Distribution Panel market size exceeded USD 5 billion in 2020 and is set to register over 6% CAGR between 2021 and 2027. A distribution panel (also called breaker panel, electric panel or panelboard) is a component of a power supply system which divides an electrical supply feed into subsidiary circuits, by providing a circuit breaker or protective fuse for every circuit in common enclosure. Rising expansion of smart grid networks along with upgradation of existing power networks will augment the business scenario.
Distribution panel industry is set to witness substantial growth on account of growing consumer inclination associated with electrical supply faults, fire, health, and other operational hazards. Growing requirements for refurbishment of existing electric infrastructure along with increasing investments across smart grid networks will complement the business potential. Moreover, end consumer tendencies toward the adoption of products to safeguard the living environment in line with the life expectancy of electric infrastructure will favor the business outlook.
Low voltage segment of distribution panel market is estimated to surpass USD 1.5 billion by 2027. Rapid development of low-voltage distribution infrastructures across residential & commercial establishments has positively influenced the demand for low-voltage distribution panels. Furthermore, growing demand for low-voltage control systems with smart features in line with favorable power supply reforms will further accelerate the business growth.
