Pune, India, October 11, 2022 (GLOBE NEWSWIRE) – World switchgear market USD 105.43 Billion in 2019. The global market size is expected to gain momentum by reaching USD 170.40 Billion by 2027, showing a compound annual growth rate of 6.6% during the forecast period from 2021-2027. This information was provided by Fortune Business Insights, in its report, “Switchgear Market, 2021-2027”.
According to our analysts, factors such as increased product versatility and availability in a wide range of voltages and power ratings, increased integration of unique digital solutions and intelligent monitoring and control units. Besides, increasing investments by regulators in sustainable power generation technology will drive growth.
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|Forecast period 2020 to 2027 compound annual growth rate||6.6%|
|2027 Value Drop||170.40 billion US dollars|
|Market size in 2019||105.43 billion US dollars|
|Historical data about||2016-2018|
|number of pages||190|
|Sectors covered||By isolation, installation, voltage, end-user and regional analysis|
|growth engines||Increased construction of commercial buildings to stimulate growth|
|Major energy projects postponed amid coronavirus outbreak to slow growth|
COVID-19 Impact Analysis-
Major energy projects postponed amid coronavirus outbreak to slow growth
The COVID-19 pandemic has led to the complete shutdown of manufacturing and downstream sites in the energy industry worldwide. Companies postponed their investments, mergers and acquisitions and large energy projects. These factors are expected to reduce the demand for switchgear. Our in-depth reports will help you get complete information about the effects of the pandemic on the market.
To learn 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 restrictions:
Increasing awareness programs about the new generation mix, as well as the increasing demand for energy to keep pace with rapid urbanization worldwide, will influence the growth of the switchgear market positively in the coming years. Switchgear tools are widely used in complex industries and electrical substations to maintain voltage stability and withstand variable operating voltage. Apart from that, the increasing modernization and development of modern industrial structures, such as government offices, banks, power plants and other commercial buildings would boost 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 hinder growth.
The report has categorized the global switchgear market in terms of factors such as insulation, installation, voltage, end-user and regional demographics. Among the voltage types, medium voltage switchgear is likely to experience the highest compound annual growth rate, due to the high demand for the products worldwide. Medium voltage switchgear gears provide a wide range of voltages which can range from 3 kV to 36 kV. This range holds high potential for many applications, and as a result, Fortune Business Insights ranks the middle segment as the domain with the highest growth during the forecast period.
July 2020: Omexom and Evonik place orders for Green Gas for Grid or G³ ‘g’ gas insulated from GE’s Grid Solutions portfolio. G³ is an alternative to the world’s most potent greenhouse gas called SF₆. Mainly used in high voltage equipment. This product can be used to cut off or transmit electrical power.
November 2018: Bergenshalvøens Kommunale Kraftselskap (BKK Nett) awarded a contract to Siemens Energy Management for its first supply of SF6-free GIS. The voltage level is up to 145 kV.
List of key players mentioned in the report:
- ABB (Zurich, Switzerland)
- Schneider Electric (Ruelle, 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, USA)
- CG Power and Industrial Solutions Limited (Mumbai, India)
- Fuji Electric Co., Ltd. (Tokyo, Japan)
- Powell (Texas, USA)
- 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 (Doegal, Ireland)
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The gas sector is growing rapidly due to the high number of variable voltage plants
Based on insulation, the gas segment achieved 24.6% of the switchgear market share in 2019. This growth is attributed to the increased setup of variable voltage substations globally. The vacuum segment is likely to retain a larger share of the market in the near future due to its ability to reduce carbon emissions.
Key Benefits of Switchgear Market:
- Switchgear market analysis covers in-depth information of key industry participants.
- Porter’s Five Forces Analysis helps analyze potential of buyers and suppliers and competitive scenario of the industry to build strategy.
- The major countries were identified according to the contribution of individual revenue 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.
- Key drivers, constraints and opportunities and their detailed impact analysis are described in the study.
Increased electrification projects bode well for Asia Pacific
Geographically, in 2019, the Asia Pacific region purchased US$45.98 billion in revenue. This growth is attributed to higher energy demand from developing countries, such as South Korea, China and India due to the increasing number of electrification projects and the urgent need for transmission and distribution (T&D) networks.
On the other hand, North America is likely to experience significant growth due to increased investments in the commercial and residential sectors. In addition, increased government initiatives and directives to support a sustainable energy mix will drive growth in this region. In the Middle East and Africa, the increasing need for electrification projects to provide access to electricity in rural areas will support growth.
Transmission and network advancements in densely populated countries such as Japan, China and India have fueled the demand for switches across the Asia Pacific region. The presence of many rural areas in India and the focus on providing power to these areas by the Government of India will contribute to the demand for switchgear in the Asia Pacific region. The switchgear market in Asia Pacific was valued at US$44.30 billion in 2018 and is likely to grow at an impressive CAGR during the forecast period.
The main companies aim to achieve new orders to strengthen their positions
Many international and local companies operating in the global switchgear market are investing huge amounts of money to acquire local start-ups. Others are also focusing on acquiring new orders for their indoor switchgear from reputable establishments.
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Switchgear market segmentation:
According to the voltage:
According to the end user:
- T&D أداة Tool
- commercial residential
table of contents
- an introduction
- Search scope
- Market segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- market dynamics
- Market Drivers
- market restrictions
- Market Opportunities
- the main ideas
- Key emerging trends – for major countries
- The latest technological advances
- organizational landscape
- Industry SWOT Analysis
- Porter’s Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the switchgear market
- Steps the government has taken to counteract the impact
- Key developments by industry players in response to COVID-19
- Potential opportunities and challenges due to the COVID-19 outbreak
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