Pune, April 26, 2022 (GLOBE NEWSWIRE) -- The switchgear market has grown due to the electrification of rural areas, increased energy generation, and increased investments. The switchgear market is predicted to rise in response to rising energy demand as a result of rapid urbanization and more awareness among the younger population. Switchgear is employed in commercial, residential, and industrial contexts and at every switching point in the electrical power system. Furthermore, as renewable energy generation grows, switchgear plays a larger role than ever in keeping networks synchronised and reducing the risk of blackouts. Power utilities install switchgear to satisfy current business requirements, such as ensuring safety and reliable power supply and ensuring business continuity. Switchgear technological advancements have changed the business, and manufacturers are still looking for innovative methods to build small, dependable, and environmentally friendly switchgear that is simple to install and commission.
Between 2022 and 2030, the global switchgear market is expected to grow at a ~6.4% compound annual growth rate (CAGR) and reach a value of USD 174.9 billion.
The global switchgear market has been divided into four categories: voltage type, insulation, installation, end user, and region. The switchgear market is classified into three categories based on voltage type: high voltage, medium voltage, and low voltage. Because of its utility in utility and industrial installations, the low voltage category dominates the worldwide switchgear market. Low voltage switchgear is general electrical switchgear rated up to 1,000 volts. Switches, circuit breakers, fuses, isolators, circuit interrupters, tiny and molded-case circuit breakers are all examples of low voltage switchgear. Short circuit currents can produce thermal and mechanical strains, which low voltage switchgear can help to prevent against. This shields the remainder of the system from harmful currents and improper switching.
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List of Key Companies Covered in this Report
Key industry participants in the Switchgear market are ABB Ltd. (Switzerland), General Electric (US), CG Power and Industrial Solutions Limited (India), Eaton (Ireland), Alstom SA (France), Schneider Electric (France), Havells India Ltd. (India), Mitsubishi Electric Corporation (Japan), Bharat Heavy Electricals Ltd. (India), HYUNDAI ELECTRIC & ENERGY SYSTEMS CO., LTD. (South Korea), Fuji Electric Co., LTD. (Japan), Hitachi (Japan), Hubbell Incorporated (US), Toshiba International Corporation (US), Powell (US), L&T Electrical & Automation (India) and Hyosung Corporation (South Korea)
Vendor Assessment
Vendor assessment includes a deep analysis of how vendors are addressing the demand in the Switchgear Market. The MDC Competetive Scape model was used to assess qualitative and quantitative insights in this assessment. MDC's Competitive Scape is a structured method for identifying key players and outlining their strengths, relevant characteristics, and outreach strategy. MDC's Competitive Scape allows organizations to analyze the environmental factors that influence their business, set goals, and identify new marketing strategies. MDC Research analysts conduct a thorough investigation of vendors' solutions, services, programs, marketing, organization size, geographic focus, type of organization and strategies.
Technology Assessment
Technology dramatically impacts business productivity, growth and efficiency. Technologies can help companies develop competitive advantages, but choosing them can be one of the most demanding decisions for businesses. Technology assessment helps organizations to understand their current situation with respect to technology and offer a roadmap where they might want to go and scale their business. A well-defined process to assess and select technology solutions can help organizations reduce risk, achieve objectives, identify the problem, and solve it in the right way. Technology assessment can help businesses identify which technologies to invest in, meet industry standards, compete against competitors.
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Business Ecosystem Analysis
Advancements in technology and digitalization have changed the way companies do business; the concept of a business ecosystem helps businesses understand how to thrive in this changing environment. Business ecosystems provide organizations with opportunities to integrate technology in their daily business operations and improve research and business competency. The business ecosystem includes a network of interlinked companies that compete and cooperate to increase sales, improve profitability, and succeed in their markets. An ecosystem analysis is a business network analysis that includes the relationships amongst suppliers, distributors, and end-users in delivering a product or service.
Regions and Countries Covered
North America (US, Canada), Europe (Germany, UK, France, Spain, Italy, and Rest of Europe), Asia-Pacific (Japan, China, Australia, India, Rest of Asia-Pacific), and Rest of the World (RoW)
Report Coverage
Switchgear Market Dynamics, Covid-19 Impact on the Switchgear Market, Vendor Profiles, Vendor Assessment, Strategies, Technology Assessment, Product Mapping, Industry Outlook, Economic Analysis, Segmental Analysis, Switchgear Market Sizing, Analysis Tables
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Vendor Profiles Covered
All Major Tier-1, Tier-2, and Tier-3 companies are covered in this Switchgear Market report (25 Vendor Profiles)
Key Questions Answered in This Report:
- What is the potential of the Switchgear Market?
- What is the impact of COVID-19 on the global Switchgear Market?
- What are the top strategies that companies adopting in Switchgear Market?
- What are the challenges faced by SME’s and prominent vendors in Switchgear Market?
- Which region has the highest investments in Switchgear Market?
- What are the latest research and activities in Switchgear Market?
- Who are the prominent players in Switchgear Market?
- What is the potential of the Switchgear Market?
Additional vendors profiles can be added based on client business requirements
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