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The global distribution boards market is projected to reach USD 5.91 billion by 2021 Cheap Drew Doughty Hat , growing at a CAGR of 6.4% from 2016 to 2021. This growth can be attributed to the rise in construction and infrastructural activities, increasing power generation, and increasing upgradation of transmission & distribution infrastructure, triggered by the rising energy demand.
To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the electric distribution boards market including ABB Ltd. (Switzerland) Cheap Jeff Carter Hoodie , Siemens AG (Germany), General Electric (U.S.), Schneider Electric SE (France), and Eaton Corporation (Ireland). These players are trying to penetrate developing economies and are adopting various methods to increase their market share.
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The need to protect electrical devices and network components is expected to drive the demand for power distribution boards during the forecast period. Electricity access is increasing in countries across the world, with the emerging economies of regions such as Asia-Pacific and Africa receiving foreign investments to develop their electricity infrastructure. Most developing countries have started shifting from an agrarian economy to the industrial and service sectors Cheap Tyler Toffoli Hoodie , thereby increasing the rate of urbanization.
Despite increasing urbanization across the globe, households in several countries still lack electricity access and face frequent power outages. Governments ensure that most households have access to electricity by upgrading the existing power distribution infrastructure and setting up new substations to meet the growing electricity demand. These factors are expected to drive the market for distribution panels.
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