The global Switchgear Market is likely to derive growth from the increasing product variations and availability in a wide range of voltages and power ratings. According to a report published by Fortune Business Insights, titled “Switchgear Market” Size, Share & Industry Analysis, By Insulation (Gas, Air, Oil, Vacuum), By Voltage (Low, Medium, High), By End-User (T&D Utility, Industrial, Commercial & Residential), By Installation (Indoor, Outdoor) and Regional Forecast, 2019-2026,” the market was valued at USD 98.08 Billion in 2018 is projected to reach USD 168.17 Billion by 2026, exhibiting a CAGR of 6.84% during the forecast period.
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- Schneider Electric
- Kirloskar Electric Co. Ltd.
- Hubbell Incorporated
- Mitsubishi Electric
- Siemens Energy
- Toshiba International Corporation
- CG Power and Industrial Solutions Limited
- Fuji Electric Co., LTD.
- L&T Electrical & Automation
- HYUNDAI ELECTRIC & ENERGY SYSTEMS CO., LTD.
- Hyosung Corporation
- Lucy Electric
- E+I Engineering
Key Market Driver –
- Growing demand in transmission & distribution infrastructure in emerging economies.
- Emerging Small and Medium enterprises market in different sectors.
Key Market Restraint –
- Fluctuations in the availability of raw materials poses threat to stable prices and production costs.
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Switchgear Market Landscape and Market Scenario Includes:
- Current market size estimate
- Revenues by players Top Companies
- Market size by product categories
- Market size by regions/country
Switchgears are used in electric power system that functions as circuit breakers. Switchgears are used to disconnect fuses and set of switches in cases of malfunction or failures. In operations that involve high voltages and current flow, safety becomes an integral part of the overall functioning. In addition to safety, switchgears can be used to avoid the flow of overvoltage an overcurrent and avoid short circuits and circuit failures, thereby minimizing undesired financial burden. The switch gears play an important part in transferring electricity from substations and power stations to domestic and industrial places. The growing emphasis on transferring power and making electricity available to rural places by government and public organizations will contribute to the demand and subsequent adoption for switchgears in several countries across the world.
1. By Voltage Type
- Medium Voltage Switchgear
- High Voltage Switchgear
2. By Application
3. By End Use Industry
- Oil & Gas
4. By Geography
- North America (the USA, Canada and Rest of North America)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
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Important Features that are under Offering and Key Highlights of the Market Report:
- Detailed overview of Market Share
- Changing market dynamics of the industry
- In-depth market segmentation by Type, Application, etc.
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape of Market
- Strategies of key players and product offerings
- Potential and niche segments/regions exhibiting promising market growth
Asia Pacific Currently Holds a Lion’s Share in Switchgear Market
The advancing transmission and network in densely populated countries such as Japan, China, and India has fuelled the demand for switchgears across the Asia Pacific. The presence of several rural areas in India and the emphasis on providing power to these regions by the government of India will contribute to the demand for switchgears in the Asia Pacific. The use of switch gears has risen significantly, due to the improvements in product design and an increase in the overall efficiency. Additionally, the availability of switchgears at reduced costs will constitute an increase in the Asia Pacific Switchgear Market size in the forthcoming years. The Switchgear Market in Asia Pacific was valued at USD 44.30 Bn in 2018 and is likely to increase at an impressive CAGR during the forecast period.
Queries Addressed In Switchgear Market Report:
- What opportunities are present for the market players to enhance their business footprint?
- What manufacturing techniques are being implemented in the development of advanced Construction Equipment?
- Which segment is witnessing huge traction from the consumers?
- For what purposes, is the market being utilized?
- How many units are estimated to be sold in 2020?
Medium Voltage Switchgears to Exhibit the Highest CAGR
The report has classified the global Switchgear Market in terms of factors such as insulation, installation, voltage, end user, and regional demographics. Among the voltage types, the medium voltage switchgears are likely to witness the highest CAGR, owing to the high demand for the products across the globe. Medium voltage switch gears offer a wide range of voltages which can range from 3kV and 36 kV. This range holds a high potential for several applications and as a result, Fortune Business Insights labels out medium segmentation as the one to witness the highest growth rate during the forecast period. Medium voltages can support applications in industrial and building infrastructures. The growing industrialization and improving industrial infrastructure will fuel the demand for these products in the forthcoming years. The low and high voltage type of switchgears will witness comparatively lesser growth due to a narrow application range.
Key Features of Switchgear Market Research Report:
- This report provides detail analysis of the market and have a comprehensive understanding of the market and its commercial landscape.
- Learn about the various market strategies that are being adopted by leading companies.
- It provides a five-year forecast assessed based on how the market is predicted to grow.
- It provides insightful analysis of changing competition dynamics and keeps you ahead of competitors.
- To understand the future scope and outlooks for the market.
- Market Forecast by regions, type and application, with sales and revenue, from 2020 to 2026.
- Market Share, distributors, major suppliers, changing price patterns and the supply chain of raw materials is highlighted in the report.
- Market Size (sales, revenue) forecast by regions and countries from 2020 to 2023 of industry.
- The global market Growth is anticipated to rise at a considerable rate during the forecast period, between 2020 and 2023. In 2020, the market was growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
- Market Trend for Development and marketing channels are analysed. Finally, the feasibility of new investment projects is assessed and overall research conclusions offered.
- Market Report also mentions market share accrued by each product in the market, along with the production growth.
Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing about recent product innovations and gives an overview on potential regional market shares.
Table of Content
5. Global Switchgear Market Analysis, Insights and Forecast, 2015-2026
5.1. Key Findings / Summary
5.2. Switchgear Market Analysis, Insights, and Forecast – By Insulation (USD Billion)
5.3. Market Analysis, Insights, and Forecast – By Installation (USD Billion)
5.4. Switchgear Market Analysis, Insights and Forecast – By Voltage (USD Billion)
5.5. Switchgear Market Analysis, Insights and Forecast – By End-User (USD Billion)
5.5.3.Commercial & Residential
5.6. Market Analysis, Insights and Forecast – By Region (USD Billion)
5.6.4.Middle East and Africa
6. North America Switchgear Market Analysis, Insights and Forecast, 2015-2026
6.1. Key Findings / Summary
6.2. Switchgear Market Analysis, Insights, and Forecast – By Insulation (USD Billion)
6.3. Market Analysis, Insights, and Forecast – By Installation (USD Billion)
6.4. Switchgear Market Analysis, Insights and Forecast – By Voltage (USD Billion)
6.5. Switchgear Market Analysis, Insights and Forecast – By End-User (USD Billion)
6.5.3.Commercial & Residential
6.6. Market Analysis, Insights and Forecast – By Country (USD Billion)
7. Europe Switchgear Market Analysis, Insights and Forecast, 2015-2026
7.1. Key Findings / Summary
7.2. Market Analysis, Insights, and Forecast – By Insulation (USD Billion)
7.3. Market Analysis, Insights, and Forecast – By Installation (USD Billion)
7.4. Market Analysis, Insights and Forecast – By Voltage (USD Billion)
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