Switchgear Market To Report Impressive Growth, Revenue To Surge To US$ 156.8 Billion By 2022

With the presence of a large pool of participants, the global switchgear market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). ABB Limited, Crompton Greaves Limited, Larsen and Turbo Limited, and Schneider Electric, Siemens, are some of the key vendors of switchgear across the world. These players across switchgear market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the switchgear market study.

Citing an instance, in August 2018, CG Power and Industrial Solutions Limited, a division of Avantha Group, has signed an agreement with Tenaga Switchgear Sdn. Bhd., a Malaysian firm, for developing as well as promoting 11 kV gas Insulated switchgear products in Malaysia for satisfying the swiftly increasing demands of the consumers across the region. Reportedly, the pact will assist both the firms in penetrating as well expanding across South APAC switchgear market over the coming years. Experts are of the view that the strategic move will help both the firms offer high quality products to their consumers, thereby not only creating value for their products but also adding to consumer satisfaction.

This review is based on a report by Zion Market Research, titled “Switchgear Market (By Voltage: Low Voltage, Medium Voltage, and High Voltage; By Insulation: Air, Gas, Oil, and Vacuum; and By End Users: Utilities, Industrial, and Residential & Commercial): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”- Report at http://www.zionmarketresearch.com/report/switchgear-market

As estimated in this report, the global switchgear market stood at US$ 89.9 billion in 2016. Witnessing a tremendous rise during the period from 2017 to 2022, the revenue in this switchgear market is expected to reach US$ 156.8 billion by the end of the forecast period.

High Demand For Sustainable Energy Will Spur The Market Growth Graph

“Evolution of smart grid technology in developing countries along with escalating renewable energy trends witnessed across the globe is expected to steer the growth of switchgear market in the years to come,” says the author of this study. Apart from this, robust growth of power infrastructure and fierce competitive business scenario witnessed across the globe along with technological developments in the smart grid will further propel the switchgear market size in the forthcoming years.

The rising demand for adequate electrification in both urban as well as rural regions, however, will hinder the expansion of switchgear market in the years to come.

Huge Development Across Grid Infrastructure to Help APAC Maintain Dominance

Regionally, Asia Pacific has been leading the worldwide switchgear market and is anticipated to continue on the dominant position in the years to come, states the switchgear market study. Development witnessed across power distribution & transmission lines and transformers in countries such as India and China is the main factor behind the dominance of the Asia Pacific switchgear market. The high number of market players being headquartered in Asia Pacific is another significant factor that is supporting the growth of this regional switchgear market.

The global switchgear market is segmented as follows:

By Voltage

• Low Voltage
• Medium Voltage
• High Voltage

By Insulation

• Air
• Gas
• Oil
• Vacuum

By End User

• Utilities
• Industrial
• Residential & Commercial

By Region

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

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