The report "Distribution Boards Market by Voltage Rating (Low Voltage, Medium Voltage), by End-User (Transmission & Distribution Utilities, Manufacturing & Processing Industry, Commercial & Residential Sector, and Others), and by Region - Global Forecast and Trends to 2021", The distribution boards market is projected to grow from an estimated USD 4.33 Billion in 2016 to USD 5.91 Billion by 2021, registering a CAGR of 6.4% from 2016 to 2021. Factors such as growing investments in transmission & distribution infrastructure and increasing construction and infrastructural activities are driving the global market for distribution boards.
Transmission & distribution utilities the key end-user of distribution boards
Distribution boards primarily find application in transmission & distribution utilities. In 2015, transmission & distribution utilities constituted the largest segment of the distribution boards market, and accounted for the largest share of the total market. Substations are a crucial element of any grid system, and require high-level protection to ensure the stability of the system. Distribution boards are used extensively by utilities to prevent damages to expensive and critical equipment. The increasing electricity access across the world would result in an increase in the number of substations, which would in turn, raise the demand for distribution boards.
Growing inclination towards medium voltage distribution boards
The report also segments the distribution boards market on the basis of rated voltage into low voltage and medium voltage. Medium voltage distribution boards have received widespread acceptance in the past few years. The increasing investments in transmission & distribution infrastructure and in renewable power plants will likely provide a major boost to the market. The medium voltage distribution boards market is expected to grow at the highest CAGR during the forecast period.
Asia-Pacific to dominate the market for distribution boards
In this report, the electric distribution boards market has been analyzed with respect to five regions namely, Asia-Pacific, North America, Europe, South America, and the Middle East & Africa. Asia-Pacific is estimated to dominate the market, owing to factors such as urbanization, industrialization, effective smart grid initiatives, high investments in the upgradation of transmission & distribution infrastructure, energy efficiency measures, and renewable projects.