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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