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.
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:
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:
Breakup by Insulation:
• Gas Insulated Switchgear (GIS)
• Air Insulated Switchgear (AIS)
Breakup by Installation:
Breakup by End Use:
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.
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