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.
Browse 68 Market Data Tables
and 51 Figures spread through 144 Pages and in-depth TOC on "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"
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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.
Objectives of the
study:
·
To define, describe, and forecast the global
switchgear market by voltage, equipment, end-user and region
·
To provide detailed information on major
factors influencing the growth of the switchgear market (drivers, restraints,
opportunities, and industry-specific challenges)
·
To strategically analyze the switchgear market
with respect to individual growth trends, future prospects, and contribution of
each segment to the market
·
To analyze market opportunities for stakeholders
and details of a competitive landscape for market leaders
·
To strategically profile key players and
comprehensively analyze their market rankings and core competencies
·
To track and analyze competitive developments,
such as contracts & agreements, expansions, new product developments, and
mergers & acquisitions in the switchgear market
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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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