The report segments the distribution panels market on the basis of voltage rating into low and medium voltage. The medium voltage segment is expected to grow at the highest CAGR during the forecast period. This can be credited to the increasing investments in transmission & distribution infrastructure, renewable power plants, and construction and infrastructural activities. However, the demand for low voltage distribution panels is also set to increase rapidly, given the increasing access to electricity in countries such as India, South Africa, and Nigeria.
Based on end-user, the electrical distribution boards market has been segmented into transmission & distribution utilities, manufacturing & processing industry, commercial & residential sector, and others, which include marine, transportation (rail traction systems, ports, and airports), mining, and offshore applications. The transmission & distribution utilities segment recorded the largest market size in 2015. The transmission & distribution infrastructure in developed economies in North America and Europe is aging and outdated. These economies are modernizing their grids and replacing old installations. Investments in offshore wind farms, which increase their capacity, are also expected to drive the market.
Some of the leading players in the distribution panels market are ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric (U.S.), Schneider Electric SE (France), and Siemens AG (Germany). New product launch was the strategy most commonly used by top players in the market from 2012 to 2016, followed by contracts & agreements, expansion, and other developments.