Switchgear Market Size By Voltage (LV, MV, HV), By Insulation (Air, Gas, Oil, Vacuum), By Installation (Indoor, Outdoor), By Current (AC, DC), By End Use (Residential & Commercial, Industrial, Utilities), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, UK, Germany, France, Russia, Italy, Austria, Spain, Netherlands, Denmark, Sweden, China, Australia, India, Japan, South Korea, Indonesia, Malaysia, Singapore, Thailand, New Zealand, Philippines, Saudi Arabia, UAE, Qatar, Kuwait, Bahrain, Oman, Turkey, South Africa, Nigeria, Algeria, Egypt, Brazil, Peru And Argentina), Price Trends, Competitive Market Share & Forecast, 2017 – 2024
Published Date: June 2017 | 400 Pages | Report ID: GMI317 Report Format: PDF
Switchgear Market size for 2016 was valued over USD 90 billion and is set to witness gain over 7% by 2024.
Russia Switchgear Market Size, By Insulation, 2016 (USD Billion)
Increasing spending towards infrastructural development coupled with government measures toward expansion of electric grid in rural areas will augment the switchgear market size. Re-establishment of transmission & distribution networks across war-affected countries in Middle East will further boost the product demand. In 2017, Japan announced an investment of USD 16.7 million towards the United Nations Development Program in Iraq. The program aims towards stabilization, resilience building and recovery of areas affected by the influx of refugees.
Exponential increase in electricity consumption coupled rising concern towards the upgradation of aging electric networks for secured power transmission will stimulate switchgear market share. In 2017, Blackstone Group LP declared an investment of USD 100 billion towards the refurbishment of aging infrastructure across the U.S. The investment is backed by the Saudi Arabia Public Investment Fund under the Strategic and Policy Forum.
Rising investments towards the grid integration of large capacity renewable energy sources along with expansion of micro-grid networks will fuel the switchgear market. Initiatives pertaining to rural off-grid electrification will further complement the business outlook. In 2017, Engie and Electric Vine Industries collaboratively have proposed an investment of USD 240 million towards solar PV smart microgrids across Indonesia.
Switchgear Market, By Voltage
Low voltage switchgear market is projected to exceed USD 80 billion by 2024 subject to its wide applicability across process industries and infrastructure and power sector. Favourable power distribution reforms coupled with rising demand for low voltage smart control systems will further augment industry growth.
Medium and High Voltage switchgear markets are anticipated to witness appreciable growth owing to rapid industrial and commercial establishments. Expansion of T&D networks along with flexible product applications across the primary and secondary distribution channels will further complement the business landscape. In 2016, EverSource Energy declared an investment of about USD 900 million towards refurbishment of transmission networks across the U.S.
Switchgear Market, By Insulation
Air insulated switchgear market share is set to expand moderately owing to rapid urbanization coupled with low capital investment. Increasing investments towards electrical networking will further augment the product demand. Gas insulated in 2016 accounted for over 16% of the global share. Low space requirement, minimal maintenance, improved reliability and high dielectric strength are some of the key parameters which make its adoption preferable over other available alternatives.
Vacuum insulated Switchgear market will witness strong growth owing to its high impulse withstand voltages and power frequencies. Pollution and noise free operation along with ease of timing and actuation will further stimulate the product demand.
Switchgear Market, By Installation
Indoor switchgear market is projected to reach over USD 30 billion by 2024. Flourishing real state sector due to growing private investments will augment the business outlook. Growing space constraints coupled with increasing focus towards energy effective distribution networks will further complement the product demand. In 2017, Nokia and Elisa have collaboratively initiated the Smart Tampere project in Finland. The focal point of the project lies across remote care for elderly through video, smart lighting and real-time public transport information system.
Outdoor switchgear market share is anticipated to witness considerable growth owing to utility based transmission network expansion along with growing installation of distributed generation technology. Rampant industrial expansion across mining, petro-chemical plants, steel manufacturing and industrial process facilities will positively impact the business growth.
Switchgear Market, By Current
Effective high-end voltage capacity, lower transmission losses, flexible voltage level and lesser heat generation are some of the key parameters which will boost the demand for AC products.
DC switchgear market is set to grow appreciably by 2024 pertaining to growing demand for HVDC systems coupled with quicker fault clearance ability. Effective interconnection support for AC circuits will further boost the business outlook. In 2017, General Electric announced an establishment of a medium voltage direct current transmission link across Norway with an aim of converting an existing 33kV AC operation to DC circuit.
Switchgear Market, By End Use
Residential and commercial applications in 2016 accounted over 20% of the global share. Government aided residential renewable establishments coupled with rapid urbanization will foster the industry growth. Ongoing smart control networking initiatives along with enhancing distributed generation technologies will further stimulate the product demand.
Rising concern towards energy efficiency and increasing focus towards integration of varied frequency transmission links will drive the industrial switchgear market. Growing demand for ultra-high voltage networks will further complement the business landscape. Growing community-based electrification programs coupled with increasing private investments from institutions including World Bank, Asian Development Bank and International Finance Corporation towards electrification will augment the demand for utility switchgear market. In 2017, World Bank declared an investment of USD 23.3 million towards development of electric infrastructure in Africa.
Switchgear Market, By Region
The U.S. switchgear market size in 2016 was valued over USD 7 billion. Government initiative towards replacement and upgradation of aging electrical network coupled with increasing demand for cost effective technology will foster the business growth. In 2017, the U.S. Federal Transit Administration declared a funding of USD 647 million towards the Peninsula Corridor Electrification Project (PCEP) from San Francisco to Tamien.
For Europe, UK switchgear will witness strong growth owing to favourable government initiatives towards renewable integration along with adoption of a decentralised energy systems. In 2016, National Grid announced an investment of USD 5.81 billion towards development of the electrical grid and pipe network in UK.
Egypt switchgear market is predicted to witness a growth over 10% by 2024. Rising demand for electricity along with growing investment towards adoption of renewable energy will stimulate the business landscape. In 2015, Egypt witnessed an investment of about USD 14.5 billion towards establishment of electrical grid infrastructure.
Competitive Market Share
Notable participants in the industry include ABB, GE, EATON, Mitsubishi Electric Systems, Toshiba, Schneider Electric, Siemens AG, Bharat Heavy Electricals Limited, Hitachi Ltd., Crompton Greaves, Powell Industries, Hubbell power systems inc., Rittal, Hyosung, Hyundai Ideal Electric Co., Fuji Electric, Iljin Electric, Larson & Turbo, Meidensha Corporation and Ormazabal
Shift towards packaged switchgear technology coupled with highly tailored product specifications for flexible applications have integrated a competitive industrial scenario. Quicker lead time along with effective technical and engineering support further complement the business outlook.
Switchgear Industry Background
Switchgear carries, makes and breaks the normal load current and clears the electrical fault along with regulating and metering of various parameters across the electrical power system. These products are utilized by utilities, industrial and residential customers across low, medium and high voltage applications. Growing electricity demand in addition to rapid industrialization and urbanization have increased electricity faults, which further boosts the demand for electrical protection equipment.
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