Global Switchgears Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027
MarketResearch.biz delivers in-depth insights on the global switchgears market in its upcoming report titled, “Global Switchgears Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027”. The global switchgears market is estimated to register a CAGR of X.X% in terms of value during forecast period 2018–2027. The report offers in-depth insights, revenue details, and other vital information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global switchgears market report has been segmented on the basis of voltage, equipment, end user, and region.
Switchgears are a combination of electrical switches, cricket barkers, and fuses that are used to control, protect, and isolate electrical equipment. Primary function of switchgears is to provide protection to devices from short-circuits and overloads. Generally, switchgears in substations are located on both the low voltage side and high voltage side of large power transformers. Switchgears have two types of components – power conducting components such as circuit breakers, switches, fuses, and lightning arrester and control system such as transformers, control panel, and protective relays.
Growing demand for electricity and increasing use of electrical equipment and devices coupled with rising demand for protection of these devices from fluctuations in electric supply are major factors driving growth of the global switchgears market. In addition, growing construction and development activities, increasing adoption of smart grid technology, and growth in renewable power generation sources are other factors expected to boost demand for switchgears to manage variations in electric power supply over the forecast period. This is further expected to fuel growth of the global market over the forecast period.
However, volatility in raw material prices is a major factor restraining growth of the global switchgears market. Additionally, problems associated with use of switchgears is limiting use and is a major factor expected to hamper growth of the global market over the forecast period.
The market in Asia Pacific is expected to account for highest share in terms of revenue and is expected to maintain its dominance over the forecast period. This dominance can be attributed to increasing electricity demand and upgradation of electrical grids in emerging economies such as China, Japan, and India. The market in North America is expected to register significant growth followed by Europe over the forecast period, owing to increasing infrastructural development and growing demand for renewable energy sources in the region. Moreover, the market in Middle East & Africa and Latin America is expected to register moderate growth in the global market over the forecast period.
Global switchgears market segmentation:
- Low Voltage (LV)
- Medium Voltage (MV)
- High Voltage (HV)
- Gas insulated switchgear
- Air Insulated switchgear
By End User:
- Transmission and Distribution Utilities
- Manufacturing and Process Industries
- Commercial and Residential Infrastructure
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- ABB Ltd.
- Hyosung Corporation
- Alstom SA
- CG Power and Industrial Solutions Limited
- Hitachi, Ltd.
- Schneider Electric S.E.
- Siemens AG
- General Electric Company
- Toshiba Corporation
- Mitsubishi Electric Corporation
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