Switchgear Market size is set to surpass USD 242 billion by 2030, as reported in the latest study by Global Market Insights Inc.
The market growth is attributed to the the absence of sustainable & successful electrical frameworks across developed & underdeveloped economies. The repair and substitution of prevailing electrical frameworks, essentially across arising nations, will additionally drive the industry share. Moreover, uplifting government strategies for improving economical electrical networks to support power generation will favor the market expansion.
Robust expansion of industries and the introduction of advanced technologies
The medium-voltage switchgear market is expected to witness significant growth due to the rapid developments across commercial & industrial establishments. Increasing fund allocations toward extending electrical grids across major economies coupled with the revamping of existing lines will propel the business outlook.
Oil-insulated switchgear establishments are projected to reach USD 13 billion by 2030. Developing space limitations and the continuous increase of research & development activities to improve smart & compact control units will fuel the product adoption. However, improved gear security elements and ease of operations will encourage technological advancements. Consistent investments in commercial & residential establishments including private & public apartments, offices, educational premises, data centers & communications, and similar space requirements will sway the industry growth.
The emergence of the COVID-19 pandemic hindered the industry operations around the world driven by labor deficiencies, deferred fabricating activities, and inventory network interruptions. The lifting of prohibitions and conventions by governing authorities for global development in line with the introduction of various vaccination drives have led to the resumption of business operations. In addition, the prerequisite need to supply power during the pandemic to healthcare and basic energy generation facilities further cultivated market dynamics.
Browse key industry insights spread across 550 pages with 934 market data tables & 33 figures & charts from the report, “Switchgear Market Size By Voltage (LV, MV, HV), By Insulation (Air, Gas, Oil, Vacuum), By Current (AC, DC), By Application (Residential, Commercial & Industrial, Utility), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030”, in detail along with the table of contents:
Surging need for reliable & efficient advanced solutions
The gas-insulation switchgear segment is slated to account for USD 42 billion by 2030. The escalating demand for small-sized substations impelled by high land rent rates will boost industry expansion. These products take 1/10th of the total space required by traditional switchgears. Developing interest in proficient & minimal-expense switchgears across coal & gas-fired power stations will significantly foster the business growth.
Companies operating in the switchgear market are Mitsubishi Electric Corporation, Powell Industries, Hyosung Heavy Industries, Schneider Electric, General Electric, Ormazabal, Siemens, Bharat Heavy Electricals Limited, Toshiba Corporation, CG Power and Industrial Solutions Limited, ABB, Chint Group, Eaton, Lucy Group Ltd., Hitachi Ltd., E + I Engineering, Skema S.p.A., Regal Rexnord Corporation, Fuji Electric Co., Ltd., and Hyundai Electric & Energy Systems Co., Ltd.