WILMINGTON, DE / ACCESSWIRE / November 1, 2022 / Transparency Market Research Inc. - By 2030, the Asia and Australia power distribution component market size is likely to attain valuation of US$ 6 Bn. It is expected that the Asia power distribution component market is likely to rise at ~6% CAGR and the Australia power distribution component market is estimated to develop at 5.5% CAGR during the forecast period, from 2020 to 2030. Power distribution component use is anticipated to grow in Asia and Australia during the forecast timeline in large part due to rising usage of fuel cell technology in end-use businesses, particularly the automotive industry.
Asia and Australia have already witnessed massive growth in urbanization and industrialization during the past few years, which is anticipated to emerge as power distribution component market growth factors. This has expanded the manufacturing sector in the main cities across all regions, leading to considerable city expansion. All big cities in Asia and Australia have experienced an increase in electrification and power consumption as a result of these advancements.
The main parts of an electric supply system for businesses, homes, and industries are power distribution components. In the near future, a rise in infrastructure and development projects is projected to drive up demand for power distribution components.
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Key Findings of Market Report
- An increase in building and infrastructure projects is anticipated to come up as power distribution component market trends. Asia and Australia have already witnessed huge increases in urbanization and industrialization during the last decade. This is likely to boost the manufacturing sector in all of these regions' major towns and cities, leading to tremendous growth in the urban areas. In all key cities in Asia and Australia, such developments have raised the need for power and electrification, which is expected to drive growth of the global power distribution component market.
- Commercial and residential settings are being transformed by automated, centralized lighting management systems. In order to fulfill consumer convenience, firms in Australia's power distribution component market are expanding their manufacturing capacity for automated and centrally managed systems. These systems can adapt based on the users' frequency of use and time of day. Such innovations are estimated to boost the market.
- Due to increasing investments in the construction industry, particularly in the commercial and residential sectors, use of power distribution components has been rising rapidly throughout Asia and Australia over the past few years. Governments in nations like India, China, and the ASEAN are putting a significant amount of effort into providing affordable housing for everyone. Growing use of power distribution components in the commercial and residential spaces is anticipated to drive market expansion. These sectors are estimated to account for considerable power distribution component market share.
- For most businesses, including participants in the Asia power distribution component market, investing in R&D has been standard practice. PLCs (Programmable Logic Controller), which are developing as a replacement to analog relay systems, are being made more widely available by control panel makers that provide clarity in the fields of relays and sequence control. In an effort to make systems more dependable, digital control panels are taking over the market. It is anticipated that innovations and rising R&D expenditures will generate market expansion prospects.
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Global Power Distribution Component Market: Growth Drivers
- In the Asia and Australia power distribution component market, modernizing the electric power grid has become imperative. Firms in the market for power distribution component in Asia and Australia are likely to gain from modifications in regulation and utilities operations.
Global Power Distribution Component Market: Key Players
Some of the key market players are
- Hyundai Electric & Energy Systems Co. Ltd.
- Chubu Electric Power Co.,Inc.
- Schneider Electric SE
- Fuji Electric Co.
- Larsen & Toubro Limited
- CSE Solutions Pvt. Ltd
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Global Power Distribution Component Market: Segmentation
Type
- Panel
- Socket
Application
- Residential
- Commercial
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