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

Market Overview

of Global Electrical Panels market:
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.

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.

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.

The report covers a research time span from 2018 to 2029; combines extensive quantitative analysis and exhaustive qualitative analysis; presents not only an overview of the global Electrical Panels market in metrics of sales, revenue, growth rate, but also a deeper dive into the segmented market by region, product type and downstream industry, showing the readers a clear and distinct picture of how the market is distributed from different perspectives.

For competitive landscape, prominent players with considerable market shares are comprehensively analyzed in this report. With information regarding the concentration ratio and detailed data reflecting the market performance of each player shared, the readers can acquire a holistic view of the competitive situation and a better understanding of their competitors.

As the COVID-19 takes over the world, we are continuously tracking the changes in the markets. We analyzed the impact of the pandemic in detail, along with other key factors, such as macro-economy, regional conflicts, industry related news and policies. Meanwhile, market investment scenario, technology status and developments, supply chain challenges, among other essential research elements are all covered.

Research Scope
This report provides an overview of the global Electrical Panels market and analyzes the segmented market by product type, downstream industry, and region, presenting data points such as sales, revenue, growth rate, explaining the current status and future trends of the Electrical Panels and its sub-markets in an intuitive way.

Key Companies in the global Electrical Panels market covered in Chapter 3:
CHINTELECTRICS
Hager
Delixi
Singi
ABB
Honyar
Leviton
Schneider Electric
Legrand
Eaton
Siemens

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)

Key Factors Considered

COVID-19
Amid the COVID-19 crisis, the Electrical Panels market has definitely taken a hit. The report describes the market scenario during and post the pandemic in the vision of upstream raw materials, major market participants, downstream major customers, etc. Other aspects, such as changes in consumer behavior, demand, transport capacity, trade flow under COVID-19, have also been taken into consideration during the process of the research.

Regional Conflict / Russia-Ukraine War
The report also presents the impact of regional conflict on this market in an effort to aid the readers to understand how the market has been adversely influenced and how it’s going to evolve in the years to come.

Challenges & Opportunities
Factors that may help create opportunities and boost profits for market players, as well as challenges that may restrain or even pose a threat to the development of the players, are revealed in the report, which can shed a light on strategic decisions and implementation.

Chapter Outline

Chapter 1 starts the report with a brief overview of the research scope, as well as the definitions of the target market and the subdivisions.

Chapter 2 integrates and sketches the research findings and conclusions in a clear and explicit way.

Chapter 3 presents the competitive landscape by displaying the sales, revenue, and market shares of the top players. It also profiles the major market participants with their business introductions, sales, price, revenue, gross, growth rates, etc.

Chapter 4 breaks down the market by different product types and shares data correspondingly with the aim of helping the readers know how the market is distributed by type.

Chapter 5 segments the market by downstream industry, with data covers sales, revenue, and growth rate tracing back to 2018.

Chapter 6 is the analysis of the whole market industrial chain, ranging from upstream raw materials to downstream customers, with regional conflicts taken into consideration.

Chapter 7 elaborates on market dynamics. Factors that drive, challenge, or restrain the market are all listed, together with industry news, opportunities, impacts of COVID-19, and SWOT analysis.

Chapter 8 shows the breakdown data at the regional level, which enables the readers to picture the regional competitive pattern of the market and learn about the revenue, sales, and market share of all the major regions.

Chapter 9-13 focus on each and every of the major region, specifically, North America, Europe, Asia Pacific, Latin America, Middle East & Africa. Sales, price, revenue, gross, gross margin, among others, will be all be presented.

Chapter 14 forecasts the future trend of the market not only as a whole but also from the perspective of all segments.

Years considered for this report:

Historical Years:

2018-2022

Base Year:

2022

Estimated Year:

2023

Forecast Period:

2023-2029

Frequently Asked Questions