components such as smart panels and sockets. Smart panels are simple Ethernet-connected solutions for managing power distribution in residential and commercial applications. They give electrical equipment the ability to directly communicate and provide data directly on computer or smart device. This helps one to easily keep track of a building's electrical system status. Furthermore, smart sockets have been proven to be effective in reducing energy bills. They add convenience to any appliance and keep unused appliances turned off, thus lowering standby consumption.
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The installation of smart power distribution components can help in efficient use of power, and thus reduce unnecessary wastage.
North America & Europe Power Distribution Component Market: Prominent Regions
Europe dominated the power distribution component market in North America and Europe in 2019. The power distribution component market in the region is estimated to expand at a rapid pace between 2020 and 2030, due to the rise in urbanization in the region. Germany is anticipated to be highly attractive country of the power distribution component market in Europe during the forecast period. The housing sector in Germany is witnessing strong growth, owing to rise in income of the people, low interest rates, and high level of migration. Around 3.6 million migrants are estimated to arrive in Germany by the end of 2020. The demand for new dwellings in the country stands at 350,000 per year.
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North America is likely to be a highly attractive region of the power distribution component market in North America and Europe during the forecast period. The U.S. held major share of the power distribution component market in North America in 2019. Investments in renewable technologies and the construction sector have increased in the U.S. The California Energy Commission (CEC) has installation of solar power generation equipment in all new buildings mandatory. Under the regulation, all new residential construction is projected to be net zero energy by 2020; and all new commercial buildings are likely to be net zero energy by 2030.
North America & Europe Power Distribution Component Market: Leading Players
Major players operating in the power distribution component market in North America and Europe are ABB Ltd, Lucy Electric, Siemens, Eaton, Norelco, Schneider Electric SE, Larsen & Toubro Limited, Hyundai Electric & Energy Systems Co. Ltd., Fuji Electric Co. Ltd., Mitsubishi Electric Corporation, Crompton Greaves Consumer Electricals Ltd., and GENERAL ELECTRIC.
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