BANGALORE, India | 22nd September 2020: According to the latest Market Research Report “Switchgear Market by Voltage (1–36 kV, 36–72.5 kV, < 1 kV, >72.5), by Equipment (Air Insulated Switchgear, Circuit Breakers, Gas Insulated Switchgear), by End user (Commercial, Residential Infrastructure, Manufacturing and Process Industries, Transmission and Distribution Utilities) and Region breakdown with global forecast 2025“, published on Valuates Reports. The Global Switchgear Market size is expected to grow from USD 102,484.56 Million in 2019 to USD 143,266.68 Million 2025 at a CAGR of 5.74%.
Major factors driving the Global Switchgear Market size’s growth are replacing aging power infrastructure and upgrading existing substations, and increasing investment in renewable energy.
The study includes a global and regional forecast for the switchgear industry. The study includes switchgear market drivers and constraints along with the effect they have on the demand over the forecast period. The report also provides an analysis of the possibilities available on a global level in the switchgear industry.
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TRENDS INFLUENCING THE SWITCHGEAR MARKET SIZE
The need for a safe and efficient Transmission & Distribution network has resulted in rising energy demand. Only through a device capable of managing sudden power spikes and drops can uninterrupted power be assured. With the aid of monitoring solutions, switchgear warns the maintenance team when aging and over-used equipment is on the verge of failure and helps them make better choices by offering real-time information to uncover concerns and opportunities for change. This advantage offered by the switchgear is one of the factors that will drive the switchgear market size during the forecast period.
Several government bodies have introduced a reliability component to performance-based revenue regulations. There is a financial reward framework for these regulations. Such incentive programs, above and beyond monitoring performance against expectations, provide clear oversight for regulators. These systems will push the use of switchgear and thereby fuel the growth of the switchgear market size.
SWITCHGEAR MARKET SHARE ANALYSIS
Based on type, the air-insulated switchgear is expected to hold the largest Switchgear market share during the forecast period. Air-insulated switchgear is reasonably cost-effective, pollution-free, simple to install, and easy to maintain. They are used in transmission & distribution, manufacturing & refining, transportation and infrastructure, oil & gas, and other industries.
The Asia Pacific is expected to hold the largest Switchgear Market share during the forecast period. This dominance of Asia-pacific is attributed to the growth in urbanization, especially in China and India. In addition, the construction of a new substation and the upgrading of existing electrical infrastructure is expected to propel the demand in the area during the forecast period.
North America is expected to witness considerable growth due to an increase in investment commercial and industrial sectors. Furthermore, favorable government initiatives will drive the North American Switchgear Market size.
- Middle East & Africa.
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SWITCHGEAR MARKET SEGMENTATION
Based on Voltage , the Switchgear Market studied across
- 1–36 kV,
- 36–72.5 kV,
- < 1 kV,
Based on Equipment, the Switchgear Market studied across
Based on End-User, the Switchgear Market studied across
- Residential Infrastructure,
- Manufacturing and Process Industries,
- Transmission and Distribution Utilities.
- Alstom SA,
- CG Power and Industrial Solutions Limited,
- Eaton Corporation PLC,
- General Electric Company,
- Hitachi Ltd.,
- Hyosung Corporation,
- Hyundai Heavy Industries Co., Ltd.,
- Schneider Electric SE,
- Siemens AG,
- Toshiba Corporation.
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SWITCHGEAR MARKET SEGMENTATION REPORTS
- Air Insulated Switchgear Market
The global Air Insulated Switchgear market size is projected to reach USD 7975.2 Million by 2026, from USD 6379.5 Million in 2020, at a CAGR of 3.8% during 2021-2026.
- Circuit Breakers Market
In 2019, the global Circuit Breakers market size was USD 16010 Million and it is expected to reach USD 23390 Million by the end of 2026, with a CAGR of 5.5% during 2021-2026.
- Gas Insulated Switchgear Market
The global Gas Insulated Switchgear market size is projected to reach USD 1348.9 Million by 2026, from USD 895.2 Million in 2020, at a CAGR of 7.1% during 2021-2026.
- Global and United States Low Voltage Switchgear Market
The global Low Voltage Switchgear market size is projected to reach USD 37630 Million by 2026, from USD 25700 million in 2020, at a CAGR of 6.6% during 2021-2026.
The rapid development of industrial infrastructure in the construction sector is fuelling demand for low voltage (LV) Switchgear.
- High Voltage (HV) Switchgear Market
The global High Voltage Switchgear market size is projected to reach USD 10140 Million by 2026, from USD 9678.8 Million in 2020, at a CAGR of 4.4% during 2021-2026.
- Global and United States Hybrid Switchgear Market
The global Hybrid Switchgear market size is projected to reach USD 22440 Million by 2026, from USD 11840 Million in 2020, at a CAGR of 11.2% during 2021-2026.
- Medium Voltage (MV) Switchgear Market
The global Medium Voltage Switchgear market size is projected to reach USD 19420 Million by 2026, from USD 13590 Million in 2020, at a CAGR of 6.1% during 2021-2026.
- Paralleling Switchgear Market