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Power Distribution Component Market records a CAGR of 6.6% during 2019-2025

The installation of power distribution components will be potentially anchored by the rising need for a continuous supply of electricity in the residential, industrial and commercial sectors. Power distribution components mainly comprise various equipment like switches, capacitor banks, recloses, voltage regulators as well as transformers. They are excessively adapted to control power flows and quality, voltage, among various other electric distribution parameters.

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These components can be retrofitted by the addition of communications as well as control capabilities. They also help to derive information at the utility control room as well as to significantly enhance the utility operations.

Statistics reveal that the global power distribution component market size will record more than USD 140 billion in terms of remuneration by 2025.

Increased demand for switchboards and switchgear

Demand for switchboards is expected to rise significantly in the coming years due to their constant use to direct electricity from one source to the other. A switchboard is a widely used power distribution component that is composed of an assembly of panels, where each of these panels allows the electricity to be redirected with the help of installed switches.

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On the other hand, the preference for switchgear will also considerably rise in the near future. This can be attributed to their rising adoption to interrupt faults as well as short circuits whilst keeping the other circuits unaffected. These power distribution components also offer continuous service to various machinery and processes. This is mainly because the switchgear is made up of several circuit breakers, fuses, and disconnect switches to render protection, isolation, and control of the electricity-powered equipment.

Higher preference for outdoor power distribution

Installation of outdoor power distribution components is anticipated to witness expansion owing to their higher penetration in a wide range of applications. These outdoor components are well designed to sustain adverse climatic conditions. They offer type-tested reliability and longer electrical life in comparison to their indoor counterparts. The outdoor components also have optimum mechanical robustness and reduce the operation cost of medium-voltage grids.

Asia Pacific as a leading consumer

Asia Pacific could observe a higher demand for the power distribution unit components on account of the expanding commercialization in developing regions such as China and India. There is also a strong presence of local and global industry participants that are coming up with innovations in the region.

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To cite an example, GE Power’s Grid Solutions business collaborated with Tata Power Delhi Distribution in June 2018 to launch the first-ever Advanced Distribution Management Solution in India.

Competitive marketing strategies

Suppliers of power distribution system components are placing their efforts on strategic partnerships like mergers, and acquisitions, as well as capacity expansions, to increase their sales. They are also consistently indulged in novel product developments to expand their customer portfolio. For instance, Eaton Corporation’s eMobility business, in October 2019, launched the Flex Power Distribution Unit (PDU) for uses in high voltage electrified commercial vehicles.

Impact of COVID-19

The present COVID-19 pandemic drew a relatively positive impact on the demand for power distribution system components. The regulation of lockdown and the work from home policies urged the need for a continuous power supply specifically in the residential sector. The gradual resumption of all industrial and commercial processes will also add positive impetus to the industry forecast.

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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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