Panel Bubbling - Has Anyone Seen Anything Similar?

loulou57 wrote:
Is there any source of heat near it? My first thoughts are heat or water damage

Nothing generating heat nearby. I also don't see any signs of a water leak, although I know from experience water can take some crazy paths behind and through different materials. However, I would expect some sponginess to the area if it was getting water intrusion.

Thanks for all the inputs so quickly, and for the forum member who helped get the picture posted for me.

Tom