Global Panelboards Market Size By Product Type (Distribution or Lighting Panelboards, Appliance Panelboards), By Application (Industrial, Commercial), By Geographic Scope And Forecast

Panelboards Market Size And Forecast

Panelboards Market size is growing at a good pace over the last few years and is expected to grow at a CAGR of 7.32% over the forecasted period i.e. 2023 to 2030.

The Global Panelboards Market refers to the industry involved in the production, distribution, and sales of electrical panelboards. Panelboards are electrical distribution boards that house circuit breakers, fuses, and other devices used to control and distribute electricity within buildings or industrial settings. The market is driven by factors such as increasing construction activities, rising demand for electricity, and the need for efficient electrical distribution systems. Technological advancements, the integration of smart features, and the growing focus on renewable energy sources are also contributing to the market growth. Additionally, stringent safety regulations and the need for reliable and durable electrical infrastructure further fuel the demand for panelboards.

Global Panelboards Market Definition

The Global Panelboards Market refers to the industry that encompasses the manufacturing, distribution, and sale of electrical panelboards. Panelboards are essential components of electrical distribution systems, serving as the central point for power distribution and control within buildings, residential complexes, industrial facilities, and commercial establishments.

Panelboards consist of a series of circuit breakers, fuses, and other protective devices that are housed in an enclosure. They provide a convenient and organized way to distribute electricity to various circuits within a facility, ensuring proper electrical supply to different areas and equipment.

Global Panelboards Market Overview

The growing construction industry, particularly in emerging economies, is a significant driver for the Panelboards Market. The construction of residential, commercial, and industrial buildings creates a demand for electrical infrastructure, including panelboards, to ensure proper distribution and control of electricity. Advancements in panelboard technology, such as the integration of digital monitoring and control systems, smart features, and energy management capabilities, are driving market growth. These advanced panelboards offer enhanced functionality, energy efficiency, and improved safety, attracting customers looking for innovative solutions.

The cost of panelboards, especially advanced and smart panelboards, can be relatively high compared to traditional electrical distribution systems. This cost factor may pose a restraint, particularly for budget-constrained projects or customers who prioritize cost-effectiveness over advanced features. The Panelboards Market is subject to strict safety and compliance regulations, which can be a challenge for manufacturers and suppliers. Adhering to these regulations requires continuous investment in research, development, and product testing to ensure compliance, adding to the overall cost and complexity.

The global shift towards energy-efficient solutions presents opportunities for panelboard manufacturers. Energy-efficient panelboards can help reduce power wastage, lower energy consumption, and contribute to sustainable building practices. The demand for energy-efficient panelboards is expected to grow as environmental concerns and energy conservation become more prominent.

The increasing adoption of renewable energy sources, such as solar and wind power, creates opportunities for panelboard manufacturers. Panelboards capable of efficiently managing and integrating renewable energy into the electrical grid are in demand, as the world moves towards cleaner and greener energy solutions. The development of smart grids, with advanced communication and control systems, opens avenues for smart panelboards. These panelboards can interact with the smart grid infrastructure, optimizing energy usage, enabling demand response, and enhancing overall grid reliability and efficiency.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Panelboards Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in Global Panelboards Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

Global Panelboards MarketSegmentation Analysis

The Global Panelboards Market is Segmented on the basis of Product Type, Application, and Geography.

Panelboards Market, By Product Type

• Distribution or Lighting Panelboards
• Appliance Panelboards

Based on Product Type, the market is segmented into Distribution or Lighting Panelboards and Appliance Panelboards. Distribution or Lighting Panelboards are designed for the distribution and control of electrical power to various circuits and lighting fixtures within a building or facility. Appliance Panelboards are specifically used for controlling and distributing power to specific appliances or equipment, such as HVAC systems, pumps, or machinery, providing a dedicated electrical supply for those devices.

Panelboards Market, By Application

• Industrial
• Commercial
• Residential

Based on Application, the market is segmented into Industrial, Commercial, and Residential. Panelboards used in industrial applications cater to the electrical distribution needs of manufacturing facilities, industrial plants, and warehouses, providing power to machinery, equipment, and other electrical systems. Panelboards in commercial applications are utilized in buildings such as offices, retail spaces, educational institutions, and healthcare facilities, serving as the central distribution point for electricity to support various lighting, HVAC, and electrical systems. Residential panelboards are installed in homes and apartment buildings to distribute electrical power to different circuits and appliances within the living spaces, ensuring a safe and efficient electricity supply for residential applications.

Panelboards Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East Asia

On the basis of Regional Analysis, the Global Panelboards Market is classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. These regions represent different markets with varying demand patterns, regulatory frameworks, and growth opportunities for panelboards.

Key Players

The “Global Panelboards Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as Schneider Electric SE, Eaton Corporation, Siemens AG, ABB Ltd., Legrand SA, General Electric Company, Rockwell Automation, Inc., Mitsubishi Electric Corporation, Hubbell Incorporated, Larsen & Toubro Limited.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In Jan 2022, Eaton’s acquisition of Royal Power Solutions strategically expands its portfolio, allowing the company to take advantage of the growing electrification trends in multiple high-growth markets.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Report Scope

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Research Methodology of Market Research

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market th