Residential Switchgear Market is expected to grow at a 5.86 % CAGR
Global Residential 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, “Residential Switchgear Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast 2018-2028”, the Global Residential
Switchgear Market is expected to register 5.86% growth during the
forecast period. The Residential 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 186 Pages and an
in-depth TOC on the "Global Residential 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 Residential 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 Region, Asia Pacific emerged as the dominant player in the
global Residential Switchgear Market in 2022, holding the largest market share.
The Asia-Pacific region, with its burgeoning population and rapid urbanization,
offers significant growth potential for the Residential Switchgear Market. The
escalating demand for electricity in the region, fueled by industrialization
and urban development, necessitates the establishment of new and upgraded
electrical infrastructure, including switchgear systems.
Numerous countries in the Asia-Pacific region are actively investing in
renewable energy sources like solar and wind power. This shift towards clean
energy creates a substantial requirement for switchgear systems that can
efficiently integrate and manage the variable output of renewable sources into
the power grid.
Asia-Pacific is currently witnessing a swift pace of urbanization and
infrastructure expansion. This encompasses the construction of smart cities,
industrial zones, and transportation networks, all of which demand modern and
efficient electrical infrastructure, including switchgear.
The Asia-Pacific region is embracing technological advancements and
digitalization in the electrical industry. The integration of smart grid
technologies and digital switchgear solutions is increasingly crucial for
optimizing grid operations, enhancing energy efficiency, and enabling real-time
monitoring of electrical networks.
Environmental regulations and sustainability concerns are driving the
adoption of eco-friendly insulating gases in switchgear across Asia-Pacific,
aligning with global trends. Manufacturers can capitalize on this opportunity
by developing switchgear systems that employ low-GWP insulation gases and
comply with regional environmental standards.
Key market players in the Global Residential 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 Residential 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.
“Residential 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 Region, By Competition Forecast &
Opportunities, 2018-2028,” has evaluated the
future growth potential of Global Residential 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 Residential Switchgear Market.
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