Dublin, April 19, 2023 (GLOBE NEWSWIRE) -- The "Pad-Mounted Switchgear Market by Type (Air, Gas, Solid Dielectric, Others), Voltage (Up to 15 kV, 15-25 kV, 25-38 kV), Application (Industrial, Commercial, & Residential), Standard (IEC, IEEE) and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global pad-mounted switchgear market is estimated to grow from USD 7.1 billion by 2028 from an estimated of USD 5.6 billion in 2023; it is expected to record a CAGR of 5.1% during the forecast period. Increasing underground distribution systems of the which is hidden, unlike a typical overhead circuit system, and is more reliable.
Industrial: The largest- growing segment of the pad-mounted switchgear market
Based on by application of pad-mounted switchgear , the industrial type segment is estimated to be the largest-growing market from 2023 to 2028. The industrial sector comprises manufacturing and process industries, such as mining, oil & gas, steel, chemical & pharmaceutical, food & beverage, cement, and automotive. All industries require a continuous power supply and consistent backup power. To avoid power outages and to ensure an constant power supply industries prefer pad-mounted switchgear systems. Due to the bulk power requirements of industries the industrial loads are connected to the distribution network at high voltage.
IEC: The largest segment by standard in pad-mounted switchgear market
The IEC segment, by standard, is projected to hold the largest market size during the forecast period. IEC 62271-200:2011 standards specify requirements for prefabricated metal-enclosed switchgear and control gear assemblies for alternating current of rated voltages from 1 to 52 kV for indoor and outdoor installation and for service frequencies up to 60 Hz. Enclosures may include fixed and removable components filled with fluid (liquid or gas) to provide insulation.
Air-insulated: The largest segment by type in pad-mounted switchgear market
The air-insulated segment, by type, is projected to hold the second largest market size during the forecast period. The European air-insulated pad-mounted switchgear market is projected to grow from USD 554 million in 2022 to USD 726 million by 2028; it is expected to grow at a CAGR of 4.7% from 2023 to 2028. Europe is the second most densely populated continent and houses many countries where underground lines account for more than 50% share of distribution lines. Utilities in urban areas lean toward underground distribution lines for functional and aesthetic purposes.
Asia Pacific: The third largest and third fastest-growing region in pad-mounted switchgear market
Asia Pacific is estimated to hold the third largest and third fastest market share in the pad-mounted switchgear market. Increasing focus on underground distribution network expansion and rapid industrialization in India, South Korea, and China are among a few key factors responsible for the growth of the pad-mounted switchgear market in this region.
According to the Indian Electrical and Electronics Manufacturers' Association (IEEMA), the electricity generation capacity in India is expected to increase from 200 GW in 2010 to over 800 GW by 2032 to fulfill the increasing demand for power. Therefore, huge investments of approximately USD 300 billion are expected in such projects in the next 3-4 years. Also, India is undertaking many smart grid and substation projects to fulfill the growing demand for energy. This would create demand for pad-mounted switchgear solutions in the region.
Market Dynamics
Drivers
- Increase in Global Energy Consumption
- Requirement for Improved Grid Infrastructure
- Installation of Underground Distribution Systems to Reduce Energy Losses and Enhance Safety
Restraints
- High Capital Investment Required for Installation and Maintenance
- Technical Complexities Involved in Safe Operations of Pad-Mounted Switchgear Systems
Opportunities
- Investments in Upgrading and Expanding Power Distribution Infrastructure
- Focus of Governments Worldwide on Reducing At&C Losses and Automating Distribution Networks
Challenges
- High Competition from Unorganized Sector and Strict Government Regulations Prohibiting Use of Sf6 Switchgear
- Installation Challenges Witnessed by Unorganized Geographies
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 212 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $5.6 Billion |
| Forecasted Market Value (USD) by 2028 | $7.1 Billion |
| Compound Annual Growth Rate | 5.1% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Pad-Mounted Switchgear Market, by Application
6.1 Introduction
6.2 Industrial
6.2.1 Adoption of Pad-Mounted Switchgear to Avoid Short Circuits and Power Outages Due to Dust Contamination
6.3 Commercial
6.3.1 Deployment of Pad-Mount Switchgear to Prevent Disruption of Services Due to Electrical Accidents
6.4 Residential
6.4.1 Implementation of Pad-Mount Switchgear in Residential Applications to Save Space Occupied by Overhead Infrastructure
7 Pad-Mounted Switchgear Market, by Voltage
7.1 Introduction
7.1.1 Up to 15 Kv
7.1.2 Rising Demand for Up to 15 Kv Pad-Mounted Switchgear Solutions in Residential Applications to Drive Market
7.2 15-25 Kv
7.2.1 Increasing Adoption of 15-25 Kv Pad-Mounted Switchgear Solutions in Feeder and Substation Automation Applications to Propel Market
7.3 25-38 Kv
7.3.1 Rapid Growth of Industrial and Commercial Sectors in Europe and North America to Boost Segmental Growth
8 Pad-Mounted Switchgear Market, by Type
8.1 Introduction
8.2 Air-Insulated
8.2.1 Extensive Applications of Air-Insulated Pad-Mounted Switchgear in Low-Voltage Distribution Networks
8.3 Gas-Insulated
8.3.1 Significant Implementation of Gas-Insulated Pad-Mounted Switchgear Solutions in High-Voltage Distribution Networks
8.4 Solid-Dielectric
8.4.1 Rapid Deployment of Sustainable and Environment-Friendly Solid-Dielectric Switchgear in Europe
8.5 Others
9 Pad-Mounted Switchgear Market, by Standard
9.1 Introduction
9.2 International Electrotechnical Commission
9.3 Institute of Electrical and Electronics Engineers
9.4 Other Standards
10 Global Pad-Mounted Switchgear Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Appendix
Companies Mentioned
- Abb
- Actom
- Beijing Kylin Power & Technology
- Eaton
- Entec Electric & Electronic
- Federal Pacific
- G&W Electric
- Ghorit Electricals
- Hubbell
- Kdm Steel
- Ningbo Tianan Group
- Noja Power
- Ormazabal
- Park Detroit
- Powell
- S&C Electric
- Switchgear Power Systems LLC
- Telawne Power Equipments Pvt. Ltd.
- Tiepco Group
- Trayer Switchgear
For more information about this report visit https://www.researchandmarkets.com/r/uk1re6
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