Global Switchgear Market to Grow at a Steady Rate During Forecast Period
Strict environmental
regulations along with paradigm shift towards conservation of energy to drive
the growth of global switchgear market through 2024
According to
TechSci Research report, “Global Switchgear
Market By Insulation, By Installation, By Voltage, By Product, By End User,
By Region, Competition Forecast & Opportunities, 2024”, the global switchgear market is expected to grow at a CAGR
of around 5% during the forecast period. The switchgear are witnessing adoption
on account of increasing demand for electricity, growing implementation of
smart grid technology, and rising investment in upgrading transmission and
distribution systems.
The global switchgear market is
segmented based on insulation, installation, voltage, product, end user, region
and company. Based on insulation, the market can be categorized into air
insulated, gas insulated and others. The gas insulated segment is likely to
dominate the market owing to their feature of serving different needs at
varying voltage levels in various end user industries. Based on
installation, the market can be divided into indoor and outdoor, of which the
latter is projected to register the highest CAGR during the forecast period on
account of their use in transmission and sub-transmission sectors. Based on
voltage, the market can be fragmented into low, medium and high. The high
voltage segment is expected to hold the largest market share and dominate the
market during forecast period on account of high demand and use of high voltage
in power generation. Based on end user, the market can be segmented into Transmission & Distribution
Utilities, Industrial, Commercial, Residential and Others. The Transmission
& Distribution Utilities segment is expected to grow at the fastest pace
during forecast period due to its use in generation, transmission, and
distribution of electricity.
Bharat Heavy
Electricals Ltd., Mitsubishi Electric Corporation, CG Power and Industrial
Solutions Limited, Siemens Aktiengesellschaft, General Electric Company, Eaton
Corporation plc, ABB Ltd., Alstom SA, Schneider Electric SE, Havells India
Limited and others are some of the leading players operating in global switchgear
market. Companies operating in the market are using organic strategies such as
product launches, mergers and collaborations to boost their share.
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“Asia-Pacific
switchgear market is expected to be the largest market during the forecast
period. Countries such as China and India are undertaking a large number of
smart grid and substation projects to fulfil the growing demand for energy.
This factor would drive the switchgear market in the region.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Switchgear Market By Insulation, By
Installation, By Voltage, By Product, By End User, By Region, Competition
Forecast & Opportunities, 2024” has evaluated
the future growth potential of global switchgear market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges and
opportunities in global switchgear market.
Contact
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