Global Switchgear Market Is Likely to Grow at A CAGR Value Of Around 5.3% By 2028

The Switchgear Market was worth around USD 67.5 billion in 2021 and is estimated to grow to about USD 92.01825643 billion by 2028, with a compound annual growth rate (CAGR) of approximately 5.3 percent over the forecast period. The report analyzes the digital remittance market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the digital remittance market.

Switchgear controls the voltage instabilities of a building and prevents sudden supply breakdown. They are designed to improve the efficiency, reliability, and safety of the power utilities. Switchgear is used both to de-energize equipment to allow work to be done and to clear faults downstream. It is an electrical component used in a circuit to control effectively, monitor, and regulate the circuit as required. Switchgears are used across diverse applications including T&D utilities, commercial, industrial and residential sectors. The different components of switchgear are circuit breakers, isolators, relays, switches, fuses, and control panels. The rising investments in the broadcast and circulation of infrastructure coupled with the growing demand for renewable energy sources are the major factors driving the demand for switchgear across the globe.

The switchgear market has been witnessing moderate growth over the last few years. This growth is projected to continue due to the increase in demand for energy. The rapidly growing need for electrification in remote areas has led to the growth of various electrical equipment which has positively affected the global switchgear market. The expansion of transmission and distribution networks has increased the application of switchgear equipment. The expansion of industrial structures, such as powerplants for safe and reliable operations, is further estimated to stimulate the growth of the switchgear market. The growth in the construction industry worldwide is also fueling the growth of the switchgear market. The market is witnessing various innovations globally.

The Switchgear Market is segregated based on insulation, voltage, and end-user. Based on insulation, the global market is distinguished into AIS and GIS. Based on voltage, the global market is segregated into <1 kV, 1-36 kV, and >36 kV. Based on end-user, the global market is bifurcated into T&D Utilities, Industries, Commercial & Residential, and Others.

The Asia-Pacific market is expected to dominate the global switchgear market during the forecast period. The important factors contributing to the dominance in this region are the upgradation of the aging electrical grid infrastructure and increasing electricity demand in the region. The increasing electricity demand, due to rising population, economic expansion, urbanization, industrialization, and rural electrification projects, is leading the market demand for switchgear. The power generation capacity in India has grown at a rate of over 10% in the last few years, while the broadcast and distribution networks have observed moderate growth. Furthermore, in 2019-2020 budget, India announced the “One Nation, One Grid” initiative by the government to bring affordable power to all states. Such initiatives are anticipated to increase the investments in infrastructure for utilities in the region, thereby fueling the growth of the switchgear market. Europe and North American switchgear markets are estimated to witness significant growth in the medium-voltage switchgear segment due to the growing demand for renewable power generation.

Key players functioning in the global Switchgear Market include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), GE (US), and Eaton (Ireland).

Recent developments:

• In August 2019, MHI Vestas Offshore Wind signed an agreement with Mitsubishi Electric Europe B.V. and Taiwanese manufacturer Shihlin Electric Co. for providing high voltage switchgear by 2022.
• In August 2021, State-run electricity producer National Thermal Power Corporation Limited (NTPC) began commercial operations at India's largest floating solar PV project at its Simhadri thermal station in Visakhapatnam, Andhra Pradesh. The project was declared open after commissioning a 15 MW floating solar project, taking the total installed capacity at the facility to 25 MW.

Browse the full “Switchgear Market By Insulation (AIS And GIS), By Voltage (<1 KV, 1-36 KV, And >36 KV), By End-User (T&D Utilities, Industries, Commercial & Residential, And Others).” Report at https://www.zionmarketresearch.com/report/switchgear-market

Global switchgear market is segmented as follows:

By Insulation

• AIS
• GIS

By Voltage

• <1 kV
• 1-36 kV
• >36 kV

By End-user

• T&D Utilities
• Industries
• Commercial & Residential
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

About Us:
Zion Market Research is an obligated company. We create futuristic, cutting-edge, informative reports ranging from industry reports, the company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly in order to fulfill our clients with prompt and direct online access to our database. Keeping in mind the client’s needs, we have included expert insights on global industries, products, and market trends in this database. Last but not the least, we make it our duty to ensure the success of clients connected to us—after all—if you do well, a little of the light shines on us.

Contact Us:
Zion Market Research
244 Fifth Avenue, Suite N202
New York, 10001, United States
Tel: +49-322 210 92714
USA/Canada Toll-Free No.1-855-465-4651
Email: sales@zionmarketresearch.com
Website: https://www.zionmarketresearch.com