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Switchgear Market to Reach US$ 139.8 Billion by 2027 and CAGR of 5.50% | IMARC Group

switchgear market

switchgear market

The global switchgear market size reached US$ 100.18 Billion in 2021 and is projected to reach a value of US$ 139.8 Billion by 2027, CAGR of 5.50%

SHERIDAN, WYOMING, USA, April 23, 2022 /EINPresswire.com/ — The global switchgear market size reached a value of US$ 100.18 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 139.8 Billion by 2027, exhibiting a CAGR of 5.50% during 2022-2027.

Switchgear refers to a switching device designed to protect, measure, regulate and control a power system. It consists of various switches, fuses, circuit breakers, isolators, relays, current and potential transformers, indicating instruments, lightning arresters, and control panels. Switchgear isolates the power systems during an electrical surge and protects the circuit from overload and short circuits. Switchgear is highly reliable, works well with speed, and enhances the energy efficiency and safety of the facility. As a result, it finds application across commercial, residential, and industrial sectors.

Report Metric
Historical: 2016-2021
Base Year: 2021
Forecast Year: 2022-2027

Switchgear Market Trends and Drivers:

The global switchgear market is primarily driven by the increasing consumption of electricity in emerging as well as developing countries. The need for stable and reliable transmission and distribution (T&D) networks is increasing the demand for uninterrupted power that can handle sudden power spikes and drops, thus fueling the market growth.

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Besides this, the growing development in the power distribution sector and the thriving construction sector are also significantly impacting the market growth. Moreover, governments in various countries are investing in infrastructural development schemes and implementing smart grids and smart meters for accurate billing.

They are also facilitating product innovation and technological advancements, which is anticipated to create a positive outlook for the market in the upcoming years.

Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Switchgear Market 2022-2027 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

ABB Ltd., CG Power and Industrial Solutions Limited, Eaton Corporation PLC, Fuji Electric Co. Ltd., General Electric Company, Havells India Limited, Hitachi Ltd., Larsen & Toubro Limited, Meidensha Corporation, Mitsubishi Electric Corporation, Powell Industries Inc., Schneider Electric SE, Siemens AG and Toshiba Corporation.

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The report has segmented the market on the basis of region, voltage type, insulation, installation and end use.

Breakup by Voltage Type:
• Low-Voltage
• Medium-Voltage
• High-Voltage

Breakup by Insulation:
• Gas Insulated Switchgear (GIS)
• Air Insulated Switchgear (AIS)
• Others

Breakup by Installation:
• Indoor
• Outdoor

Breakup by End Use:
• Commercial
• Residential
• Industrial

Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

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Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022- 2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Switchgear Market to Reach US$ 139.8 Billion by 2027 and CAGR of 5.50% | IMARC Group 1