WASHINGTON, June 07, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Switchgear Market finds that the increasing aging power infrastructure is expediting market growth. Primarily driven by growing technological advancements in power grid sector, the total Global Switchgear Market is estimated to reach USD 92.5 Billion by the year 2028.
The Global Market revenue stood at a value USD 68.3 Billion in the year 2021 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period.
Furthermore, the growing investments in renewable energy are also anticipated to augment the growth of the Global Switchgear Market, states Vantage Market Research, in a report, titled “Switchgear Market Size, Share & Trends Analysis Report by Insulation (AIS, GIS), by Voltage (<1 kV, 1-36 kV, >36 kV), by End User (T&D Utilities, Industries, Commercial & Residential, Ohers), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Rising Replacement of Aging Power Infrastructure to Drive the Market Growth
The growing demand for energy has created the need for a stable and reliable T&D network. The US faces more power outages than any other developed nation, as power outages last more than an hour and has grown steadily over the past few years, has resulted in costing American businesses an estimated $ 150 billion a year. The main reasons for the increase in the number of blackouts are the aging infrastructure, the lack of investment, and the lack of a clear policy to modernize the grid framework. New laws to reduce / limit power outages and to develop networks of aging energy worldwide form the market for a whole range of energy sector assets. Switchgear, with the help of monitoring solutions, warns the repair team where aging and overused equipment are at risk of failure and enables them to make wise decisions by providing real-time data to reveal problems and opportunities for improvement.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Switchgear market is predicted to grow at a CAGR of roughly 5.2% during the forecast period.
- The Switchgear market was estimated to be worth roughly USD 68.3 Billion in 2021 and is expected to reach USD 92.5 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Switchgear market.
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Segmentation of the Global Switchgear Market:
- Insulation
- AIS
- GIS
- Voltage
- <1 kV
- 1-36 kV
- >36 kV
- End User
- T&D Utilities
- Industries
- Commercial & Residential
- Ohers
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Growing Technological Advancements in Power Grid Sector to Stimulate Market Growth
The increasing technological advancements in the power grid sector are anticipated to augment the growth of the Switchgear Market in the years to come. Rapid urbanization and government-assisted rehabilitation facilities in all settlements will improve the business environment. The continued integration of the smart monitoring and control unit in line with the growing investment in continuous power generation technology will increase the demand for the product. The growth of community-based electrification programs and favourable government and provincial policies including tax rebates, financial compensation and subsidies will go hand in hand with the equipment industry. Continued investment in the energy sector to meet the growing demand for electricity will boost power in the industry. In addition, the growing concern about the stability of the grid and the security of the power supply to all production and production facilities will further accelerate the product delivery.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the power industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Switchgear Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
Asia Pacific Dominated the Global Switchgear Market
Asia Pacific dominated the Global Switchgear Market in 2021 and is likely to continue the same trend during the forecast period. The development of growing renewable energy infrastructure, the growing market for grid modernization, and the replacement of old fittings, as well as energy developments, are some of the major factors contributing to the growth of the market in the region. The growing demand for electricity, due to population growth, economic growth, urbanization, industrialization, and rural electrification projects, is leading the market demand for equipment replacement. India's electricity generation capacity has grown by more than 10% in the last few years, while transmission and distribution networks have seen moderate growth. This translates into a growing need for robust power systems, such as switchgear, ground, which helps protect against overcrowding conditions, short circuit, installation failures, etc.
List of Prominent Players in Switchgear Market:
- ABB (Switzerland)
- Siemens (Germany)
- Schneider Electric (France)
- GE (US)
- Eaton (Ireland)
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on "Switchgear Market Size, Share & Trends Analysis Report by Insulation (AIS, GIS), by Voltage (<1 kV, 1-36 kV, >36 kV), by End User (T&D Utilities, Industries, Commercial & Residential, Ohers), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/switchgear-market-498189
Recent Developments:
March 2020: ABB was contracted by El Sewedy Electric T&D to supply high-power gas switchgear and shunt reactors to ensure reliable power supply.
February 2020: Schneider Electric expanded its Leeds and Scarborough production facilities in the UK to meet the growing demand for renewable technology. Leeds and Scarborough sites specialize in producing low, medium, and high switchgear.
January 2020: Siemens has become one of the leaders in the Indian switchgear industry by acquiring C&S Electric, one of India's largest equipment and electrical equipment companies that mass-produce switching devices, busbars and meters.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Switchgear Market?
- How will the Switchgear Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Switchgear Market?
- What is the Switchgear market drivers and restrictions?
- What will be the CAGR and size of the Switchgear Market throughout the forecast period?
This market titled “Switchgear Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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