Switchgear Market: Opportunities and Forecast Assessment, 2020–2027
GMI Research expects the market to expand at a significant rate during the forecast period. This is mainly due to growing concern for effective energy transmission and distribution control systems, rising investments in renewable energy, and alternative aging power infrastructure.
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Top Manufacturers in the Switchgear Market:
- ABB Ltd.
- CG Power and Industrial Solutions Limited
- Hitachi Ltd.
- Hyundai Motor Company
- Schneider Electric
- Siemens AG
- Eaton Corporation Plc
- General Electric Company
- Fuji Electric Co., Ltd.
- Larsen & Toubro Limited
Switchgear Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The global switchgear market is predicted to witness an upsurge in demand during the forecast period due to growing concern for effective energy transmission and distribution control systems, rising investments in renewable energy, the alternative of aging power infrastructure, followed by increasing energy demand. In addition to this, the uninterrupted power supply is offered by switchgear due to the ability to manage sudden power spikes and drops in the electric power system. It aids in protecting the lines, transformers, generators, and other electrical equipment from damage as a result, it is used by commercial, residential, utilities, and industrial customers through low, medium, and high voltage applications. This is projected to fuel market growth.
The development of power generation plants, growing investments for infrastructural development, followed by the fundamental shift towards renewable power generation, such as solar, wind, and hydropower generation, are projected to grow the requirement for new transmission and distribution lines, thus supporting the growth of the switchgear market in the upcoming years. On the other hand, the factors hindering the market growth in the upcoming years include severe environmental conditions and the high cost of switchgear, which include humidity and temperature, and water seepage out of the ground.
Regional Drivers
Based on the region, the Asia-Pacific is projected to dominate the market during the forecast period owing to the developing economies including India, China, South Korea, and Japan, followed by the strong demand for uninterrupted power supply for numerous commercial, residential, utility applications, and industrial. Furthermore, rising targets of government for offering electricity in remote and rural areas and increasing investment in the power sector are boosting the demand of the market in the upcoming years. On the other hand, North America is expected to grow at a higher CAGR during the forecast period. This is mainly due to the growing investment in the infrastructure development of renewable energy sources, the alternative of old installations, and grid modernization. Additionally, improved standard of living, rapid economic development, the robust infrastructure development, followed by the introduction of regulations for the safety of power distribution, are some other factors propelling the growth of the switchgear market in this region.
Switchgear Market Segmentation:
Segmentation by Insulation:
- Gas Insulated
- Air Insulated
Segmentation by Installation:
- Indoor
- Outdoor
Segmentation by End-User:
- T&D Utilities
- Industries
- Commercial & Residential
- Others
Segmentation by Voltage:
- Less than 1 KV
- 1-36 KV
- More Than 36 KV
Segmentation by Region:
- North America
o United States of America
o Canada
- Asia Pacific
o China
o Japan
o India
o Rest of APAC
- Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
- RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
o Rest of the world (remaining countries of the LAMEA region)
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