Pune, India, Oct. 11, 2022 (GLOBE NEWSWIRE) — The global Switchgear Market was USD 105.43 billion in 2019. The global market size is expected to gain momentum by reaching USD 170.40 billion by 2027, exhibiting a CAGR of 6.6% during the forecast period from 2021-2027. This information is provided by Fortune Business Insights, in its report, titled, “Switchgear Market, 2021-2027.”
According to our analysts, the factors such as increasing product variations and availability in a wide range of voltages and power ratings and increasing integration of unique digital solutions and smart monitoring & control units. Besides, the rising investments by regulatory bodies in sustainable power generation technology would propel growth.
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|Forecast Period 2020 to 2027 CAGR||6.6%|
|2027 Value Projection||USD 170.40 billion|
|Market Size in 2019||USD 105.43 billion|
|Historical Data for||2016-2018|
|No. of Pages||190|
|Segments covered||By Insulation, By Installation, By Voltage, By End-User, and Regional Analysis|
|Growth Drivers||Rising Construction of Commercial Buildings to Spur Growth|
|Postponement of Major Power Projects amid COVID-19 to Slow Down Growth|
COVID-19 Impact Analysis-
Postponement of Major Power Projects amid COVID-19 to Slow Down Growth
The COVID-19 pandemic has resulted in the complete shutdown of manufacturing sites and processing industries in the power industry worldwide. Companies have postponed their investments, mergers & acquisitions, and significant power projects. These factors are expected to cause a decline in the demand for switchgears. Our in-depth reports would help you to gain complete information about the effects of the pandemic on the market.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/switchgear-market-100815
Drivers and Restraints:
The rising awareness programs about the new generation mix, as well as the increasing demand for energy to keep up with the rapid urbanization across the globe would affect the switchgear market growth positively in the forthcoming years. Switchgear tools are extensively used in complex industries and electrical substations for maintaining voltage stability & withstanding varying operating voltages. Apart from that, the increasing modernization and development of state-of-the-art industrial structures, such as government offices, banks, power plants, and other commercial buildings would augment growth. However, the efficiency of switchgear equipment installed outdoors can be affected by harsh climatic conditions, such as humidity, pressure, and temperature. This factor may obstruct growth.
The report has classified the global switchgears market in terms of factors such as insulation, installation, voltage, end user, and regional demographics. Among the voltage types, the medium voltage switchgears are likely to witness the highest CAGR, owing to the high demand for the products across the globe. Medium voltage switch gears offer a wide range of voltages which can range from 3kV and 36 kV. This range holds a high potential for several applications and as a result, Fortune Business Insights labels out medium segmentation as the one to witness the highest growth rate during the forecast period.
July 2020: Omexom and Evonik placed orders for Green Gas for Grid or ‘g³’ gas-insulated switchgear (GIS) bays from GE’s Grid Solutions. G³ is an alternative to the world’s most potent greenhouse gas called SF₆. It is mainly utilized in high-voltage equipment. This product can be used to cut or dispatch electrical power.
November 2018: Bergenshalvøens Kommunale Kraftselskap (BKK Nett) awarded a contract to Siemens Energy Management for providing the former with SF6-free GIS. It has a voltage level up to 145 kilovolts.
List of Key Players Mentioned in the Report:
- ABB (Zurich, Switzerland)
- Schneider Electric (Rueil, Malmaison, France)
- Hitachi (Tokyo, Japan)
- Kirloskar Electric Co. Ltd. (Pune, India)
- Mitsubishi Electric (Tokyo, Japan)
- Siemens Energy (Munich, Germany)
- Hubbell Incorporated (Connecticut, United States)
- Toshiba International Corporation (Texas, United States)
- CG Power and Industrial Solutions Limited (Mumbai, India)
- Fuji Electric Co., LTD. (Tokyo, Japan)
- Powell (Texas, United States)
- L&T Electrical & Automation (Mumbai, India)
- HYUNDAI ELECTRIC & ENERGY SYSTEMS CO., LTD. (South Korea)
- Hyosung Corporation (Seoul, South Korea)
- Lucy Electric (Oxford, UK)
- E+I Engineering (Donegal, Ireland)
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Gas Segment to Grow Rapidly Stoked by Rising Setup of Variable Voltage Substations
Based on insulation, the gas segment generated 24.6% in terms of switchgear market share in 2019. This growth is attributable to the increasing setup of variable voltage substations globally. The vacuum segment is likely to hold a larger share of the market in the near future because of its ability to lower the carbon emission.
Key Benefits for Switchgear Market:
- The Switchgear market analysis covers in-depth information of major industry participants.
- Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- Major countries have been mapped according to their individual revenue contribution to the regional market.
- The report provides an in-depth analysis of the Switchgear market during the forecast period.
- The report outlines the current market trends and future scenario of the global Switchgear market to understand the prevailing opportunities and potential investment pockets.
- The key drivers, restraints, and opportunities and their detailed impact analysis is elucidated in the study.
Increasing Electrification Projects to Bode Well for Asia Pacific
Geographically, in 2019, Asia Pacific procured USD 45.98 billion in terms of revenue. This growth is attributable to the high demand for energy from the developing countries, such as South Korea, China, and India because of the increasing number of electrification projects and the urgent need for transmission & distribution (T&D) networks.
North America, on the other hand, is likely to exhibit a considerable growth on account of the rising investments in the commercial and residential sectors. Additionally, the increasing government initiatives and directives to support the sustainable energy mix would drive growth in this region. In the Middle East and Africa, the surging need of electrification projects to provide access to electricity in rural areas would uphold growth.
The advancing transmission and network in densely populated countries such as Japan, China, and India has fueled the demand for switchgears across the Asia Pacific. The presence of several rural areas in India and the emphasis on providing power to these regions by the government of India will contribute to the demand for switchgears in the Asia Pacific. The switchgears market in Asia Pacific was valued at USD 44.30 Billion in 2018 and is likely to increase at an impressive CAGR during the forecast period.
Key Companies Aim to Achieve New Orders for Strengthening their Positions
Numerous international and domestic companies operating in the global market for switchgears are investing hefty amounts of money to acquire local start-ups. Some of the others are also focusing on gaining new orders from their in-house switchgears from reputed organizations.
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Switchgear Market Segmentation:
- T&D Utility
- Commercial & Residential
Table of Contents
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Switchgear Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
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