New York, United States , June 19, 2024 (GLOBE NEWSWIRE) -- The Global Pad-Mounted Switchgear Market Size is to Grow from USD 5.81 Billion in 2023 to USD 9.1 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.59% during the projected period.
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Pad-mounted switchgear is designed for subsurface distribution systems that are operated above grade and have ratings between 5 and 38 KV. The main causes of the rise in popularity of pad-mounted switchgear labeling are increased investments in the distribution network and a modification in the subsurface layout of distribution lines. The need for reliable and effective electrical wiring to power homes, businesses, and industrial spaces is rising as more people relocate to urban areas. Subterranean distribution networks require pad-mounted switchgear, which offers protection, control, and switching capabilities for the delivery of electrical power. The primary factors driving demand for pad-mounted switchgear solutions are the growth of metropolitan areas, the building of new residential and commercial structures, and infrastructure development projects including smart cities, transit hubs, and industrial parks. To modernize antiquated infrastructure, extend distribution networks, and meet the growing demand for energy in cities, utilities, municipalities, and industrial sites engage in pad-mounted switchgear, all of which drive market expansion. The total cost of the project may increase due to the expense of the infrastructure upgrades, trenching, cabling, and civil works. The initial cost of pad-mounted switchgear systems may be too high for utilities and other low-funding entities to justify.
Browse key industry insights spread across 190 pages with 120 Market data tables and figures & charts from the report on the "Global Pad-Mounted Switchgear Market Size, Share, and COVID-19 Impact Analysis, By Type (Air-Insulated, Gas-Insulated, Solid Dielectric, and Others), By Application (Industrial, Commercial, and Residential), By Voltage (Up to 15 KV, 15-25 KV, 25-35 KV and Above 35 KV), By Standard (International Electrotechnical Commission (IEC), Institute of Electrical and Electronics Engineers (IEEE) and Other Standards), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The gas-insulated segment is expected to grow at the greatest pace during the prediction period.
On the basis of type, the global pad-mounted switchgear market is classified into air-insulated, gas-insulated, solid dielectric, and others. Among these, the gas-insulated segment is expected to grow at the greatest pace during the prediction period. The rising rate of urbanization and industrialization is the cause of the rising energy consumption. Subsurface distribution networks with high voltage are the intended operations for gas-isolated switchgear. SF6 gas is used as the separating medium in it.
The commercial segment is expected to hold the largest market share during the projected period.
On the basis of application, the global pad-mounted switchgear market is classified into industrial, commercial, and residential. Among these, the commercial segment is expected to hold the largest market share during the projected period. Due to the growing urbanization of both developed and emerging nations, which is driving up the need for power. Commercial facilities include things like office buildings, shopping complexes, hospitals, data centers, airports, stadiums for sporting events, and much more. Switchgear is used in these buildings to distribute energy to different systems, such as the lighting and HVAC.
The above 35 KV segment is expected to grow fastest in the market during the prediction period.
On the basis of voltage, the global pad-mounted switchgear market is classified into up to 15 KV, 15-25 KV, 25-35 KV, and above 35 KV. Among these, the above 35 KV segment is expected to grow fastest in the market during the prediction period. The increasing need for switchgear working at voltages higher than 35 KV is a result of the expanding requirement for electricity production, transmission, and distribution. In the power generation sector, switchgear protects generators, transformers, and other equipment against electrical failures. These systems protect circuit breakers and transformers used in distribution and transmission against electrical failures. Furthermore, by using the previously stated 35 KV versions, these organizations may increase the efficiency and dependability of their electrical systems.
The International Electrotechnical Commission (IEC) segment is expected to hold the major market share during the prediction period.
On the basis of standard, the global pad-mounted switchgear market is classified into the International Electrotechnical Commission (IEC), the Institute of Electrical and Electronics Engineers (IEEE), and other standards. Between these, the International Electrotechnical Commission (IEC) segment is expected to hold the major market share during the prediction period. The International Electrotechnical Commission sets norms for the design, manufacturing, and testing of switchgear, icing the system's trustability, safety, and adherence to electrical system regulations. The gas-insulated segment is expected to grow at the greatest pace during the prediction period.
On the basis of type, the global pad-mounted switchgear market is classified into air-insulated, gas-insulated, solid dielectric, and others. Among these, the gas-insulated segment is expected to grow at the greatest pace during the prediction period. The rising rate of urbanization and industrialization is the cause of the rising energy consumption. Subsurface distribution networks with high voltage are the intended operations for gas-isolated switchgear. SF6 gas is used as the separating medium in it.
The commercial segment is expected to hold the largest market share during the projected period.
On the basis of application, the global pad-mounted switchgear market is classified into industrial, commercial, and residential. Among these, the commercial segment is expected to hold the largest market share during the projected period. Due to the growing urbanization of both developed and emerging nations, which is driving up the need for power. Commercial facilities include things like office buildings, shopping complexes, hospitals, data centers, airports, stadiums for sporting events, and much more. Switchgear is used in these buildings to distribute energy to different systems, such as the lighting and HVAC.
The above 35 KV segment is expected to grow fastest in the market during the prediction period.
On the basis of voltage, the global pad-mounted switchgear market is classified into up to 15 KV, 15-25 KV, 25-35 KV, and above 35 KV. Among these, the above 35 KV segment is expected to grow fastest in the market during the prediction period. The increasing need for switchgear working at voltages higher than 35 KV is a result of the expanding requirement for electricity production, transmission, and distribution. In the power generation sector, switchgear protects generators, transformers, and other equipment against electrical failures. These systems protect circuit breakers and transformers used in distribution and transmission against electrical failures. Furthermore, by using the previously stated 35 KV versions, these organizations may increase the efficiency and dependability of their electrical systems.
The International Electrotechnical Commission (IEC) segment is expected to hold the major market share during the prediction period.
On the basis of standard, the global pad-mounted switchgear market is classified into the International Electrotechnical Commission (IEC), the Institute of Electrical and Electronics Engineers (IEEE), and other standards. Between these, the International Electrotechnical Commission (IEC) segment is expected to hold the major market share during the prediction period. The International Electrotechnical Commission sets norms for the design, manufacturing, and testing of switchgear, icing the system's trustability, safety, and adherence to electrical system regulations.
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Europe region is anticipated to hold the major market share during the projected period.
Europe region is anticipated to hold the major market share during the projected period, because the distribution system, which is frequently a subterranean infrastructure, is expanding quickly. Europe's increasing GDP and energy consumption are likely to propel the region forward in the market. It is anticipated that the zone would require more pad-mounted switchgear as a result of each of these components. Due to the numerous advantages, like as higher dependability and lower liability expenses, several countries, including the Netherlands, have underground distribution networks. It is anticipated that distribution system investments made in response to contemporary, sustainable load classes, like as electric automobiles, would aid in market growth.
Asia Pacific region is estimated to grow fastest during the projected period. The area's plans for power generation capacity are expanding, growing transmission and distribution networks need to be replaced or refurbished, and there is an increasing electricity demand, especially in China and India, as a result of the region's rapidly expanding artificial and structural development conditioning. To accommodate the nation's increasing demand for electricity, Chinese serviceability and governments are creating new generation systems, especially those that employ renewable energy. Pad-mounted switchgear is expected to proliferate across the nation as these systems will unavoidably require a distribution structure.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Pad-Mounted Switchgear Market include ABB Ltd., ACTOM (Pty) Ltd., AZZ Inc., Cleaveland/Price Inc., Daelim Electric Co. Ltd., Doho Electric Co., Ltd., E-Abel, Eaton Corporation PLC, Federal Pacific by Electro-Mechanical Corporation Company, Fuji Electric Co., Ltd., G&W Electric Co., Hubbell Incorporated, Hubbell Power Systems Inc., LS ELECTRIC Co., Ltd, Mitsubishi Electric Corporation, and others.
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Recent Developments
- In March 2023, a leading provider of intelligent and durable power grid solutions, S&C Electric, announced the opening of a 275,000-square-foot production facility in Palatine, Illinois, about 25 miles from its 47-acre Rogers Park headquarters and manufacturing complex in Chicago. The firm is the second-largest manufacturer in Chicago, with about 2000 employees and 3500 team members worldwide.
- In January 2023, Eaton worked with Rewiring America to promote action, awareness, and education on household electrification.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global pad-mounted switchgear market based on the below-mentioned segments:
Global Pad-Mounted Switchgear Market, By Type
- Air-insulated
- Gas-insulated
- Solid Dielectric
- Others
Global Pad-Mounted Switchgear Market, By Application
- Industrial
- Commercial
- Residential
Global Pad-Mounted Switchgear Market, By Voltage
- Up to 15 KV
- 15-25 KV
- 25-35 KV
- Above 35 KV
Global Pad-Mounted Switchgear Market, By Standard
- International Electrotechnical Commission (IEC)
- Institute of Electrical and Electronics Engineers (IEEE)
- Other Standards
Global Pad-Mounted Switchgear Market, Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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