Switchgear Market By Voltage (Low Voltage, Medium Voltage, and High Voltage), By Insulation (Air, Gas, Oil, and Vacuum), and By End Users (Utilities, Industrial, and Residential & Commercial): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024

Global switchgear market expected to reach USD 161.21 billion in 2024, growing at a CAGR of 7.19% between 2018 and 2024. In an electronic circuitry framework, switchgear is an array of fuses and electrical switches which help to secure and protect electrical gadgets from internal or external damage.

01-Aug-2018 | Number of pages: 120 | Report Code: ZMR-2027 | Report Format : | Status : Published

Analysis

Gadgets that are utilized to control, exchange, and to protect the electronic devices and electrical circuits are known as switchgear. The fundamental functionality of any switchgear is to ensure the protection of electronic devices from external and internal circuitry damage as well as control the supply of electric power. In modern power system network, switchgear plays a crucial role in appropriate electricity distribution right from electricity generation, transmission, and distribution. The capability of carrying, making, and breaking the typical load current such as a switch is handled by the switchgear and it should have the ability of clearing issues. In addition, switchgear has an arrangement of metering and controlling different parameters of electrical power framework. This kind of hardware device is directly linked with the reliability of the power supply.

Modern day power generation and its transformation, escalating growth in sustainable and renewable electric power generation, and rising need and concerns for power storage in developing nations are the some of the factors fueling the growth of the market. Fierce competitive rivalry among the organizations in unstructured switchgear market can be a restraint that may affect the market growth and development. Upgradations in power framework, technological innovations in the smart grid, and rising demand for green and sustainable energy are expected to open new development opportunities for the switchgear market. The necessity of electricity has been an essential element in the development of the business divisions and organizations crosswise over developing economies.

The switchgear market is categorized on the basis of voltage, insulation, and end users. Based on voltage, the global switchgear market is segmented into a high voltage, medium voltage, and low voltage. Low voltage segment held the largest market share due to rapid industrialization and urbanization across the developing nations. In terms of insulation, the global switchgear market is segmented into air, gas, oil, and vacuum. The switchgear market for gas insulated switchgear accounted for the largest share in 2017. The gas insulated switchgear is typically used in high and very high voltage transmission lines. Based on end users, the global switchgear market is segmented into utilities, industrial, and residential & commercial. The utility segment accounted for the largest share in 2017. This is due to the growing industrial sector in developing countries, especially the mining and manufacturing sectors which has an energy consumption of more than 50%.

Based on regional segmentation, Asia Pacific was the most attractive market for switchgear in 2017. In the Asia Pacific region, the development in a number of distribution of power lines including the transmission of electric power in emerging countries such as China and India is the factor that is boosting the market growth. The Europe switchgear market is anticipated to have strong developments owing to the adoption of disperse energy system and its usage among the states in the region coupled with government intervention towards renewable and sustainable energy consumption. National Grid, in the UK, announced the expansion of the electric plants and grids and pipeline network in the region which is expected to boost the switchgear market. 

Some of the major players involved in the global switchgear market include Larsen and Turbo, Siemens, GE, Mitsubishi Electric Systems, Schneider Electric, Crompton Greaves, Hubbell Power System Inc., Meidensha Corporation, ABB, Schneider Electric, Eaton, Toshiba, Bharat Heavy Electrical Limited, Rittal, and Ormazabal.


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