Press Release

Global Switchgear Market is expected to grow at a robust CAGR

Global Switchgear Market is expected to grow owing to rapidly growing electrification need in remote areas coupled with the increasing electricity generation throughout the forecast period.

 

According to TechSci Research report,Switchgear Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028”, the Global Switchgear Market is expected to register robust growth during the forecast period. The switchgear market is expected to witness expansion, driven by the increasing awareness of the new generation mix and the escalating energy demand to facilitate rapid urbanization. These devices are commonly employed in complex electrical substations and various industries to ensure voltage stability. Moreover, they must exhibit resilience to diverse operating voltages and adverse climatic conditions.

Switchgear manufacturers have the opportunity to leverage the increasing demand for environmentally friendly and sustainable solutions. The advancement of switchgear with minimal environmental impact, such as alternative insulating gases to SF6 with high global warming potential, aligns with regulatory mandates and the global commitment to carbon emission reduction. Moreover, sustainable manufacturing practices and responsible disposal of switchgear components at the end of their lifecycle present additional areas of potential growth.

 

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "Switchgear Market."

 

Based on insulation, the Gas-insulated Switchgears segment is expected to dominate the market during the forecast period. Switchgear refers to electrical equipment utilized for controlling, safeguarding, and isolating electrical circuits and equipment in power transmission and distribution systems. The global switchgear market encompasses various types of equipment, including circuit breakers, relays, fuses, disconnect switches, and gas-insulated switchgears. The GIS segment has witnessed consistent growth due to its numerous advantages over conventional air-insulated switchgear (AIS). These advantages encompass a compact design, high reliability, low maintenance requirements, and the capability to operate in harsh environmental conditions. GIS is particularly favored in densely populated urban areas and locations with limited available space due to its compact size. As urbanization continues, there is an anticipated increase in the demand for GIS. Many countries are investing in grid modernization initiatives, which often involve the replacement of aging AIS with GIS. GIS supports the integration of digital technologies, facilitating real-time monitoring and control of power distribution. The GIS segment plays a pivotal role in the integration of renewable energy sources, such as wind and solar, into the grid. Its ability to handle high-voltage applications and its compact design make it well-suited for this purpose. GIS is commonly employed in high-voltage applications, including extra high voltage (EHV) and ultra-high voltage (UHV) substations. It provides efficient insulation and protection for critical power infrastructure.

Based on end user, the Transmission & Distribution Utilities segment is projected to dominate the market throughout the forecast period. Aging infrastructure in many regions has necessitated the replacement and maintenance of switchgear equipment, prompting utilities to prioritize asset reliability and safety. Market dynamics within the Transmission & Distribution Utilities segment can vary across regions. Developed countries often prioritize grid modernization and smart grid initiatives, while developing nations focus on expanding and upgrading existing infrastructure. Government regulations and policies concerning energy efficiency and environmental sustainability have a significant impact on the switchgear market. Utilities must comply with standards and requirements, influencing their choice of switchgear solutions. Ongoing advancements in switchgear technology, such as the development of gas-insulated switchgear (GIS) and the integration of digital control systems, continue to shape the market. In conclusion, the Transmission & Distribution Utilities segment plays a crucial role in the global switchgear market, driven by factors such as grid modernization, renewable energy integration, and the demand for reliable electricity supply.

 

Key market players in the Global Switchgear Market are:-

  • ABB Ltd
  • Havells India Ltd.
  • Mitsubishi Electric Corporation
  • Schneider Electric SE
  • Siemens AG
  • Eaton Corporation
  • Toshiba International Corporation
  • Meidensha Corporation
  • Hitachi Ltd
  • Crompton Greaves Power and Industrial Solutions Limited

 

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“The Switchgear Market in Asia Pacific is poised to be the dominant force in the industry. The Asia-Pacific market presents lucrative opportunities for global switchgear manufacturers to expand their operations and gain a larger market share. However, it is a highly competitive market with both local and international players striving to capture their piece of the market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Switchgear Market - Global Industry Size, Share, Trends, Opportunity, and Forecast

Segmented By Insulation (Gas-insulated Switchgears, Air-insulated Switchgears and Others), By Installation (Indoor and Outdoor), By Voltage (Low, Medium and High), By End User (Transmission & Distribution Utilities, Industries, Commercial & Residential and Other), By Region, By Competition Forecast & Opportunities, 2018-2028, has evaluated the future growth potential of Global Switchgear Market and provides statistics & information on market size, structure, and future market growth. The report intends 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 in Global Switchgear Market.


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