China Is Expected To Develop At A 6.2% CAGR In Distribution Components Market, Finds FMI
The global Distribution components market is expected to reach a valuation of around US$ 39,236.6 Mn in 2022. As per a new report by Future Market Insights, the market is projected to exhibit growth at a CAGR of 4.4% from 2022 to 2032. It is likely to be valued at US$ 60,525.1 Mn by the end of 2032.
China is expected to be the largest market for distribution components in East Asia during the forecast period. During the projection period of 2022-2032, China is expected to develop at a 6.2% CAGR in the distribution components market, finds FMI.
According to the Center for Industry Education Collaboration (CIEC) data, China’s industrial production rose to 3.9% YoY in June 2022. Over the projected period, expansion of the industrial sector is expected to make China an emerging market for distribution components manufacturers.
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Besides, demand for distribution components has significantly increased as a result of rapid expansion of the industrial sector throughout the world, as well as rising public awareness regarding the need to save electricity by integrating distribution components into electrical systems. It is also anticipated that the implementation of energy-efficiency norms and regulations for the building of public lighting & power systems will surge the need for distribution components.
Key Takeaways from the Distribution Components Market Study
- Over the course of the forecast period, the controls stations and covers segment is expected to grow at a CAGR of 5.7% and reach around US$ 9,454.3 Mn by 2032.
- By country, the U.S. is expected to remain dominant throughout the forecast period and is anticipated to account for more than 20% of market share by 2032.
- China is expected to develop at a 6.2% CAGR in the distribution components market during the evaluation period.
- From 2022 to 2032, the India distribution components market is estimated to grow at a CAGR of 6.6%.
- Based on product type, the distribution segment is likely to showcase a moderate growth rate at a CAGR of 3.6% in the evaluation period from 2022 to 2032.
“Power consumption at various production facilities is anticipated to increase as the production capacity surges. Manufacturers nowadays are concentrating on reducing their operational costs through efficient power supply with the use of distribution components for efficient and cost-effective production,” says a Future Market Insights analyst.
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The market for distribution components witnessed moderate growth during the past few years, primarily due to the rising number of residential & infrastructure development projects across the globe. The power generation sector has experienced high investments from governments of various countries around the world to support the development of renewable energy sources. The ever-increasing population and rapid urbanization have also resulted in a moderate surge in terms of new residential construction. It is projected to lead to high demand for residential and commercial construction, which would have a positive impact on the demand for distribution components.
Competitive Landscape: Distribution Components Market
The distribution components market is highly fragmented, with top players accounting for less than one third of the global market revenue in 2021. The unorganized sector includes both European and Chinese brands, which are selling their products through local dealers and distributors. European brands mainly depend on their high durability, whereas Chinese brands’ USP remains their significantly lower pricing.
Eaton Corporation, Johnson Electric Holding Ltd, Schneider Electric, ABB Ltd, General Electric, Legrand, Hitachi Ltd, Panasonic Corporation, Leviton, Mitsubishi Electric, Sumitomo Electric Industries, Emerson Electric Co, Fuji Electric, and Toshiba Corporation among others are a few of the major participants in the global distribution components market.
Get More Insights into the Distribution Components Market Report
In its latest report, Future Market Insights offers an unbiased analysis of the global distribution components market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022-to 2032. To understand the global market potential, growth, and scope, the market is segmented based on by product type and by region.