A recent report published by Infinium Global Research on the switchgear market provides an in-depth analysis of segments and sub-segments in the global as well as regional switchgear market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional switchgear market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global switchgear market. According to the report, the global market for switchgear was sized near USD 113 billion in 2020 and is expected to reach over USD 168 Billion by 2026 growing with a CAGR of 6.9% over 2020-2026
Switchgear refers to a centralized collection of circuit breakers, fuses, and switches that function to protect, and isolate electrical equipment. It is commonly found throughout electric utility transmission and distribution systems as well as in medium to large-sized commercial or industrial facilities. During the operation of the power system, it is often desirable and necessary to switch on or off the various circuits under both normal and abnormal conditions.
Growing energy demand has resulted in the need for a stable network. The number of blackouts is increasing owing to aging infrastructure, lack of investments, and lack of clear policy to modernize the grid. Hence growing regulations to limit the power blackouts and upgrade the aging power networks are creating a growing demand for the entire power sector equipment value chain. Switchgear, help to monitor solutions, to alerts the maintenance team when aging and over-used equipment is on the verge of failure. Furthermore, the growing use of electricity in transportation, investments in renewable energy, increasing demand for electricity from manufacturing, replacement of old switchgear, are driving the market growth. However, the high cost of switchgear affecting to the growth of the market. Moreover, government regulations to provide continuous and hassle-free services to the end-users will provide a significant growth opportunity for the switchgear market. Lower power demand and end-consumer payment stresses are affecting the ability of distribution companies to pay power producers under long-term, take-or-pay power purchase agreements. During COVID 19 in more liberalized markets, the drop-in demand has resulted in the collapse of electricity market prices, hurting power generation companies. In the global context, maintenance of electrical equipment at generation, transmission, and distribution levels during pandemics is limited.
The Asia Pacific is expected to dominate in the global switchgear market during the forecast period. Growing urbanization in emerging markets is contributing to the growth of the market in this region. In addition, the construction of a new substation and the upgrading of existing electrical infrastructure is expected to propel the demand for switchgear in this region during the forecast period.
The report on the global switchgear market covers segments such as operating voltage level, component, and application. On the basis of operating voltage level, the sub-markets include low, medium, and high. On the basis of component, the sub-markets include circuit breaker, relays, fuses, bus bars, and others. On the basis of application, the sub-markets include utilities, residential, commercial, and others.
The report provides profiles of the companies in the market such as CG Power and Industrial Solutions Limited, Schneider Electric SE, Hitachi Ltd, Alstom SA, Eaton Corporation PLC, Hyundai Heavy Industries Co., Ltd, Hyosung Corporation, Toshiba Corporation, General Electric Company, and Siemens AG.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the switchgear market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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