According to the new
market research report "Switchgear Market by Voltage (< 1 KV, 1–36
KV, 36–72.5 KV, > 72.5 KV), End-User (Transmission & Distribution
Utilities and Manufacturing & Process Industries), Equipment (Gas
Insulated, Air Insulated, and Circuit Breakers) - Global Forecast to 2022",
published by MarketsandMarkets™, the switchgear
market is expected to grow at a CAGR of 7.12%, from 2017 to 2022, to reach a
market size of USD 125.10 billion by 2022. Continuous growth of construction
and development activities, increasing access to electricity in developing
countries, and growth in renewable power generation projects are the major
factors driving the market.
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The switchgear market is dominated by a few major
players that are established brand names with a wide regional presence. The
leading players in the switchgear market include ABB Ltd. (Switzerland),
General Electric Company (US), Siemens AG (Germany), EATON CORPORATION plc
(Ireland), Alstom SA (France), Hitachi Ltd. (Japan), Schneider Electric SE
(France), and Mitsubishi Electric Corporation (Japan) among others.
68 - Tables
51 - Figures
144 - Pages
View more detailed
TOC @
Based
on end-user, the transmission and distribution utilities are estimated to grow
at the fastest rate during the forecast period. Increasing investments in
sub-station automation, modernization of electric grid, and smart utilities are
the major factors driving the growth of the transmission and distribution
utilities segment of the switchgear market. Switchgear enhance protection by
decreasing energy losses, due to poor operational efficiency of traditional
equipment.
Based
on region, the switchgear market in Asia-Pacific is projected to grow by the
fastest rate during the forecast period. Increasing grid investments and plans
for electrification in remote areas in countries, such as Vietnam, Indonesia,
and the Philippines is likely to drive the growth of the switchgear market in the
region during the forecast period. Rise in investments in smart grid
technologies is also driving the switchgear market in Asia-Pacific.
Aging power
infrastructure, High Voltage Direct Current (HVDC) transmission networks, and
upcoming smart cities are expected to create new opportunities for the
switchgear companies. Moreover, governments in most of the countries are
investing in renewable energy-based power generation to match up with the
growing energy demand. All these factors is likely to drive the switchgear
market during the forecast period.
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