Pune, Sept. 08, 2020 (GLOBE NEWSWIRE) -- The global switchgear market is set to gain momentum from the increasing integration of unique digital solutions and smart monitoring & control units. Besides, the rising investments by regulatory bodies in sustainable power generation technology would propel growth. This information is published in a new report by Fortune Business Insights™, titled, “Switchgear Market Size, Share & COVID-19 Impact Analysis, By Insulation (Gas, Air, Oil, and Vacuum), By Installation (Indoor and Outdoor), By Voltage (Low, Medium, and High), By End-User, and Regional Forecast, 2020-2027.” The report further states that the market size was USD 105.43 billion in 2019 and is projected to reach USD 170.40 billion by 2027, exhibiting a CAGR of 6.6% during the forecast period.
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Postponement of Major Power Projects amid COVID-19 to Slow Down Growth
The COVID-19 pandemic has resulted in the complete shutdown of manufacturing sites and processing industries in the power industry worldwide. Companies have postponed their investments, mergers & acquisitions, and significant power projects. These factors are expected to cause a decline in the demand for these gears. Our in-depth reports would help you to gain complete information about the effects of the pandemic on the market.
This Report Includes the Following Information:
- Will the COVID-19 pandemic affect the global market severely?
- What are the growth drivers, hindrances, and dynamics of the market?
- How will the key players compete against their rivals in the near future?
- What are the opportunities and challenges that the market would come across?
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Drivers & Restraints-
Rising Construction of Commercial Buildings to Spur Growth
The rising awareness programs about the new generation mix, as well as the increasing demand for energy to keep up with the rapid urbanization across the globe would affect the switchgear market growth positively in the forthcoming years. Switchgear tools are extensively used in complex industries and electrical substations for maintaining voltage stability & withstanding varying operating voltages. Apart from that, the increasing modernization and development of state-of-the-art industrial structures, such as government offices, banks, power plants, and other commercial buildings would augment growth. However, the efficiency of switchgear equipment installed outdoors can be affected by harsh climatic conditions, such as humidity, pressure, and temperature. This factor may obstruct growth.
Segment-
Gas Segment to Grow Rapidly Stoked by Rising Setup of Variable Voltage Substations
Based on insulation, the gas segment generated 24.6% in terms of switchgear market share in 2019. This growth is attributable to the increasing setup of variable voltage substations globally. The vacuum segment is likely to hold a larger share of the market in the near future because of its ability to lower the carbon emission.
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Regional Analysis-
Increasing Electrification Projects to Bode Well for Asia Pacific
Geographically, in 2019, Asia Pacific procured USD 45.98 billion in terms of revenue. This growth is attributable to the high demand for energy from the developing countries, such as South Korea, China, and India because of the increasing number of electrification projects and the urgent need for transmission & distribution (T&D) networks.
North America, on the other hand, is likely to exhibit a considerable growth on account of the rising investments in the commercial and residential sectors. Additionally, the increasing government initiatives and directives to support the sustainable energy mix would drive growth in this region. In the Middle East and Africa, the surging need of electrification projects to provide access to electricity in rural areas would uphold growth.
Competitive Landscape-
Key Companies Aim to Achieve New Orders for Strengthening their Positions
Numerous international and domestic companies operating in the global market are investing hefty amounts of money to acquire local start-ups. Some of the others are also focusing on gaining new orders from their in-house switchgears from reputed organizations. Below are two industry developments:
- July 2020: Omexom and Evonik placed orders for Green Gas for Grid or ‘g³’ gas-insulated switchgear (GIS) bays from GE’s Grid Solutions. G³ is an alternative to the world’s most potent greenhouse gas called SF₆. It is mainly utilized in high-voltage equipment. This product can be used to cut or dispatch electrical power.
- November 2018: Bergenshalvøens Kommunale Kraftselskap (BKK Nett) awarded a contract to Siemens Energy Management for providing the former with SF6-free GIS. It has a voltage level up to 145 kilovolts.
List Of Key Companies Profiled In Switchgear Market Are
- ABB (Zurich, Switzerland)
- Schneider Electric (Rueil, Malmaison, France)
- Hitachi (Tokyo, Japan)
- Kirloskar Electric Co. Ltd. (Pune, India)
- Hubbell Incorporated (Connecticut, United States)
- Mitsubishi Electric (Tokyo, Japan)
- Siemens Energy (Munich, Germany)
- Toshiba International Corporation (Texas, United States)
- CG Power and Industrial Solutions Limited (Mumbai, India)
- Fuji Electric Co., LTD. (Tokyo, Japan)
- Powell (Texas, United States)
- L&T Electrical & Automation (Mumbai, India)
- HYUNDAI ELECTRIC & ENERGY SYSTEMS CO., LTD. (South Korea)
- Hyosung Corporation (Seoul, South Korea)
- Lucy Electric (Oxford, UK)
- E+I Engineering (Donegal, Ireland)
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Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Switchgear Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Switchgear Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Insulation
- Gas
- Air
- Oil
- Vacuum
- Market Analysis, Insights and Forecast – By Voltage
- Low
- Medium
- High
- Market Analysis, Insights and Forecast – By Installation
- Indoor
- Outdoor
- Market Analysis, Insights and Forecast – By End-User
- T&D Utility
- Industrial
- Commercial & Residential
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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