New York, United States , Nov. 14, 2022 (GLOBE NEWSWIRE) -- The Global High Voltage Switchgear Market Size is expected to grow at a CAGR of more than 6.5% over the period of 2021-2030. Increasing electricity generation and consumption, along with the changing power generation industry dynamics, are expected to be the major drivers for the T&D network growth, which, in turn, is expected to drive the high-voltage switchgear market, during the forecast period. As per the latest research report published by Spherical Insights & Consulting.
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The infrastructure and manufacturing facilities improve, and the intelligent switchgear sector is rapidly expanding. Smart switchgear, which plays a key part in the distribution of energy to industry and residential areas, is one of the most important stimulants in the field. As a result, smart power distribution equipment like smart switchgear must be employed to provide improved performance, power continuity, and resource optimization while lowering transmission, operational, and maintenance costs. Intelligent switchgear is adaptive, energy-efficient, and long-lasting. They offer zero-downtime update and upgrade possibilities; these technologies are expected to grow greatly in the future and present opportunities.
Rapid urbanization in emerging regions, along with ongoing investments in offshore power grid Investing heavily in the development of high-voltage direct current systems would improve market statistics. Strong connectivity support for alternating current circuits would further improve the industry's outlook. The product's numerous applications, such as the integration of power generation units into grids, power transmission lines, and rail lines, would have a beneficial impact on the commercial situation.
Browse key industry insights spread across 240 pages with 118 market data tables and figures & charts from the report “Global High Voltage Switchgear Market Size, Share & Trends, COVID-19 Impact Analysis Report, By Type (Gas Insulated, Oil Insulated, Air Insulated), By Application (Power Generation, Industrial, Oil and Gas, Others); By Region (U.S., Canada, Mexico, Rest of North America, The UK, France, Germany, Italy, Spain, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, the Netherlands, Luxembourg), Rest of Europe, China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of the Middle East & Africa, Brazil, Argentina, Rest of Latin America) – Global Insights, Growth, Size, Comparative Analysis, Trends and Forecast, 2021-2030”, in detail along with the table of contents
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Market expansion will be driven by the introduction of fresh technological solutions and the integration of smart systems. Product penetration will be driven by major manufacturers' continued R&D efforts to influence material density, tensile strength, and durability. Rising population growth and urbanization would increase demand for power in both urban and rural areas, improving the industry environment.
AC switchgear power systems are used to protect, isolate, and control electrical systems in utilities, industries, businesses, and residential constructions. AC power can travel great distances without losing power, making it a less expensive power supply. The AC segment dominates the switchgear market because utilities generate a huge amount of alternating current (AC). Rising power demand in all sectors is one of the key drivers for the worldwide switchgear business, which boosts demand for high voltage switchgear instantly. The replacement of ageing power infrastructure also opens opportunities for the deployment of high voltage switchgear. Furthermore, the growing use of renewable energy sources opens huge deployment opportunities for this switchgear.
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Technological advancements, together with rising demand for smart grid network solutions, will drive regional market share expansion. Adoption of environmentally friendly energy solutions by the European Union for generating and creating sustainable energy solutions will considerably benefit the regional market. Furthermore, increased backing from governmental financial organizations such as the IFC, World Bank, Asian Development Bank, and a slew of private institutions would expand market size.
Key Companies & Recent Developments: 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 Companies Covered: Mitsubishi Electric Corporation, Powell Industries, Hyosung Heavy Industries, Schneider Electric, General Electric, Ormazabal, Siemens, Bharat Heavy Electricals Limited, Toshiba Corporation, CG Power and Industrial Solutions Limited, ABB, Chint Group, Eaton, Lucy Group Ltd, Hitachi Ltd, E + I Engineering, Skema S.p.A, Regal Rexnord Corporation, Fuji Electric Co., Ltd, Hyundai Electric & Energy Systems Co., Ltd, Flowserve Corporation. and others 30+ prominent key players we have added in the final report.
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