The switchgear
market is expected to grow from an estimated USD 88.71 Billion in 2017 to
USD 125.10 Billion by 2022, at a CAGR of 7.12%, from 2017 to 2022. The global
market is set to witness a significant growth due to the continued growth of
construction and developmental activities, increasing access to electricity,
and growth of renewable power generation projects.
Market Ecosystem:
The switchgear ecosystem comprises equipment
manufacturers, such as, ABB, Ltd. (Switzerland), General Electric Company (US),
Schneider Electric SE (France), EATON CORPORATION plc (Ireland), Siemens AG
(Germany), Larsen & Toubro, Ltd. (India), Alstom SA (France), Hitachi, Ltd.
(Japan), CG Power and Industrial Solutions Limited (India), Efacec Power
Solutions – S.G.P.S. S.A. (Portugal), ELEKTROBUDOWA SA GROUP (Poland), Hawker
Siddeley Switchgear Ltd. (UK), Hyosung Corporation (South Korea), Mitsubishi
Electric Corporation (Japan), and Toshiba Corporation (Japan) among others.
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The transmission and
distribution utilities segment is expected to hold the largest share of the switchgear market, by end-user, during the forecast
period.
The transmission and distribution utilities sub-segment
of the end-user segment led the switchgear market in 2016 and is projected to
dominate the market during the forecast period. The transmission and
distribution utilities segment is also expected to grow at the fastest rate
during the forecast period.
The growth of the transmission and distribution utilities
segment is primarily driven by increasing investments in sub-station
automation, modernization of electric grid, and smart utilities which includes
smart grids and smart meters. This would enhance the protection by decreasing
energy losses, due to poor operational efficiency of traditional equipment.
This would ultimately create new revenue pockets for the switchgear market
during the forecast period.
The gas insulated switchgear
is expected to hold the largest share of the switchgear market, by equipment,
during the forecast period.
The gas insulated switchgear sub-segment of the equipment
segment led the switchgear market in 2016 and is projected to dominate the
market during the forecast period. Rising energy demand and extension/replacement
of old switchgear at sub-stations can drive the gas insulated switchgear
equipment in the switchgear market. However, the circuit breaker sub-segment
accounted for the second largest share in 2016 in the switchgear market, based
on the equipment segment.
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North America: The leading
market for switchgear
In this report, the switchgear market has been analyzed
with respect to five regions, namely, Asia Pacific, Europe, North America, the
Middle-East and Africa, and South America. The market in Asia Pacific led the
global switchgear market in 2016. Increasing grid investments especially in
developing economies, such as China and India and plans for electrification in
remote areas in countries, such as Vietnam, Indonesia, and the Philippines are
expected to drive the switchgear market in Asia Pacific. Indonesia aims to
achieve 90% electrification rate by 2025 and the countries, such as the
Philippines and Malaysia have similar plans. Rise in investments in smart grid
technologies including distribution grid automation, smart meters, and demand
response systems in countries, such as Japan, South Korea, and Australia would
create opportunities for the switchgear market in the Asia Pacific region.
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MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com
