Pad-Mounted Switchgear Market is Expected to Register a Strong CAGR Through 2028
Increasing development in
transmission & distribution infrastructure and rising demand for
electricity worldwide are likely to propel the demand for the global
pad-mounted switchgear market in the forecast
period.
According to
TechSci Research report, “Pad-Mounted Switchgear Market - Global Industry Size, Share, Trends, Opportunity, and Forecast,
2018-2028”, the global pad-mounted switchgear market is expected to
rise in the upcoming years owing to the increasing demand for electricity in
the commercial & residential sectors, governments rising investment in
renewable energy, and growing demands for clean energy.
The increasing development in transmission &
distribution infrastructure and growing investments to establish a new network
drives the demand for pad-mounted switchgear. The high reliability of
underground distribution systems and the necessity to upgrade the ageing power
infrastructure also propels the demand for the pad-mounted switchgear market.
Moreover, significant investments in implementing distributed automation to
achieve reliability and grid stability accelerate the demand for the pad-mounted
switchgear market. Presently, there is a shift in the trend for adopting
underground distribution systems from countries and stringent government
environmental laws imposed on the use of SF6 from developed. Also, developing countries are likely to hold promising
opportunities for the market growth of pad-mounted switchgear across the globe.
The
global pad-mounted switchgear market might grow in the upcoming years as expanding
infrastructure accelerates across the globe. The increasing replacement of
renewable power generation with convection is also contributing to the growth
of the switchgear market across the globe. Another factor affecting market
growth is the increasing investments of the country's government in the
construction of electricity infrastructure.
According to the IEA's 2020 Renewable Energy Report,
governments announced more than USD 470 billion in energy-related stimulus
packages for production and consumption in October 2020. The stimulus is
provided in the form of loans, grants, refunds, and tax credits or exemptions.
Most of these measures are primarily aimed at providing relief to public and
private businesses and consumers affected by the economic downturn caused by
the COVID-19 pandemic. Hence, due to this government plan, the global
pad-mounted switchgear market can also be affected during the forecast period.
Furthermore, the high installation cost and skilled
workforce are the major restraints of the global pad-mounted switchgear market
growth during the forecast period.
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Market Data Figures spread through xx Pages and an in-depth TOC on the "Global
Pad-Mounted Switchgear Market”
The global pad-mounted
switchgear market is divided into type, application, voltage. Based on type,
the market is segmented into air-insulated, gas-insulated, solid dielectric,
and others. Based on application, the market is segmented into industrial,
commercial, and residential. Based on voltage, the market is segmented into up to
15kV, 15-25 kV, 25-35kV, and above 35kV. Based on regional analysis, the market
is segmented into Asia-Pacific, North America, South America, Middle East &
Africa, and Europe.
Based on type, the gas-insulated
type switchgear held the largest market share in 2022. They use SF6 gas for
insulation. SF6 has superior dielectric properties when used in phase-to-phase
insulation applications at moderate pressure. In gas-insulated pad-mounted
switchgear solutions, circuit breaker interrupters, switches and fuses are
encapsulated with SF6 gas inside grounded metal enclosures. Additionally, due
to their compact, fully enclosed, and space-saving design SF6 gas-insulated
switchgear solutions are generally used in high-voltage underground
distribution networks.
Based on applications,
the industrial segment held the largest market share in 2022. The industrial
sectors are divided into manufacturing and process industries for instance, cement,
automotive, food & beverage, steel, mining, oil & gas, and chemical
& pharmaceutical. These industries require a continuous supply of
electricity and reliable power backup. The industrial load is connected to the
distribution network at high voltage due to their bulk power requirement. Additionally,
industries install separate substations for supplying power to their
facilities.
Key market players in the global
pad-mounted switchgear market include:
- ABB Ltd
- Eaton Corporation
PLC
- S&C Electric
Company
- G&W Electric Co
- Hubbell Power
Systems Inc
- The International
Electrical Products Co
- Powell Industries
Inc
- Electric and
Electronic Co. Ltd
- Switchgear Power
Systems LLC
- Federal Pacific
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“The
global pad-mounted switchgear market is expected to rise in the upcoming years
and might register a strong CAGR during 2024-2028F, owing to rising investment
in renewable energy, rapid urbanization & industrialization, growing demand
for electricity from the commercial & residential sectors, governments
collaboration with private & public partners to enhance, strengthen, and
transformed energy infrastructure. The country’s increased usage of switchgear equipment
is a result of the increased focus on upgrading the current grid infrastructure
and investing in clean energy to reduce the effect of greenhouse gases. For instance, in North America, Canada’s
government invested around USD 3 million in renewable energy capacity-building programs
for indigenous communities in British Columbia in December 2022. Therefore, above
mentioned factors and investment are likely to propel the global pad-mounted
switchgear market is the upcoming years.” said Mr Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“Pad-Mounted Switchgear
Market– Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028 Segmented By Type (Air-Insulated,
Gas-Insulated, Solid Dielectric, and Others), By Application (Industrial,
Commercial, and Residential), By Voltage (Up to 15kV, 15-25 kV, 25-35kV, and
Above 35kV), By Region and Competition ”, has evaluated the future growth potential of global pad-mounted switchgear
market and provides statistics and information on market structure, size,
share, and future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the global
pad-mounted switchgear market.
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