The sales for Low Voltage Panelboards and Distribution Boards and Switching and Interrupting Devices in the US are forecasted to decline gradually from $2.149 billion in 2024 to $2.043 billion in 2028. In 2023, the industry generated $2.172 billion. The year-on-year percentage decreases are approximately 1.3% from 2024 to 2025, 1.3% from 2025 to 2026, 1.3% from 2026 to 2027, and 1.2% from 2027 to 2028. The compound annual growth rate (CAGR) over five years (2024-2028) is around -1.3%.
Future trends to watch include:
- The increasing focus on renewable energy, driving innovations in electrical distribution systems.
- Adoption of smart technologies, possibly influencing market dynamics.
- Potential regulatory changes that might impact industry standards and practices.
