Global Switchgear Market Set for Rapid Growth, to Reach USD 156.8 Billion by 2022

Zion Market Research has published a new report titled “Switchgear Market (By Voltage: Low Voltage, Medium Voltage, High Voltage; By Insulation: Air, Gas, Oil, vacuum; and By End Users: Utilities, Industrial, Residential & Commercial): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022” According to the report, global demand for switchgear market was valued at USD 89.9 billion in 2016 and is expected to reach USD 156.8 billion in 2022, growing at a CAGR of 9.7% between 2017 and 2022.   

In an electric power system, switchgear is the arrangement of electrical switches, fuses or circuits breakers need to control protect and isolate electrical equipments. The switchgear system is directly linked to the supply system. It is to be found in both the high and low voltage side of the power transformer. It is utilized for de-energizing the equipment for testing and maintenance and for clearing the fault. The basic function of switchgear is to protect the equipment in the result of unusual condition and to control supply of electric power. This type of equipment is directly related to the reliability of the electricity supply. In addition to that switchgear also has provision of metering and regulating the various parameters of electrical power system.

Browse the full " 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 https://www.zionmarketresearch.com/report/switchgear-market

Switchgear flexible design allows for a large range of layout configuration, and is suitable for both cost and space saving. Power plant transformation and restoration, growth in renewable power generation, increasing approach to electricity and business of smart grid technology in emerging countries are expected to remain major driving factors for the growth in switchgear market. The global switchgear market offers new growth opportunities, due to developing power infrastructure, approval of smart grid technology and increase in demand for renewable energy. Increase in précised competition and unorganized division of switchgear market are the factors that restrain the growth of market. The requirement of adequate electrification has been constraining the growth of the business sector across emerging economies.

The switchgears are bifurcated on the basis of voltage, insulation and end users. On the basis of voltage, the global switchgear market is segmented into low voltage, medium voltage and high voltage. Generally electrical switchgear rated up to 1KV is termed as low voltage switchgear, from 1KV to 36KV is termed as medium voltage switchgear and above 36KV is termed as high voltage switchgear. Low voltage segment held the largest market share due to huge demand from industrial and urban development’s, and expected to grow with CAGR of around 9% of market share in forecast year. High voltage switchgear is installed in high voltage substations and usage in power utilities. Medium and high voltage switchgear markets are expected to witness significant growth owing to rapid industrial and commercial establishment.

On the basis of insulation, the global switchgear market is segmented into air, gas, oil and vacuum. The switchgear market for gas insulated switchgear accounted for over 16% share of the global market in 2016, and expected to grow with CAGR of 9.3% during forecast year. The gas insulated switchgears are mostly utilized in high and ultra high voltage transmission lines. The switchgear plays an important role in electric transmission lines spread across the country and in cross border distribution. Increasing growth due to switchgear’s high voltage and power frequencies is witness for the growth of vacuum insulated switchgear market. Vacuum insulated switchgear boost the product demand due to pollution and noise free operation along with ease of timing.

On the basis of end users, the global switchgear market is segmented into utilities, industrial, residential & commercial. Utilities segment dominated the global switchgear with maximum market share as high voltage switchgear are widely used by them. In 2016 residential and commercial segment accounted over 20% of the global market share.

Asia Pacific region dominated the global industry in switchgear market. Asia Pacific was the most attractive market for switchgear in 2016. In Asia Pacific region, the improvement in number of distribution and transmission lines and development in countries such as China and India is largely determined.. In 2016, U.S switchgear market was valued over USD 7 billion. In 2015, establishment of electrical grid infrastructure is expected in Egypt for the growth in switchgear market. In U.K, national grid announced a development of the electric grid and pipe network in region for the growth of switch gear market.

Some of the major players involved in the global switchgear market include ABB, Crompton Greaves, Larsen and Turbo, Schneider Electric, Siemens, GE, Eaton, Mitsubishi Electric Systems, Toshiba, Schneider Electric, Bharat Heavy Electrical Limited, Hubbell Power System inc. Rittal, Meidensha Corporation and Ormazabal.

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