What Fueled The Previous Growth In The Residential Distribution Panel Market?
The residential distribution panel market has seen considerable growth due to a variety of factors.
• The market size for residential distribution panels has seen a robust expansion in recent times. The market value is projected to swell from $1.12 billion in 2024 to $1.2 billion in 2025, registering a compound annual growth rate (CAGR) of 7.4%.
Factors contributing to this growth during the historical phase include increasing population and urbanization, government legislations and norms, enhanced consumer awareness, and the escalating focus on renewable energy sources.
What Can Be Expected from the Residential Distribution Panel Market Size?
The residential distribution panel market is expected to maintain its strong growth trajectory in upcoming years.
• It is predicted that the market size of the residential distribution panel will witness a robust growth in the coming few years. By 2029, it's anticipated to reach $1.51 billion, with a compound annual growth rate (CAGR) of 5.9%.
The growth projected during this period can be linked to energy storage solutions, electrification developments, modernization of grid networks, significant connectivity and integration with IoT, and issues relating to resilience and reliability. The key trends during the forecast period include intelligent and connected panels, systems for managing energy, improved safety features, digitalization and integration with IoT, as well as user-friendly interfaces.
What Are the Critical Driver Fuelling The Residential Distribution Panel Market's Growth?
The expansion of the residential distribution panel market is anticipated to be spurred by increasing expenditures in infrastructure. This involves funding the creation, preservation, and enhancement of physical and organizational structures such as public facilities, utilities, roads, and bridges. The escalation in infrastructural investment is motivated by the necessity to renovate aging infrastructure, stimulate economic advancements, refine public services, and adjust to the changing needs of society. Residential distribution panels are vital elements of infrastructural frameworks in residential establishments, offering safe and proficient power dissemination to accommodate the demands of contemporary homes. For instance, the total infrastructural investment for 2023 was reported to be £13.8 billion ($17.88 billion) in constant prices by the Office for National Statistics in July 2024, a UK-based governmental organization, indicating a 3.9% increment compared to 2022. Consequently, the rise in infrastructural expenditures is propelling the growth of the residential distribution panel market.
How Is The Residential Distribution Panel Market segmented?
The residential distribution panel market covered in this report is segmented –
1) By Voltage: = 250 Volts, > 250 Volts to = 750 Volts, > 750 volts
2) By Mounting: Flush Mounting, Surface Mounting
3) By End-Use: Residential, Commercial, Industrial, Utility
Subsegments:
1) By Flush Mounting: In-wall Mounted Panels, Built-in Panels
2) By Surface Mounting: Wall-mounted Panels, Surface-mounted Cabinets
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Which Emerging Market Trends Are Altering The Residential Distribution Panel Industry?
Top-tier companies in the residential distribution panel market are pushing the innovation boundary by creating advanced technology, such as power panel boards, to drive their earnings. These boards manage and distribute electric power within a building or facility. In November of 2023, ABB Ltd., the multinational corporation from Switzerland known for providing electricity and automation solutions, introduced the Protecta power panel board. It ensures consistent, dependable power distribution and promotes intelligent electrical circulation within commercial, institutional, infrastructural, and institutional buildings. The Protecta power panel board, a system for electric distribution, allows flexible power distribution within a facility. It is engineered to ensure the safety and dependability of the electrical circuits by placing a focus on centralized control and distribution of power to numerous devices and equipment. The growth of the residential distribution panel market correlates with an increased need for advanced safety and flexible power-management systems.
Who Are the Key Players In The Residential Distribution Panel Market?
Major companies operating in the residential distribution panel market are:
• Siemens AG
• General Electric Company
• Mitsubishi Electric Corporation
• ABB Ltd.
• Eaton Corporation plc
• Larsen & Toubro Limited
• Delta ElectronicsInc.
• Legrand SA
• Alfanar Electrical Systems
• Schneider Electric SE
• Havells India Limited
• Leviton Manufacturing Co. Inc.
• NHP Electrical Engineering Products Pty Ltd.
• AGS Transact Technologies Limited
• Industrial Electric Manufacturing
• Hager SE
• Paneltronics Inc.
• Abunayyan Holding
• Norelco Cabinets Ltd.
• ESL Power SystemsInc.
• Meba Electric Co. Ltd.
• Symbiotic Systems Pvt Ltd.
• CSE Solutions Pvt. Ltd.
• Cutler-Hammer
• Litton Systems
What Is The Most Dominant Region In The Residential Distribution Panel Market?
Asia-Pacific was the largest region in the residential distribution panel market in 2024. The regions covered in the residential distribution panel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
