Sarasota, FL, Dec. 28, 2017 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Switchgear Market (By Voltage: Low Voltage, Medium Voltage, High Voltage; By Insulation: Air, Gas, Oil, vacuum; and By End Users: Utilities, Industrial, Residential & Commercial): Global Market Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”. According to the report, global switchgear market was valued at USD 89.9 billion in 2016 and is expected to reach USD 156.8 billion in 2022, growing at a CAGR of 9.7% between 2017 and 2022.
In modern power system network, switchgear protection plays an essential role right from generation through transmission to distribution end. In an electric power system, switchgear is the arrangement of electrical switches, fuses or circuits breakers need to control protect and isolate electrical equipment. The function of carrying, making and breaking the normal load current similar to a switch has been performed by switchgear and it also has to carry out the function of clearing the faults. The device utilized for controlling switching and protecting the equipment and electrical circuits is known as switchgear. In addition to that switchgear also has the provision of metering and regulating the various parameters of the electrical power system. This type of equipment is directly related to the reliability of the electricity supply.
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Browse through 20 Tables & 27 Figures spread over 120 Pages and in-depth TOC on "Switchgear Market (By Voltage: Low Voltage, Medium Voltage, and High Voltage; By Insulation: Air, Gas, Oil, and Vacuum; and By End Users: Utilities, Industrial, and Residential & Commercial): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”.
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Devices used for controlling switching and protecting the equipment and electrical circuits are known as switchgear. The basic function of switchgear is to protect the equipment in the result of the unusual condition and to control the supply of electric power. In modern power system network, switchgear protection plays an essential role right from generation through transmission to distribution end. The function of carrying, making and breaking the normal load current similar to a switch has been performed by switchgear and it has to carry out the function of clearing the faults. In addition to that, switchgear also has the provision of metering and regulating the various parameters of the electrical power system. This type of equipment is directly connected to the reliability of the electricity supply.
Power plant transformation and restoration, growth in renewable power generation, increasing approach to electricity and business of smart grid technology in emerging countries are expected to remain major driving factors for the growth in switchgear market. The increase in précised competition and unorganized division of switchgear market could be a restraining factor for the switchgear market. The global switchgear market offers new growth opportunities, due to developing power infrastructure, approval of smart grid technology and an increase in demand for renewable energy. The requirement of adequate electrification has been constraining the growth of the business sector across emerging economies.
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The switchgear market size is segmented on the basis of voltage, insulation and end users. On the basis of voltage, the global switchgear market is segmented into low voltage, medium voltage, and high voltage. Low voltage segment held the largest market share due to huge demand from industrial and urban developments. On the basis of insulation, the global switchgear market is segmented into air, gas, oil, and vacuum. The switchgear market for gas insulated switchgear accounted for the largest share in 2016. The gas insulated switchgear is mostly utilized in high and ultra-high voltage transmission lines. On the basis of end users, the global switchgear market is segmented into utilities, industrial, residential & commercial. Utilities end users dominated the global switchgear with maximum market share. In 2016 residential and commercial segment accounted for over 20% of the global share.
Asia Pacific region dominated the global switchgear industry. The Asia Pacific was the most attractive market for switchgear in 2016. In Asia Pacific region, the improvement in the number of distribution and transmission lines and development in countries such as China and India is largely determined. The developing countries in this region are striving to strengthen power system and investing to improve their voltage level to connect remote areas in the region. Large electrical infrastructure up-gradation and new transmission and distribution lines being installed in China.
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In 2016, U.S declared an investment of about USD 900 million towards the restoration of the transmission network. North America currently has a market for replacement of old installations and grid up gradation. To drive the market along with capacity improvement and saving in offshore wind farms are expected for the growth in the market. In 2015, the establishment of electrical grid infrastructure is expected in Egypt for the growth in switchgear market share. In 2017, towards the development of electric infrastructure in Africa world bank declared an investment of USD 23.2 million.
UK switchgear market will observe strong growth along with adoption of the separate energy system and encouraging government initiatives towards renewable integration. In the UK, national grid announced a development of the electric grid and pipe network in the region for the growth of switchgear market.
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Some of the major players involved in the global switchgear market include ABB, Crompton Greaves, Larsen and Turbo, Schneider Electric, Siemens, GE, Eaton, Mitsubishi Electric Systems, Toshiba, Schneider Electric, Bharat Heavy Electrical Limited, Hubbell Power System Inc. Rittal, Meidensha Corporation, and Ormazabal.
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This report segments the global switchgear market as follows:
Switchgear Market: Voltage Analysis
- Low Voltage
- Medium Voltage
- High Voltage
Switchgear Market: Insulation Analysis
- Air
- Gas
- Oil
- Vacuum
Switchgear Market: End Users Analysis
- Utilities
- Industrial
- Residential & Commercial
Switchgear Market: Regional Analysis
- North America
- The U.S.
- Europe
- The UK
- France
- Germany
- The Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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