About Electrical Panels
Electrical panels are known as a breaker box or a distribution board, and an electrical panel is a steel box that enclosed with electrical system’s circuit breakers, which are switches that regulate the power supply. Circuits are used to distribute the power provided by the electric survive provider. Circuits’ breakers protect the wiring from electrical shorts or surges, effectively shutting off the power supply when tripped. Demands of electrical panels are increasing due to rapid industrialization and electrification is the key driving factor for the growth of electrical panels. Mainly, electrical panels are an integral part of all electrical equipment like transformer, motor control center, incinerator, motor, generator, etc.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The global market is highly competitive and consists of a limited number of providers who compete with each other. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth.The Manufacturers having a strong hold in the market are ABB, Siemens, GE, Eaton, and Schneider Electric. Analyst at AMA Research estimates that European Manufacturers will contribute the maximum growth to Global Electrical Panels market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
ABB (Switzerland), Siemens (Germany), GE (United States), Eaton (Ireland), Schneider Electric (France), Hager (Germany), Legrand (France), Paneltronics (United States), INDUSTRIAL ELECTRIC MFG (United States) and ESL Power Systems, Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Konark Automation (India) and Arabian Gulf Switchgear (United Arab Emirates).
Segmentation Overview
AMA Research has segmented the market of Global Electrical Panels market by Type (Main Breaker Panel, Main Lug Panel, Sub Panel, Panel fuse bank, Unitized Panel and Industrial Lighting Panel), Application (Residential and Commercial) and Region.
On the basis of geography, the market of Electrical Panels has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End Use Industry, the sub-segment i.e. Residential will boost the Electrical Panels market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Rapid Electrification and Industrialization is the key Diver for the Growth
Market Growth Drivers:
Increasing Funding Toward the Electrification across Remote Areas of Developing Economies and Increasing Demand in the Power Capacity Addition is Marginally Boosting the Demand for Electrical Panels
Challenges:
e-waste is Generated from the Electrical Panels is a major Challenge
Restraints:
Stringent Government Norms are Hindering the Market Growth
Opportunities:
Increasing Demand from Commercial Sector Creates Opportunity for Electrical Panels
Market Leaders and their expansionary development strategies
In September 2023, METUS Partners With Maker of Smart Electrical Panels, has introduced a new system integration for its all-climate heat pumps. The METUS-SPAN product integration, once available, is intended to help homeowners eliminate dependence on fossil-fuel-reliant heating and cooling systems and conventional electrical panels, according to a press release from METUS.
In July 2023, Schneider Electric, the global leader in the digital transformation of energy management and automation, today announced the launch of a new modular, flexible solution to add smart panel functionality to standard home electrical systems. This solution, including new Square D™ Control Relays and the Schneider Energy Monitor, offer homeowners nationwide app-based control with easier installation and at a lower cost than current smart panel options.
Key Target Audience
Electrical panel Manufacturers, Potential Technology Investors, Regulatory & Government Bodies, Downstream Vendors, End Users and Other
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.