COVID-19 Impact analysis

• The COVID-19 pandemic has created an urge for entrepreneurs and governments to reexamine their business activities. Since environmental change has become evident after the new Uttarakhand glacier burst, organizations in the Asia and Australia power distribution component market and governments in Japan are now seeing progress to renewable energy. Self-utilization solar power generation facilities are acquiring noticeable quality in Japan with considerations made in supply network changes and investment in domestic production. 
• India, on the other hand, is perceiving the significance of a versatile power sector after the beginning of the COVID-19 pandemic. New changes, like making of a solitary public power grid and dynamic development of the environmentally friendly energy sector are adding to the development of the Asia and Australia power distribution component market. 
• Conveyance of raw materials needed for manufacturing power distribution components, limitations on cross-border trade exchange and developments and leveling ventures for the development of new power distribution components because of the novel COVID-19 emergency also had an adverse effect on the growth of the power distribution component market.

Top Impacting Factors

Power distribution components are the essential components of an electric supply system for commercial, private, and industrial sector. The fundamental cable comes into the distribution board and is then dispersed in auxiliary circuits, for example, lights and plugs by means of breakers. An increase in development and infrastructure activities is probably going to help the demand for power distribution components in the forecasted period.

Industrialization and urbanization have expanded altogether in Asia and Australia over the previous decade. This has supported the manufacturing industry in all significant urban communities in these regions, bringing about a huge extension of urban areas. These advancements have prompted a rise in demand for electricity and electrification in all significant urban areas in Asia and Australia. Demand for power distribution components is directly connected to the sales of private and commercial units, as power distribution components are the fundamental piece of an electric supply system. Power distribution components distributes in secondary circuits, this above are some of the driving factors. The high installation cost of power distribution components like switchgear may be not being economical for certain institutions and private consumers acting as a barrier to the market's growth. Because of the huge size of these parts, the wide use application may get affected acting as a limitation to the market's growth.

Market Trends

• In May 2021, Bengaluru based Mindtree Ltd has signed an agreement to acquire Nxt Digital Business, the cloud-based platform of L&T group which is expected to enhance Mindtree’s IoT and AI capabilities for industry 4.0.
• In April 2021, Hitachi acquired the GlobalLogic, it is one of the biggest acquisitions in the product engineering services space which will increase the footprint in India. 
• In February 2020, Eaton, a power management company has announced its complete acquisition of power Distribution, Inc. to improve the quantity if life and environment through the use of power management technologies and services. 
• In June 2019, Japan’s Fuji Electric Co, Ltd. had undergone acquisition with Consul Neowatt Power Solutions Pvt Ltd, the manufacturer of the power supply system. This acquisition is done by the private equity investor peepul capital, which owned the company through its third fund and other individual investor.
• In March 2019, Siemens announced its acquisition of Massachusetts based Russelectric, a manufacturer of power control systems in US including paralleling switchgear, automatic transfer switches and other power systems foe electric infrastructure.

Key Benefits of the Report

• This study presents the analytical depiction of the POWER DISTRIBUTION COMPONENT industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the POWER DISTRIBUTION COMPONENT market share.
• The current market is quantitatively analyzed from 2020 to 2028 to highlight the POWER DISTRIBUTION COMPONENT market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed POWER DISTRIBUTION COMPONENT market analysis based on competitive intensity and how the competition will take shape in coming years