Press release
Distribution Panel market worth over $7bn by 2024
Government measures toward rural electrification along with growing adoption of distributed generation systems will stimulate the distribution board market size. As per the recent study conducted by the World Bank over 15% of the global population lacks continuous or direct access to electric grid. In 2016, International Energy Agency stated that over USD 718 billion investment is required to achieve 100% percent electrification across the globe. Ambitious electrification targets with ongoing funding will positively influence the business landscape.
France distribution board market is predicted to surpass USD 160 million by 2024. Strict government mandates toward installation of energy efficient systems will further complement the industry outlook. As per the country’s National Energy Efficiency Action Plan, policymakers are targeting to reduce consumption of existing building structures by 38% by 2020.
China distribution panel market is predicted to witness steep progression owing to growing electricity demand. The Government of China has laid down its ambitious plan to invest USD 530 billion towards the development of smart grid network under which USD 18 billion will be used to enhance the distribution capabilities.
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Commercial distribution panel market is expected to reach over USD 1 billion by 2024. Rapidly expanding service industries along with strict measure toward energy conservation will stimulate the product demand.
Growing investments across the infrastructure developmental projects coupled with surging urban population will drive the distribution panel market growth. According to recent studies by oxford economic, the global civil/infrastructure industry will require USD 94 trillion from 2016 to 2024 toward various developmental activities.
Egypt distribution panel market is projected to witness gain of over 7% by 2024. Government measure to strengthen ageing distribution infrastructure along with growing demand for reliable and continuous electricity will complement the business growth. In 2016, Egyptian Electricity Holding Co. allocated USD 220 million towards the consolidation of the country’s power distribution network.
Argentina distribution panel market will witness strong growth due to rising investments across country’s real estate industry. According to Government of Argentina, in 2016 over 2000/month property sales were registered regardless of having population of 3 million.
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Notable players across the distribution panel market include Legrand, GE, Siemens, Eaton, Hager, NHP Electrical Engineering, ABB, Industrial Electric Mfg, ESL Power Systems, Larsen & Toubro, Schneider Electric, Arabian Gulf Switchgear, and Abunayyan Holding.
UK market is anticipated to witness strong growth on account of increasing demand for efficient electric equipment. The Government of UK has set up National Infrastructure Commission which is working on the formulation of long term strategy in order to upgrade the country’s aging infrastructure to accommodate the up-surging population. Over the coming years Brexit vote will create strong economic impact in the country’s real estate sector including residential and commercial which will positively boost the product demand.
The industry has witness significant growth over the last decade due to growing urban population leading to high electricity demand. Notable players are focusing more towards development of new organic expansion strategies to expand their global penetration.
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