Tokyo, March 07, 2022 (GLOBE NEWSWIRE) -- The global switchgear market size was reached at USD 71.38 billion in 2021. The global switchgear market is expected to witness a rapid surge in demand owing to the surging investments in the development of new power infrastructure. The rising focus of the government to switch to the renewable energy sources is driving the demand for the deployment of modern and efficient grid systems, which is expected to drive the growth of the switchgear market during the forecast period. Furthermore, the rapid industrialization and rising investments in the urbanization of rural areas is driving the demand for the switchgear across the globe. The growing need for the efficient and uninterrupted power supply is boosting the demand for the switchgear.
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The switchgear helps to protect the electric equipment from the sudden spikes and drops in the power supply at cheap costs, which is a major factor that propels the growth of the global switchgear market. The surging investments in the renewable energy sources and new power grids is significantly boosting the market growth across the globe. Furthermore, the presence of numerous manufacturers and the innovative product launches by them significantly drives the market.
Scope of the Report
| Report Attribute | Details |
| Market Size in 2021 | USD 71.38% |
| Growth Rate from 2021 to 2030 | CAGR of 4.8% |
| Base Year | 2021 |
| Largest Market | Asia Pacific |
| Companies Covered | Powell Industries, Caterpillar, ABB Ltd., WEG SA, Eaton Corporation, Alstom, IEM, Siemens AG, BHEL, TIPECO, Toshiba Corporation, Crompton Greeves, Hitachi Limited, Fuji Electric, Meta Switchgear |
Report Highlights
- Based on the voltage, the low voltage is estimated to be the most opportunistic segment during the forecast period. This is attributed to the surging demand for the low voltage switchgear across the residential and commercial sector across the globe. The increasing deployment of the distribution networks with the high fault enduring capacities is driving the growth of this segment.
- Based on the Insulation, the air insulation segment dominated the market in 2020.This is attributable to the higher adoption of the air insulated switchgear in the various industries such as manufacturing & processing, transmission& distribution, infrastructure, transportation, oil & gas.
- Based on the installation, the outdoor segment was the dominant as well as the fastest-growing segment. The ability of the switchgear to sustain in the unfavorable and harsh atmosphere has fueled its adoption in the outdoor locations.
- Based on the end user, the commercial & residential is expected to be the fastest-growing segment during the forecast period. The growing investments in the urbanization of the rural areas are boosting the development of various commercial and residential projects that drives the demand for the switchgear.
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Regional Snapshot
Asia Pacific dominated the global switchgear market in 2020. This is attributed to the increasing investments by the government in the developing countries like India, China, and South Korea towards the electrification and urbanization of the rural areas. Moreover, the presence of huge industries across Asia pacific region owing to the favorable government policies that has attracted huge investments is another major factor that has propelled the growth of the switchgear market. The surging consumption of the power across various industries and the commercial spaces in the region is expected to further fuel the growth of the switchgear market.
Europe is expected to foresee a significant growth rate during the forecast period. This is attributed to the rising investments in the upgradation of the power infrastructure in Europe. Moreover, the stringent government regulation pertaining to the adoption of green and clean energy is boosting the market growth.
Market Dynamics
Driver
Increasing investments in the upgradation of aging infrastructure
The old power infrastructure results in the frequent power outages. The power outages costs around US$150 billion to the American businesses each year. The uninterrupted power supply can be ensured by deploying modern and efficient power infrastructure that can minimize the energy losses. Therefore, with the growing need for uninterrupted power supply, the investments in the upgradation of the power infrastructure is rising significantly, which is expected to drive the market growth during the forecast period.
Restraint
High cost of the switchgear
The switchgear plays a crucial role in the protection of the electric equipment from the irregular ups and downs in the power supply. Moreover, the switchgear involves numerous components such as fuses, circuit breakers, switches, control panels, and protective relays which involves high costs. Therefore, the high cost of the switchgear is a major restraining factor that may hinder the growth of the switchgear market during the forecast period.
Opportunity
Government schemes to incentivize the distributors
The government has set certain standards that ensures the regular and efficient power supply to the end users. The distributors are incentivized to meet the established standards and targets. Therefore, the various government schemes to incentivize the distributors is expected to propel the growth of the switchgear market in the forthcoming years.
Challenges
Lack of electrification
The lack of proper infrastructure and electrification in the rural areas of the developing and the underdeveloped nations results in the low demand for the switchgear. This is a major challenge faced by the manufacturers and it restricts the market growth.
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Segments Covered in the Report
By Voltage
- High
- Medium
- Low
By Insulation
- Air
- Oil
- Gas
- Vacuum
By Installation
- Outdoor
- Indoor
By End User
- Transmission & Distribution Utility
- Industrial
- Residential & Commercial
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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