Press Release

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.

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