Guidehouse Research Estimates Global Residential Electrical Panel Market to Reach Over $41 Billion by 2034

Demand for home electrification and smart energy technologies drives growth

BOULDER, Colo., July 24, 2025 /PRNewswire/ -- A new report from Guidehouse Research explores the residential electrical panel market globally.

For over 70 years, electrical panels have been an essential piece of safety equipment for delivering electricity throughout residential buildings. According to a new report from Guidehouse Research, revenue in the residential electrical panel market is expected to grow from US$27.0 billion in 2025 to US$41.1 billion in 2034 at a CAGR of 4.8%. Much of this growth is likely to be driven by rising adoption of smart panel technologies, particularly in developed regions. Globally, smart panel technology revenue is projected to increase from US$5.5 billion in 2025 to US$16.0 billion in 2034 at a CAGR of 12.6%.

"Overall, the residential electrical panel market is expected to experience healthy growth over the next decade," says Hannah Bastian, research analyst with Guidehouse Research. "This growth is likely to be driven by rising electricity demand in homes as more consumers install modern electrical equipment like EV chargers, solar PV, heat pumps, air conditioners, and refrigerators."

Since electrical panels are an essential part of residential buildings, there will always be a market for the technology. The primary drivers of the market include those that have been consistent since the advent of electrical panels, like fire safety and growing electrical demand, and newer drivers such as EV charging and onsite solar PV. Over the next decade, these factors are expected to drive greater demand in the market for larger panels, subpanels, and smart panel technologies. The barriers to the market largely relate to replacing existing panels, since installing electrical panels in new construction is fairly straightforward and often required by electrical codes, according to the report.

The report, Residential Electrical Panels, analyzes the drivers and barriers that are expected to shape the residential electrical panel market over the next 10 years. The analyses estimate global residential electrical panel revenue, segmented by region, equipment type, and building type. It also describes the key stakeholders in the market and provides recommendations for how to navigate the market as it evolves. An executive summary of the report is available for free download on the Guidehouse Research website.

About Guidehouse Research
Guidehouse Research, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today's rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Research can be found at guidehouseresearch.com.

About Guidehouse
Guidehouse is a global AI-led professional services firm delivering advisory, technology, and managed services to the commercial and government sectors. With an integrated business technology approach, Guidehouse drives efficiency and resilience in the healthcare, financial services, energy, infrastructure, and national security markets. Built to help clients across industries outwit complexity, the firm brings together approximately 18,000 professionals to achieve lasting impact and shape a meaningful future. guidehouse.com

* The information contained in this press release concerning the report, Residential Electric Panels, is a summary and reflects the current expectations of Guidehouse Research based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Guidehouse Research nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.

For more information, contact:

Cecile Fradkin for Guidehouse Research
+1.646.941.9139
cfradkin@scprgroup.com 

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SOURCE Guidehouse Research