SAN ANTONIO, July 05, 2017 -- A new analysis by Verify Markets shows the North American electrical distribution equipment market was valued at $387 million in 2016 and is expected to reach revenues over $490 million by 2023. The market is highly competitive with the presence of a number of national and regional players looking to gain a significant share in the market. Some of the relatively newer segments, such as colocation datacenters, will see rapid growth, followed by solar farms, which have been gaining more traction as a viable alternative energy source.
The report has been segmented by end users, market trends, challenges and drivers. The major end users were petrochemical, utilities and construction, comprising more than 60 percent of the overall market share. The petrochemical production segment has seen minimal but steady growth over the last 5 years attributed to the rise of shale gas. With market confidence increasing in the segment, capital expenditure towards expansion of existing plants and commissioning new plants is expected to increase during the forecast period.
This report focuses on the market landscape and the various end user segments’ revenues generated in 2016. The primary revenue stream in this market is rental. Apart from renting equipment, a number of players/companies also re-manufacture and re-sell, or rent, electrical distribution equipment such as transformers, fusible switches, breakers and transfer switches. Additionally, the report also looks into the re-rental market and its benefits to electrical distribution equipment rental companies.
Some of the key companies covered in this report include Aggrekko Plc, The Home Depot, Inc., Sunbelt Rentals, Inc., and United Rentals, Inc. This report provides an in-depth analysis of the overall North American electrical equipment distribution market. The report captures various market dynamics such as growth drivers, restraints, trends, market landscape, and provides strategic recommendations.