Press release
Asia Pacific Power Distribution Component Market Forecast to Reach USD 6.1 Bn by 2031 from USD 3.5 Bn in 2022 at a 6.2% CAGR - Transparency Market Research, Inc
Power distribution components-including transformers, switchgear, distribution boards, and cabling-play a critical role in ensuring a safe, efficient, and continuous supply of electricity. These components underpin the modern energy transmission network, supporting residential, commercial, and industrial applications as well as critical infrastructures like hospitals and data centers.
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Analysts' Viewpoint
Analysts believe that the rise in energy consumption, technological innovations, and economic expansion across the Asia Pacific will propel market growth in the power distribution component industry. Urbanization and industrialization, along with government initiatives focusing on sustainable energy and resilient infrastructure, further enhance market prospects. Manufacturers are responding by integrating environmentally friendly practices and renewable energy sources into their product portfolios.
Asia Pacific Power Distribution Component Market
Market Introduction
The Asia Pacific power distribution component industry is undergoing a transformative phase driven by rapid economic expansion, urbanization, and an escalating need for reliable energy supplies. As the region experiences an upsurge in power consumption due to rising prosperity and changing lifestyles, robust power distribution systems become critical for maintaining stable electrical infrastructure.
Power distribution components ensure the safe transmission of electricity from generation sources to end users. They are vital for a range of applications-from powering residential and commercial establishments to supporting crucial infrastructure projects. The integration of renewable energy sources, smart grid solutions, and energy-efficient practices is spurring the demand for innovative power distribution components designed to enhance grid resilience and sustainability.
Increased Construction and Infrastructure Activity to Boost Market Growth
The rapid urbanization and expansion of infrastructure projects across Asia Pacific have significantly increased the demand for reliable power distribution systems. Construction activities-from residential complexes to large-scale industrial and commercial developments-necessitate modern, efficient, and smart power distribution components. These solutions support energy-efficient buildings with real-time monitoring, improved safety features, and enhanced grid resilience.
Increase in Electricity Demand to Propel Market Growth
The Asia Pacific region is witnessing a surge in electricity demand driven by industrial growth, urbanization, and higher disposable incomes. As countries modernize and expand their power networks, the requirement for advanced power distribution components has never been greater. The shift towards renewable energy sources and smart grid technologies further reinforces the need for sophisticated components capable of integrating with modern energy systems, thereby ensuring continuous and reliable power supply.
Country Analysis
China: Dominates the market due to a booming construction industry and extensive electrification efforts.
India: Expected to be a major contributor, spurred by government initiatives aimed at affordable housing and infrastructure development.
Australia: Notably, panel components have emerged as a lucrative segment, with expectations for continued growth.
Other Regions: Japan, ASEAN countries, and the Rest of Asia Pacific also contribute significantly to market expansion.
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Analysis of Key Players
The Asia Pacific power distribution component market is highly consolidated, with several major companies holding significant market shares. These key players consistently adopt the latest trends and innovative strategies to enhance their product portfolios and capture market opportunities.
Prominent companies include:
ABB
Siemens
Eaton
Schneider Electric SE
Larsen & Toubro Limited
Hyundai Electric & Energy Systems Co., Ltd.
Fuji Electric Co., Ltd.
Crompton Greaves Consumer Electricals Ltd.
Mitsubishi Electric Corporation
GENERAL ELECTRIC
FURUKAWA CO.,LTD
Panasonic Corporation
Arrow Electronics, Inc.
Key Developments
26 June 2023: Larsen & Toubro Limited secured significant orders worth between US$ 10 billion and US$ 25 billion for its power transmission & distribution business. The orders include the installation of gas-insulated substations, high-voltage cable systems, power transformers, and control & protection systems.
1 March 2021: Siemens completed the acquisition of C&S Electric in India, following approvals and closing steps that reinforced its market presence in the region.
Key players in the Asia Pacific power distribution component market are profiled based on company overview, financial performance, business strategies, product portfolios, and recent developments.
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About Us Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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