Global Switchgear Market Overview:
The recent switchgear market study, case studies on Covid-19 impact, offers insights into the current growth dynamics, major revenue reforms, and forecasts for 2020-2025.
The Switchgear Market report is a comprehensive documentation of the industry trends and aims to educate the readers about competitive scenario and regional business dynamics. The demand side of this market is characterized by its end-users such as T&D utilities, industries, commercial & residential, and others. The supply side is characterized by Original Equipment Manufacturers (OEM), raw material providers, and others.
According to the research report, the switchgear market size will grow to USD 88.5 billion by 2025 (forecast year) from USD 67.5 billion in 2020 (estimated year), at a post COVID-19 CAGR of 5.5% during the forecast period.
Replacement of aging infrastructure in North America, along with upgradation of existing substations due to rising electricity demand in Europe and Asia Pacific are the driving factors for the switchgear market, globally.
Key Market Players:
Schneider Electric (France), Siemens AG (Germany), ABB (Switzerland), General Electric (US), and Eaton (Ireland)
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The air insulated switchgear segment is expected to dominate the switchgear market, by insulation type, during the forecast period.
Air insulated switchgear are among the common type of medium-voltage switchgears that are used these days. They are a combination of electrical disconnector switches, circuit breakers, and earth switches that are used to control, isolate, and protect electrical equipment using air as its insulating medium. AISs are relatively cost-effective, pollution-free, simple construction, and easy to maintain than gas insulated switchgear. They are used in transmission & distribution, manufacturing and processing, infrastructure and transportation, oil & gas, and other industries.
The indoor segment is expected to lead the switchgear market, by installation, during the forecast period.
An indoor switchgear is generally of metal-clad type. In this type of construction, all live parts are completely enclosed in an earthed metal casing. A medium-voltage switchgear is primarily installed indoor. The application of indoor switchgears includes power generation and distribution, infrastructure, transportation, manufacturing, oil & gas, mining, and marine. . The renewable sector is also assisting the growth of indoor switchgears, with many solar and wind power plant projects deploying indoor switchgears as an integral part of their power generation and distribution network.
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Asia Pacific likely to emerge as the largest switchgear market
The region has been segmented, by country, into China, Japan, India, Australia, and Rest of Asia Pacific. Increasing T&D network expansion and industrialization projects in emerging countries such as India and China are some of the key factors responsible for the growth of the switchgear market. As per the Indian Electrical and Electronics Manufacturer Association (IEEMA), the electricity generation capacity is expected to increase from 200 GW in 2010 to over 800 GW by 2032 to fulfill the increasing demand of customers. Thus, there is a need for a huge investment of approximately USD 300 billion in the next 3–4 years.
Browse Related Reports:
Paralleling Switchgear Market by End-User (Industrial, Commercial), Application (Prime, Standby and Peak shave), Transition Type (Open Transition and Closed Transition), Voltage (Low Voltage and Medium Voltage), and Region - Global Forecast to 2023
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