Feb 25, 2021/IndustryNewsGlobal/--The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Power Distribution Component Market.
It was estimated prior to this unanticipated outbreak Power Distribution Component Market will reach CAGR of 6% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Power Distribution Component Market Insights
Power Distribution Component market is likely to witness a healthy CAGR of 6% during the forecast period. The prime factors to drive the power distribution components market are the increasing demand for effective T&D control systems, refurbishment & retrofit of existing grid infrastructure, expansion of micro-grid networks, rising peak load demand, and integration of a sustainable energy infrastructure.
Market Share Analysis
Power Distribution Component Market Share: By Product Type
Based on the product type, the market is segmented as switchgear, switchboard, distribution panel, motor control panels, and others. The distribution panels & circuit breakers dominated the power distribution component market in 2019, due to its applicability in a wide range of applications, from low voltage suburban networks to utility-based distribution infrastructure as well as its cost-effective nature.
Power Distribution Component Market Share: By Configuration Type
Based on the configuration type, the power distribution component market is segmented as fixed mounting, plug-in, and withdrawable. The fixed mount segment dominated the power distribution component market in 2019, and continues to dominate the market in the coming years as well. Requirement for higher ampacity and voltage rating infrastructure makes fixed mount power distribution components an excellent choice for manufacturing units, process plants, oil & gas exploration & extraction, and similar industrial peripherals.
Power Distribution Component Market Share: By Insulation Type
Based on the insulation type, the market is segmented as air, gas, oil, vacuum, and others. Vacuum insulation governed the market in 2019, driven by high consumer reliability, leakage-free technology, and its economical price.
Power Distribution Component Market Share: By Installation Type
Based on the installation type, the power distribution component market is segmented as indoor and outdoor. The indoor power distribution component market is expected to grow at a faster rate during the forecast period, driven by the increasing space constraints and rising investments in R&D for the development of smart and compact control equipment.
Power Distribution Component Market Share: By Region
In terms of regions, North America is estimated to be the largest as well as the fastest-growing power distribution component market during the forecast period, driven by the increasing investment of the US government for the development of new electric networks and the gradual shift towards high-quality systems from the traditional electrical equipment.