Market Forecast By Applications(Transmission & Distribution Utility, Manufacturing Industry, Commercial & Residential Sector), By Voltage Type(Low Voltage, Medium Voltage), By Mounting(Flush Mounting, Surface Mounting)and competitive landscape
Product Code: ETC001847 | Publication Date: Jul 2024 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 |
Report Name | Philippines Panel Board Market |
Forecast period | 2024-2030 |
CAGR | 6.8% |
Growing Sector | Construction |
Philippines Panel Board Market report thoroughly covers the market by applications, voltage type and mounting. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
Philippines Panel Board Market is experiencing significant growth and projected to attain more growth in the coming years due to the country's robust infrastructure development and increasing construction activities. As urbanization continues to expand, the demand for reliable electrical distribution systems has surged, making panel boards an essential component in residential, commercial, and industrial sectors. Innovations in technology, along with the implementation of stricter safety regulations, have further enhanced the quality and efficiency of panel boards available in the market.
According to 6Wresearch, Philippines Panel Board Market size is expected to grow at a CAGR of 6.8% during 2024-2030. Several factors are driving the growth of Philippines Panel Board Market such as the nation's rapid urbanization has created a heightened demand for efficient electrical systems to support new residential, commercial, and industrial projects. Apart from this, ongoing government investments in infrastructure development, such as the "Build, Build, Build" program, are significantly boosting construction activities, further increasing the need for advanced panel boards. Additionally, the transition towards sustainable and renewable energy sources is pushing the adoption of more sophisticated electrical distribution systems, which rely on highly efficient and reliable panel boards. Furthermore, the integration of smart grid technologies enables better energy management and distribution.
However, Philippines Panel Board Market faces few restraints such as is the high initial cost associated with advanced panel boards and smart grid technologies. Many smaller construction projects and rural areas may struggle to afford these modern solutions, limiting their adoption to more affluent regions. Additionally, the market is susceptible to fluctuations in raw material prices, which can impact the overall cost and profitability for manufacturers and suppliers. Furthermore, the lack of skilled labour and technical expertise in the installation and maintenance of sophisticated panel board systems poses a significant barrier.
The key players include Schneider Electric, Siemens AG, ABB Ltd, Eaton Corporation, Legrand SA, Mitsubishi Electric. These companies are renowned for their innovative solutions, provide high-quality panel boards that cater to various residential, commercial, and industrial needs.
Philippines Panel Board Market is growing and government’s regulation and policies are helping in extension of the market. One such prominent initiative is the "Build, Build, Build" program, which focuses on extensive infrastructure projects, including transportation, energy, and utility sectors, creating a surge in the demand for reliable and advanced panel boards. Additionally, the government's commitment to achieving a sustainable energy future is evident through policies and incentives aimed at increasing the adoption of renewable energy sources like solar and wind. These policies necessitate the deployment of sophisticated panel boards capable of integrating with renewable energy systems and managing variable power inputs efficiently.
The future of Philippines Panel Board Market looks promising due to various factors such as integration of Internet of Things (IoT) technologies is poised to revolutionize panel board functionality, allowing real-time monitoring, predictive maintenance, and enhanced energy management. This shift towards smart, connected systems is expected to spur innovation and drive further adoption of advanced panel boards across various sectors. Apart from this, the push towards renewable energy sources is likely to accelerate, with solar and wind power becoming more prevalent. This transition will necessitate the deployment of specialized panel boards designed to handle the unique challenges associated with renewable energy integration.
According to Ravi Bhandari, Research Head, 6Wresearch, Transmission & Distribution Utility sector might see the most significant growth in coming years due to extensive infrastructure upgrades and modernization efforts. With ongoing initiatives to modernize infrastructure and incorporate smart grid technologies, the demand for advanced panel boards in this sector is set to rise.
Low voltage panel board market is expected to see substantial growth in the future attributed to its widespread applicability across residential, commercial, and industrial sectors. The increasing adoption of smart homes and buildings, which rely heavily on LV panel boards for safe and efficient energy distribution.
Flush mounting panel boards are expected to see significant growth in coming yeas due to its aesthetic appeal as it integrates seamlessly with walls, providing a cleaner and more organized look. The rising trend of smart homes and modern commercial buildings, which prioritize both functionality and design.
The report offers a comprehensive study of the subsequent market segments:
TABLE OF CONTENTS |
1. Executive Summary |
2. Introduction |
2.1. Report Description |
2.2. Key Highlights of The Report |
2.3. Market Scope & Segmentation |
2.4. Research Methodology |
2.5. Assumptions |
3. Philippines Panel Board Market Overview |
3.1. Philippines Panel Board Market Revenues, 2020-2030F |
3.2. Philippines Panel Board Market Revenue Share, By Voltage Type, 2020 & 2030F |
3.3. Philippines Panel Board Market Revenue Share, By Applications, 2020 & 2030F |
3.4 Philippines Panel Board Market Revenue Share, By Mounting, 2020 & 2030F |
3.5. Philippines Panel Board Market - Industry Life Cycle |
3.6. Philippines Panel Board Market - Porter’s Five Forces |
4. Philippines Panel Board Market Dynamics |
4.1. Impact Analysis |
4.2. Market Drivers |
4.3. Market Restraints |
5. Philippines Panel Board Market Trends |
6. Philippines Panel Board Market Overview, By Voltage Type |
6.1. Philippines Panel Board Market Revenues, By Low Voltage, 2020-2030F |
6.2. Philippines Panel Board Market Revenues, By Medium Voltage, 2020-2030F |
7. Philippines Panel Board Market Overview, By Applications |
7.1. Philippines Transmission & Distribution utility Electric Panel Board Market Revenues, 2020-2030F |
7.2. Philippines Manufacturing Industry Electric Panel Board Market Revenues, 2020-2030F |
7.3. Philippines Commercial & Residential Electric Panel Board Market Revenues, 2020-2030F |
7.4. Philippines Other Applications Electric Panel Board Market Revenues, 2020-2030F |
8. Philippines Panel Board Market Overview, By Mounting |
8.1 Philippines Panel Board Market Revenues, By Surface Mounting, 2020-2030F |
8.2 Philippines Panel Board Market Revenues, By Flush Mounting, 2020-2030F |
9. Philippines Panel Board Market Key Performance Indicators |
10. Philippines Panel Board Market Opportunity Assessment |
10.1. Philippines Panel Board Market Opportunity Assessment, By Voltage Type, 2030F |
10.2. Philippines Panel Board Market Opportunity Assessment, By Applications, 2030F |
10.3 Philippines Panel Board Market Opportunity Assessment, By Mounting, 2030F |
11. Philippines Panel Board Market Competitive Landscape |
11.1. Philippines Panel Board Market Competitive Benchmarking, By Operating & Technical Parameters |
11.2. Philippines Panel Board Market Revenue Share, By Companies, 2023 |
12. Company Profiles |
13. Key Strategic Recommendations |
14. Disclaimer |
Market Forecast By Applications(Transmission & Distribution Utility, Manufacturing Industry, Commercial & Residential Sector), By Voltage Type(Low Voltage, Medium Voltage), By Mounting(Flush Mounting, Surface Mounting)and competitive landscape
Product Code: ETC001847 | Publication Date: Mar 2020 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 |
Philippines panel board market is anticipated to witness robust growth over the coming years owing to several major construction projects awarded across all three geographical regions of the country such as Luzon, Visayas, and Mindanao. Also, a significant rise in the capacity addition across existing power plants and development of new power plants is expected in the coming years as per the announcement by the Philippines government, giving a necessary boost to the electricity infrastructure across the less developed Visayas and Mindanao regions.
According to 6Wresearch, the Philippines Panel Board Market size is anticipated to register growth during 2020-2026. The government has initiated several programs like ‘Ambisyon Natin’ 2040, which envisions a strongly rooted and secure life for all the citizens of the Philippines by the year 2040. Also, the “Philippine Energy Plan (PEP) 2017-2040” aims to increase the renewable energy installed capacity to at least 20000 MW and provide nationwide electricity access which would drive the demand for the panelboard in the Philippines.
With the continuous improvement in the living standard of people and growing urbanization, the demand for energy in residential and commercial sectors would continue to rise which would act as a catalyst for the panel board market. Also, with several upcoming new transmission & distribution lines in the country, the transmission & distribution utility application segment of panel boards is projected to witness maximum growth during the forecast period.
The Philippines panel board market report thoroughly covers the market by applications, voltage, and mounting. Philippines panel board market outlook report provides an unbiased and detailed analysis of the on-going Philippines panel board market trends, Philippines panel board market share, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
The panel board is becoming an evident industrial product and is anticipated to lead to serious headway in shaping this market competitive landscape in the coming timeframe as a result of an increase in the development of the power grid infrastructure in the country along with several redevelopment projects gaining pace. Additionally, a rise in the cold storage applications is anticipated to act as a pioneer for bringing in the tremendous growth of the Philippines panel board market in the near future. Since, the increase in the construction industry is expected to be the main and the potential driver for the market growth in the coming timeframe, a rise in the redevelopment of the existing grid infrastructure in the country is also expected to contribute towards the growth of the panel board market in the Philippines in the coming time zone and offer bountiful opportunities for the potential investors of the market to seek a fortunate and evident future business growth in the next five to ten years.
Philippines Panel Board Market is expected to register sound revenues in the upcoming six years on the back of the rising expansion of retail and hypermarkets stores owing to a rising urban population where massive installation of panel boards to ensure adequate electricity supply in the market which is estimated to bolster the demand for panel board and is expected to pose positive growth of the Philippines Panel board market. Further, the rising commercial sector is estimated to securing high demand for panel boards in airports, malls, and offices and is expected to spur the growth of the Philippines panel board market in the coming timeframe.
Key Highlights of the Report:
Markets Covered:
The Philippines panel board market report provides a detailed analysis of the following market segments: