Power Pedestal Market size is predicted to reach USD 74 Billion by the end of 2036, expanding around 8% CAGR during the forecast period i.e., 2024-2036. In the year 2023, the industry size of the power pedestal was over USD 2 Billion. The rising electricity usage is responsible for the market's growth. The approval of the units is anticipated to be driven by an increase in arrogation for energy in the institutional, commercial, and residential sectors. The US Energy Information Administration estimates that in April 2020, the country's electricity usage was approximately 6.5 quadrillion British Thermal Units. In addition to being employed in residential, commercial, and industrial settings, electricity is also utilized in the highly competitive and cost-sensitive marine industry. In the marine industry, innovation and sustainability are the pinnacles of advanced technology used in harsh environments.
The use of power substations across the globe is expected to trigger an increase in market penetration. There are interconnection points in the power systems built by a transmission line. Transformers allow connections between voltage levels, and the circuit breakers' switching state allows for a network topology to be revealed. Therefore, this is predicted to drive the expansion of the power pedestal market in the projected period.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024 - 2036 |
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CAGR |
~8% |
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Base Year Market Size (2023) |
~USD 2 Billion |
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Forecast Year Market Size (2036) |
~USD 74 Billion |
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Regional Scope |
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Type (Stainless Steel Power Pedestal, Polycarbonate Power Pedestal, Aluminum Power Pedestal)
Based on type, the stainless-steel segment is anticipated to dominate the power pedestal market growing at 60% by the end of 2036. Because of their better resistance to corrosion, architects and structural engineers tend to prefer steels with more molybdenum content for applications in challenging environments. In addition, SSPP has the highest rate of growth in construction. In addition, there is a growing demand for homes, companies, and hospitals all over the world due to urbanization and population growth. More power pedestals for buildings will need to be erected as urbanization increases. However, there are fluctuations in the price of Stainless Steel which could affect the value of pedestals and lead to competition from substitute materials. Moreover, the fact that stainless steel power pedestals meet all application needs and can resist acidic and coastal climates is another factor contributing to their dominance in the global power pedestal industry. Because they exhibit enduring qualities over an extended length of time and require less maintenance, they are extremely durable power centers.
Application (Marina Power and Lightening, Construction Site, Recreational Vehicle Parks)
In terms of application, the marina power and lightning segment in the power pedestal market is projected to hold the largest revenue share of 50% by the end of the forecast period. The fragment is growing owing to the flourishing recreational boating segment, rising client desires, developing acknowledgment and appropriation of maintainable hones, and the approach of keen advances. In 2022, the number of recreational vessels registered by the Member States increased by 1.6% compared to the previous year to 11,770,383. The developing world recreational drifting trade remains the biggest driver since more vessels and yachts mean that the marina framework has to be updated and expanded. The requirement for progressed and full-featured control platforms is fueled by client desires to move forward with marina administrations and offices.
Our in-depth analysis of the global power pedestal market includes the following segments:
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Type |
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Application |
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North American Market Forecasts
North American region is set to dominate the power pedestal market by registering growth of 35% during the anticipated period. The industry expansion will be fueled by shifts within the financial scene, government enactment, and the region's requirement for control and fundamental machine parts, hardware, and components. In North America, there will be differences in progress across different sectors. Demand is expected to remain high for buildings and RV parks, whereas marinas may experience a certain degree of saturation.
APAC Market Statistics
The power pedestal market in the Asia Pacific is set to grow significantly during the forecast period. The growth rate in the market is driven by Southeast Asian countries such as South Korea, Japan, China, and India. In addition, over the last few years production and consumption of electricity in the Asia Pacific region have been increasing steadily. In addition, in 2021, it accounted for 42 % of exports and 64 % of imports, making it the world's largest maritime freight handling center. In addition, in 2021, it ranked as the world's largest maritime freight handling hub with 42 percent of exports and 64 percent of imports. Furthermore, Asia accounted for eighteen of the thirty-five largest shipowners in 2023.
Author Credits: Payel Roy, Dhruv Bhatia
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