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Global Switchgear Market: Expected to Post a CAGR of 7% over 2020-2027

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Global Switchgear Market: Expected to Post a CAGR of 7% over 2020-2027

October 01
09:24 2020
Global Switchgear Market: Expected to Post a CAGR of 7% over 2020-2027
The “SWITCHGEAR MARKET BY INSULATION (GAS, OIL, AIR, VACUUM); BY VOLTAGE (LOW, MEDIUM, HIGH); BY INSTALLATION (OUTDOOR, INDOOR); BY END-USER (COMMERCIAL & RESIDENTIAL, INDUSTRIAL, T&D UTILITY); BY REGION (NORTH AMERICA, EUROPE, ASIA-PACIFIC, SOUTH AMERICA, AND MIDDLE EAST & AFRICA) AND FORECAST, 2020-2027” report has been added to ReportOcean.com offering.

The global switchgear market is estimated to grow at a CAGR of 7% during the forecast period 2020-2027. The switchgear industry growth is driven by various growth factors such as increasing demand for electricity in rural areas of developing nations coupled with growth in investment in electricity infrastructure. Moreover, initiatives taken by government to upgrade ageing substations in Europe and North America further drives the demand of switchgear worldwide.

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Increasing investments towards development of renewable energy along with favourable government regulations and financial support in the form of subsidies and rebates support the technological advancements in electrical equipment. Increasing focus of government to eliminate overall carbon footprint along with rising awareness related to benefits of using renewable energy for electricity generation will boost the application of switching equipment. Expansion of new infrastructure to support power generation through renewable sources will propel the adoption rate of switching components across the globe. However, price volatility in raw materials such as steel, aluminium and copper may hamper the adoption rate of switchgear components.

India and China accounted for majority of the market share in the APAC switchgear market and acquire ~48% of the share in the global marketplace. The APAC switchgear market growth is also supported by rapid industrialization in Vietnam and Indonesia along with infrastructural development in India and China. While, Europe switchgear market is expected to grow at significant growth, owing to rising focus of regional authorities towards renewable energy to curb carbon emissions.

Medium and low voltage switchgears are being predominantly driven by demand for enhanced protection in power distribution equipment coupled with rapid urbanization and infrastructural development worldwide. Furthermore, the voltage segment includes high voltage category for the overall market study considering voltage segment.

Air-insulated switchgear (AIS) are majorly used in industrial & utility applications, while oil insulated equipment operates uses oil as a key insulating medium which can cause various health issues and combustibility nature of oil insulated switchgear confine its applications hence, allow a small chunk in pie of vacuum segment share. While, the vacuum segment is expected to dominate the market during the forecast period; along with gas insulated switchgear holds a significant share in the insulation segment.

The installation segment of the market is majorly depending upon impact of weather and ventilation conditions along with functional traits. The outdoor installation category is estimated to dominate the global switchgear market, due to its ability to sustain in harsh climatic conditions coupled with economical operations and reliable delivery. While, the indoor installation category is anticipated to grow substantially owing to its safe & secure working, easy maintenance, high durability, compact design and other operational advantages.

The end user segment is divided into Transmission and Distribution Utility, industrial and commercial & residential.

ABB, CG Power and Industrial Solutions Limited, E+I Engineering, Fuji Electric Co., Ltd., Hitachi, Hyosung Corporation, Hyundai Electric & Energy Systems Co., Ltd., Hubbell Incorporated, Kirloskar Electric Co. Ltd., L&T Electrical & Automation, Lucy Electric, Mitsubishi Electric, Powell, Siemens Energy, Schneider Electric and Toshiba International Corporation are some key companies profiled in the research study of the global switchgear market. The competitive landscape of the switchgear industry shows that domestic companies acquire key market share in the emerging economies such as China and India and are stiff competitors for foreign market players in terms of price and quality of switchgears.

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