Switchgear Market is Projected to Grow at a CAGR of 7.12% from 2017 to 2022.

By Almircoyne    14 / Mar / 2019    In Category Industrial

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The report "Switchgear Market by Voltage (< 1 KV, 1–36 KV, 36–72.5 KV, > 72.5 KV), End-User (Transmission & Distribution Utilities and Manufacturing & Process Industries), Equipment (Gas Insulated, Air Insulated, and Circuit Breakers) - Global Forecast to 2022", The global switchgear market is projected to grow at a CAGR of 7.12%, from 2017 to 2022. The market in Asia Pacific was the largest in 2016 and is projected to hold the largest share by 2022, followed by the markets in Europe and North America. The growth of the switchgear market is driven by increasing access to electricity in developing countries, increase in the number of renewable power generation projects, and growth of the construction and developmental activities.

                        

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The transmission and distribution utilities segment is expected to hold the largest share of the switchgear market, by end-user, during the forecast period.

 

The transmission and distribution utilities sub-segment of the end-user segment led the switchgear market in 2016 and is projected to dominate the market during the forecast period. The transmission and distribution utilities segment is also expected to grow at the fastest rate during the forecast period.

 

The growth of the transmission and distribution utilities segment is primarily driven by increasing investments in sub-station automation, modernization of electric grid, and smart utilities which includes smart grids and smart meters. This would enhance the protection by decreasing energy losses, due to poor operational efficiency of traditional equipment. This would ultimately create new revenue pockets for the switchgear market during the forecast period.

 

Browse and in-depth TOC on "Switchgear Market"

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The gas insulated switchgear is expected to hold the largest share of the switchgear market, by equipment, during the forecast period.

 

The gas insulated switchgear sub-segment of the equipment segment led the switchgear market in 2016 and is projected to dominate the market during the forecast period. Rising energy demand and extension/replacement of old switchgear at sub-stations can drive the gas insulated switchgear equipment in the switchgear market. However, the circuit breaker sub-segment accounted for the second largest share in 2016 in the switchgear market, based on the equipment segment.

 

“Asia Pacific: The largest market for switchgear in 2016”

 

The market in Asia Pacific is currently the largest market for switchgear followed by the European market. Rising investments in aging electrical grid infrastructure and increasing electricity demand are driving the switchgear market in the Asia Pacific region.

 

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Target Audience:

  • Switchgear manufacturers, dealers, and suppliers
  • Transmission and distribution utilities
  • State and national regulatory authorities
  • Power generation plants
  • Consulting companies in the energy and power sector
  • Government and research organizations
  • Environmental research institutes
  • Process industries and power and energy associations
  • Investment firms

 

Market Ecosystem:

The switchgear ecosystem comprises equipment manufacturers, such as, ABB, Ltd. (Switzerland), General Electric Company (US), Schneider Electric SE (France), EATON CORPORATION plc (Ireland), Siemens AG (Germany), Larsen & Toubro, Ltd. (India), Alstom SA (France), Hitachi, Ltd. (Japan), CG Power and Industrial Solutions Limited (India), Efacec Power Solutions – S.G.P.S. S.A. (Portugal), ELEKTROBUDOWA SA GROUP (Poland), Hawker Siddeley Switchgear Ltd. (UK), Hyosung Corporation (South Korea), Mitsubishi Electric Corporation (Japan), and Toshiba Corporation (Japan) among others.

 

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