Pune, Sept. 30, 2019 (GLOBE NEWSWIRE) -- The global Switchgear Market is likely to derive growth from the increasing product variations and availability in a wide range of voltages and power ratings. According to a report published by Fortune Business Insights, titled “Switchgear Market Size, Share & Industry Analysis, By Insulation (Gas, Air, Oil, Vacuum), By Voltage (Low, Medium, High), By End-User (T&D Utility, Industrial, Commercial & Residential), By Installation (Indoor, Outdoor) and Regional Forecast, 2019-2026,” the market was valued at USD 98.08 Billion in 2018 is projected to reach USD 168.17 Billion by 2026, exhibiting a CAGR of 6.84% during the forecast period.
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Switchgears are used in electric power system that functions as circuit breakers. Switchgears are used to disconnect fuses and set of switches in cases of malfunction or failures. In operations that involve high voltages and current flow, safety becomes an integral part of the overall functioning. In addition to safety, switchgears can be used to avoid the flow of overvoltage an overcurrent and avoid short circuits and circuit failures, thereby minimizing undesired financial burden. The switch gears play an important part in transferring electricity from substations and power stations to domestic and industrial places. The growing emphasis on transferring power and making electricity available to rural places by government and public organizations will contribute to the demand and subsequent adoption for switchgears in several countries across the world.
Asia Pacific Currently Holds a Lion’s Share in Switchgear Market
The advancing transmission and network in densely populated countries such as Japan, China, and India has fuelled the demand for switchgears across the Asia Pacific. The presence of several rural areas in India and the emphasis on providing power to these regions by the government of India will contribute to the demand for switchgears in the Asia Pacific. The use of switch gears has risen significantly, due to the improvements in product design and an increase in the overall efficiency. Additionally, the availability of switchgears at reduced costs will constitute an increase in the Asia Pacific Switchgear Market size in the forthcoming years. The Switchgear Market in Asia Pacific was valued at USD 44.30 Bn in 2018 and is likely to increase at an impressive CAGR during the forecast period.
Medium Voltage Switchgears to Exhibit the Highest CAGR
The report has classified the global Switchgear Market in terms of factors such as insulation, installation, voltage, end user, and regional demographics. Among the voltage types, the medium voltage switchgears are likely to witness the highest CAGR, owing to the high demand for the products across the globe. Medium voltage switch gears offer a wide range of voltages which can range from 3kV and 36 kV. This range holds a high potential for several applications and as a result, Fortune Business Insights labels out medium segmentation as the one to witness the highest growth rate during the forecast period. Medium voltages can support applications in industrial and building infrastructures. The growing industrialization and improving industrial infrastructure will fuel the demand for these products in the forthcoming years. The low and high voltage type of switchgears will witness comparatively lesser growth due to a narrow application range.
Some of the leading companies that are operating in the global Switchgear Market are:
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