New York, NY, Aug. 03, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “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, 2017 – 2024”. According to the report, global switchgear market was valued at USD 90.26 billion in 2017 and is expected to reach USD 161.21 billion in 2024, growing at a CAGR of 7.19% between 2018 and 2024.
In an electronic circuitry framework, switchgear is an array of fuses and electrical switches which help to secure and protect electrical gadgets from internal or external damage. The switchgear structure is directly linked to the electricity supply system. It can be utilized to control the supply of electric power in high as well low voltage power transformer. It is additionally used to de-energize the hardware framework for testing and support utility. The basic and fundamental function of switchgear is to secure the functionality of the electronic gadget from any abnormal situation and also to organize the supply of electricity. Switchgear provides optimum reliability to any electrical framework or circuit boards. In addition, switchgear can also monitor and regularize the various parameters of the electrical power system.
Browse through 20 Tables & 27 Figures spread over 110 Pages and in-depth TOC on "Global Switchgear Market Size, Share 2017: Industry Trends, Growth, Segments, Analysis and Forecast, 2024”.
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The flexible design of switchgear allows for a large range of layout configuration thus giving benefits of both cost-effectiveness and space saving. Modern day power generation and its transformation, escalating growth in sustainable and renewable electric power generation, and rising need and concern for power storage in developing nations are expected to remain the major driving factors for the growth of switchgear market. Upgradations in power framework, technological innovations in the smart grid, and rising demand for green and sustainable energy are expected to open new development opportunities for the switchgear market. The necessity of electricity has been an essential element in the development of the business divisions and organizations crosswise over developing economies.
The switchgear market is segmented on the basis of voltage, insulation, and end users. On the basis of voltage, the global switchgear market is segmented into low, medium, and high voltage. Generally, electrical switchgear rated up to 1KV is termed as low voltage switchgear, from 1KV to 36KV is termed as medium voltage switchgear, and above 36KV is termed as high voltage switchgear. Low voltage segment held the largest market share due to urbanization and huge demand from the industrial sector. This segment is expected to grow with a significant market share in forecast year. High voltage switchgear is installed in high voltage substations and is used in power utilities. Medium voltage switchgear and high voltage switchgear are expected to witness significant growth owing to rapid industrial and commercial establishments.
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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 over 16% share of the global market in 2017 and is expected to grow with CAGR of 9.3% during forecast year. The gas insulated switchgear is mostly utilized in high and ultra-high voltage transmission lines. Vacuum insulated switchgear is utilized due to its pollution and noise-free operations along with ease of timing.
On the basis of end users, the global switchgear market is segmented into utilities, industrial, and residential & commercial. Utility segment dominated the global switchgear market with maximum market share owing to the increased utilization of the high-voltage switchgear. Also, the industrial sector in developing countries, especially the mining and manufacturing sectors consumes more than 50% of the total energy consumption.
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Asia Pacific region anticipates dominating the global switchgear market in the forecast period. In Asia Pacific region, development in the number of distribution of power lines including the transmission of electric power in the developing countries such as China and India is the major factor that is boosting the market growth and development. The regulatory organizations of the emerging nations in the region are continuously striving and making capital investments to distribute electricity in the remote areas in the region. Huge power plant establishments, electricity generation, and new transmission followed by distribution of lines are the factors influencing the market growth.
In Europe, the market is anticipated to witness strong developments because of the adoption of the disperse energy system and its usage among the states in the region coupled with government intervention towards renewable and sustainable energy consumption. In the UK, National Grid announced the expansion of the electric plants and grids and pipeline network in the region which is expected to boost the switchgear market.
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North America Market is expected to have a steady growth in switchgear market owing to the grid upgradation. Moreover, the government is taking initiatives to replace the old electrical framework of the cities with the new framework. These new frameworks are designed to provide more capacity, which will help in providing protection from high-intensity fault currents. These factors are driving the growth of the market in this region.
Some of the major players involved in the global switchgear market include Larsen and Turbo, Siemens, GE, Mitsubishi Electric Systems, Schneider Electric, Crompton Greaves, Hubbell Power System Inc., Meidensha Corporation, ABB, Schneider Electric, Eaton, Toshiba, Bharat Heavy Electrical Limited, Rittal, 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
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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