The global switchgear market accounted for a value of USD 62.2 billion in 2019. Switchgear market is projected to register growth at a CAGR of 5.1% during forecast period.
COVID-19 has impacted all the businesses over the globe. The power industries are facing various challenges across the world. The companies were shut down during corona virus period due to lockdown. Various projects across the world are put on hold or suspended. The supply chain of raw material has also impacted due to virus outbreak.
For more details, visit: Global Switchgear Market By Installation(Indoor, Outdoor), By Insulation (Air Insulated, Gas Insulated ), By End-User (Industries, T & D Utilities, Commercial and residential), By Region–Forecast & Opportunities to 2026
The demand for energy is increasing rapidly around the world. The growing energy demands leads to rise in demand of reliable and stable T&D network. The demand for uninterrupted power supply can be meet by a system which is capable of handling sudden drops and power spikes. The number of blackouts is increasing due to aging of infrastructure. To reduce blackouts and upgrade power infrastructure, creates opportunities for power sector market. This leads to rise in switchgear market during forecast period.
On the basis of installation, the switchgear market is segmented into indoor and outdoor installation. The outdoor installation segment is estimated to register fastest growth rate during forecast period. In outdoor installation mainly high-voltage switchgear is used. High-voltage switchgear provides enhanced electricity transfer over larger distance. Outdoor switchgears have its applications in transmission sector. The rise in adoption and requirement of outdoor switchgears drives growth in outdoor installation segment of switchgear during forecast period.
On the basis of insulation, the switchgear market is segmented into air insulated, gas insulated and others. The Air insulated switchgear segment is estimated to hold largest market share during forecast period. The air insulated switchgear is the most common type of medium voltage switchgear which is widely popular these days. This switchgear is used to control, protect and isolate electrical equipments which use air as its insulating medium. These switchgears are used in distribution, transmission, oil & gas, manufacturing, transportation and other industries. This drives growth in air insulated switchgear segment during forecast period.
On the basis of end-user, the switchgear market is segmented into industries, T&D utilities, commercial & residential and others. The T&D utilities segment is estimated to hold largest market share during forecast period. The T&D utilities segment is used for power generation, distribution of electricity and transmission. This segment consists of publicly owned, investor owned and nationalized cooperatives. These cooperatives are major providers of electricity across the world. T&D utilities industries are largest user of switchgear. This drives growth in T&D utilities in switchgear market during forecast period.
Asia-Pacific is estimated to hold largest market share during forecast period. The industrialization and urbanization is rising in various countries of this region such as India and China. The installation of new substation is rising in this region and the existing infrastructure is also upgrading in various countries of this region. The upgrade of electrical infrastructure involves use of improved and efficient power equipments including switchgears. This is likely to drive growth in Asia-Pacific region in switchgear market during forecast period.
The key market players in switchgear market are ABB, Hitachi, CG Power & Industrial Solutions, Hyundai, Schneider, Eaton, Siemens, GE, Mitsubishi Electric, Powell, Larsen & Turbo, Lucy Electric, Fuji Electric, Hubbell and Elektrobudowa.
- What are the expected industry trends over the next three to five years?
- Which of the switchgear insulation is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?