Global Electrical Panels Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Electrical Panels Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

An electrical panel is nothing but a load control center. All the electrical actions such as power distribution, power transmission, power system protection are performed by using electrical panel only.

Market Overview:

The latest research study on the global Electrical Panels market finds that the global Electrical Panels market reached a value of USD 2519.11 million in 2022. It’s expected that the market will achieve USD 3420.46 million by 2028, exhibiting a CAGR of 5.23% during the forecast period.

Electrical Panels Market Drivers

The National Electrical Code® (NEC®) defines an electrical panel as a single panel or group of panel units designed for assembly in the form of a single panel; including buses, automatic overcurrent devices, and equipped with or without switches for the control of light, heat, or power circuits; designed to be placed in a cabinet or cutout box placed in or against a wall or partition and accessible only from the front.

Electrical Panels can prevent power overload and short circuit. As people's demand for personal and property safety protection is constantly increasing, the growth of Electrical Panels industry is constantly stimulated.

In addition, due to the progress and development of the times and the increase of household electrical equipment, the original load center is difficult to support the current household and commercial electricity demand. This stimulated the market demand for Electrical Panels products.

Distribution network construction and transformation are not up to expectations

Traditional distribution network equipment business is greatly affected by the process of distribution network construction and transformation and upgrading. Power transmission and distribution enterprises such as State Grid, as the main participants in promoting investment and construction of distribution network, are greatly affected by fluctuations of personnel changes and other factors. In the future, there is the possibility of low expectations of the construction and transformation of distribution network, which will have a certain impact on the development of Electrical Panels industry.

Region Overview:

In 2021, the share of the Electrical Panels market in North America stood at 37.34%.

Company Overview:

Eaton is one of the major players operating in the Electrical Panels market, holding a share of 4.37% in 2022.

Eaton

Eaton Corporation provides power management solutions. The Company offers electrical and industrial components, fire detection systems, wiring devices, circuit protection, and lighting products to aerospace, automotive, filtration, hydraulics, and plastic extrusion industries.

ABB

ABB Limited provides power and automation technologies. The Company operates under segments that include power products, power systems, automation products, process automation, and robotics.

Segmentation Overview:

By type, Main Breaker segment accounted for the largest share of market in 2021.

There are two types of electrical panel, main breaker and main lugs. Main breaker electrical panels are suitable for use in service entrance applications. The incoming supply cables of a main breaker type electrical panel are connected to the main breaker which in turn feeds power to the electrical panel and its branch circuits. The main breaker disconnects power from the electrical panel and provides overcurrent protection.

A main lug type electrical panel does not have a main circuit breaker. The incoming supply cables are connected directly to the main lugs and bus bars. Primary overload protection for the electrical panel is not provided as an integral part of the electrical panel. Main lug units are primarily used as a distribution panel where there is a main breaker upstream in the system. There are situations where a back fed circuit breaker and a retainer clip (required by NEC®) are used to convert a main lug electrical panel to a main breaker electrical panel.

Main lug electrical panels are sometimes referred to as add-on, secondary or downstream panels. These panels are added when all circuit slots in the main breaker electrical panel are full or when a remote panel is desired. For example, a main breaker electrical panel might supply power to a main lug electrical panel located in an area of the home used as a workshop. Main lug electrical panels are also fed from metering equipment when used in apartment installations.

Application Overview:

The market's largest segment by application is the segment Residential, with a market share of 66.28/% in 2021.

Key Companies in the global Electrical Panels market covered in Chapter 3:

Eaton
Honyar
Legrand
Delixi
Hager
Siemens
Schneider Electric
Singi
CHINTELECTRICS
ABB
Leviton

In Chapter 4 and Chapter 14.2, on the basis of types, the Electrical Panels market from 2018 to 2029 is primarily split into:

Main Breaker
Main Lugs

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Electrical Panels market from 2018 to 2029 covers:

Residential
Commercial
Other

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)