Home > Pressrelease > North America Switchgear Market size to exceed $26bn by 2027
North America Switchgear Market size to exceed $26bn by 2027
- Published Date: May 20, 2021
North America Switchgear Market size is expected to surpass USD 26 billion by 2027, as reported in the latest study by Global Market Insights Inc.
North America switchgear industry growing significantly owing to rising inclination toward renewable energy integration across transmission & distribution network in line with replacement of existing electrical equipment will complement the industry scenario. Favorable government policies toward deployment of sustainable technologies coupled with tax rebates, financial incentives and subsidies to integrate efficient power network will fuel the business landscape.
Rising investments toward the smart infrastructure along with ongoing revamping of conventional network will drive the business landscape
North America switchgear market from medium voltage segment have gained significant impetus subject to the large-scale commercial expansion coupled with refurbishment of the small-scale industrial platforms. In addition, decentralization of power grid has further led to the expansion of large industrial and commercial based microgrid networks along with deployment of large solar and wind projects has instigated the product demand. For illustration, in 2020 Siemens subsidiary ‘Siemens Smart Infrastructure’ launched 8DJH 24 MV switchgear. The product consists of F-gas-free clean air which increases the adaptability of these units toward minimizing GHG emission as well as extending the company’s blue GIS portfolio to a 24 kV level. Ongoing technological enhancement along with government efforts to install low carbon footprint switchgears will further sway the industry landscape.
Advanced smart control technology along with its ability to provide high efficiency will drive the product demand
North America switchgear market from gas insulated is estimated to exceed USD 4 billion by 2027. Advanced smart control technology along with its ability to provide high efficiency, longer product life cycle and economical price will complement the product portfolio. In addition, rising investments toward the R&D sector by major industry players to launch technological advanced product to fulfill the rising security concerns will further augment the business outlook.
Browse key industry insights spread across 165 pages with 136 market data tables & 31 figures & charts from the report, “North America Switchgear Market Size By Voltage (Low, Medium, High), By Insulation (Air, Gas, Oil, Vacuum), By Installation (Indoor, Outdoor), By Current (AC, DC), By Application (Residential & Commercial, Industrial, Utilities) Industry Analysis Report, Regional Outlook, Covid-19 Impact Analysis, Application Development Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Increasing implementation of renewable technologies across Canada will boost the industry outlook
Canada has been focusing on the development of electricity grid infrastructure along with deployment of new T&D networks which will foster the switchgear industry. In addition, revamping and restructuring of existing transmission grid network coupled with increasing investments toward wind and solar farms to cater to rising sustainable energy demand will propel the product deployment. Furthermore, increasing cross border electricity trade agreements along with government efforts to provide effective power transmission will incline customers toward advanced electrical equipment.
Impact of COVID-19 across the industry was minimum owing to power sector being the essential business activity. The renewable construction and refurbishment of T&D networks witnessed no or minimal delay due to pandemic which in turn curtails the business scenario.
Leading industry participants operational in the North America switchgear market includes WEG, Mitsubishi Electric Systems, Toshiba, General Electric, Schneider Electric, ABB, Siemens AG, Hitachi, Powell Industries, Hubbell corporation, Hyundai Electric, Fuji Electric, Meidensha Corporation, Hyosung and Eaton Corporation. The industry is moderately fragmented subject to the presence of limited number of players channelizing the market potential across the value chain. Ongoing technological advancements to overcome brand value followed by product life-cycle and cost of replacement continue to remain the focal point for manufacturers and industry players.
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