Switchgear Market size to exceed $190bn by 2026
Published Date: March 9, 2020 Authors: Ankit Gupta, Riya Gupta
Global Switchgear Market is expected to surpass USD 190 billion by 2026, as reported in the latest study by Global Market Insights, Inc.
Global switchgear industry is anticipated to witness significant growth on account of rising inclination toward sustainable energy integration across transmission and distribution network along with increasing demand for energy efficient systems. Favorable government policies toward adoption of renewable technologies in line with financial incentives, tax rebates, subsidies across developed nation will further fuel the industry landscape. Increasing demand of monitoring and control systems across power grid networks to improve the electricity supply will positively stimulate the business scenario.
Rising investments toward the smart infrastructure driving the business growth
Ongoing investments toward development of large-scale utilities coupled with rising electricity demand across the developing nations will augment the business outlook. Favorable government norms including financial incentives, tax rebates and subsidies along with growing community-based electrification programs will complement the utility-based switchgear market demand. In addition, retrofitting and refurbishment of transmission lines & towers as well as growing adoption of smart metering units across the distribution system will propel the product demand.
Ongoing technological advancement along with favorable government policies will drive the product adoption
Gas insulated switchgear market share is anticipated to exceed USD 30 billion by 2026. High efficiency, economical price and longer product life cycle are key parameters which will positively influence the product portfolio. Furthermore, ongoing technological enhancement along with favorable government policies toward sustainable power generation will augment the product demand. For instance, in 2018, Schneider Electric unveiled its new medium voltage gas-insulated switchgear CBGS-0 with solid dielectric busbar which reduces downtime and maintenance as well as maximize the floor space.
Browse key industry insights spread across 560 pages with 1063 market data tables & 40 figures & charts from the report, “Global Switchgear Market Statistics By Voltage (LV, MV, HV), By Insulation (Air, Gas, Oil, Vacuum), By Installation (Indoor, Outdoor), By Current (AC, DC), By Application (Residential & Commercial, Industrial, Utility), Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026”in detail along with the table of contents:
Replacement of transmission and distribution networks across the war affected zone will complement the product demand
High voltage switchgear market outlook is estimated to witness growth on account of rapid industrialization across developing economies along with rising investments toward offshore grid infrastructure. In addition, refurbishment and replacement of existing electrical grid network coupled with installation of new T&D networks across the war affected countries will positively influence the market demand. Moreover, growing integration of smart monitoring systems across the industrial and commercial establishment will propel the product demand.
Increasing adoption of renewable technologies across the European countries will boost the business growth
Technological advancements along with increasing demand for smart grid structure will embellish the switchgear industry growth across Europe. Introduction of renewable energy directive by the European Union (EU) for the advancement and production of sustainable energy technologies will further complement the industry outlook. Furthermore, restoration of existing transmission grid networks along with increasing investments across offshore wind and solar farms to cater to rising energy demand will stimulate the product deployment.
Eminent players operational across the global switchgear market includes Crompton Greaves, Toshiba, ABB, Siemens AG, , Rittal, Hitachi Ltd, Schneider Electric, Hyundai Ideal Electric Co., Iljin Electric, Larson & Turbo Hubbell, GE, Mitsubishi Electric Systems, Powell Industries, BHEL, Hyosung, Meidensha Corporation, Ormazabal and Fuji Electric. Growing mergers and acquisition in line with rising investments toward deployment of smart infrastructure across the residential, commercial and industrial sectors will further propel the business outlook.