Switchgear Market to Reach USD 170.40 Billion by 2027; Rising Usage of Novel Digital Solutions to Boost Growth, says Fortune Business Insights™

Key Companies Covered in Switchgear Market Research Report Are ABB (Zurich, Switzerland), Schneider Electric (Rueil, Malmaison, France), Hitachi (Tokyo, Japan), Kirloskar Electric Co. Ltd. (Pune, India), Hubbell Incorporated (Connecticut, United States), Mitsubishi Electric (Tokyo, Japan), Siemens Energy (Munich, Germany), Toshiba International Corporation (Texas, United States), CG Power and Industrial Solutions Limited (Mumbai, India), Fuji Electric Co., LTD. (Tokyo, Japan), Powell (Texas, United States), L&T Electrical & Automation (Mumbai, India), HYUNDAI ELECTRIC & ENERGY SYSTEMS CO., LTD. (South Korea), Hyosung Corporation (Seoul, South Korea), Lucy Electric (Oxford, UK), E+I Engineering (Donegal, Ireland).

Pune INDIA


Pune, Sept. 08, 2020 (GLOBE NEWSWIRE) -- The global switchgear market is set to gain momentum from the increasing integration of unique digital solutions and smart monitoring & control units. Besides, the rising investments by regulatory bodies in sustainable power generation technology would propel growth. This information is published in a new report by Fortune Business Insights™, titled, “Switchgear Market Size, Share & COVID-19 Impact Analysis, By Insulation (Gas, Air, Oil, and Vacuum), By Installation (Indoor and Outdoor), By Voltage (Low, Medium, and High), By End-User, and Regional Forecast, 2020-2027.” The report further states that the market size was USD 105.43 billion in 2019 and is projected to reach USD 170.40 billion by 2027, exhibiting a CAGR of 6.6% during the forecast period.

Click here to get the short-term and long-term impact of COVID-19 on this market.


Please visit: https://www.fortunebusinessinsights.com/industry-reports/switchgear-market-100815


Postponement of Major Power Projects amid COVID-19 to Slow Down Growth

The COVID-19 pandemic has resulted in the complete shutdown of manufacturing sites and processing industries in the power industry worldwide. Companies have postponed their investments, mergers & acquisitions, and significant power projects. These factors are expected to cause a decline in the demand for these gears. Our in-depth reports would help you to gain complete information about the effects of the pandemic on the market.

This Report Includes the Following Information:

  • Will the COVID-19 pandemic affect the global market severely?
  • What are the growth drivers, hindrances, and dynamics of the market?
  • How will the key players compete against their rivals in the near future?
  • What are the opportunities and challenges that the market would come across?


Get Sample PDF Brochure: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/switchgear-market-100815


Drivers & Restraints-

Rising Construction of Commercial Buildings to Spur Growth

The rising awareness programs about the new generation mix, as well as the increasing demand for energy to keep up with the rapid urbanization across the globe would affect the switchgear market growth positively in the forthcoming years. Switchgear tools are extensively used in complex industries and electrical substations for maintaining voltage stability & withstanding varying operating voltages. Apart from that, the increasing modernization and development of state-of-the-art industrial structures, such as government offices, banks, power plants, and other commercial buildings would augment growth. However, the efficiency of switchgear equipment installed outdoors can be affected by harsh climatic conditions, such as humidity, pressure, and temperature. This factor may obstruct growth.

Segment-

Gas Segment to Grow Rapidly Stoked by Rising Setup of Variable Voltage Substations

Based on insulation, the gas segment generated 24.6% in terms of switchgear market share in 2019. This growth is attributable to the increasing setup of variable voltage substations globally. The vacuum segment is likely to hold a larger share of the market in the near future because of its ability to lower the carbon emission.


Speak to Analyst: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/switchgear-market-100815


Regional Analysis-

Increasing Electrification Projects to Bode Well for Asia Pacific

Geographically, in 2019, Asia Pacific procured USD 45.98 billion in terms of revenue. This growth is attributable to the high demand for energy from the developing countries, such as South Korea, China, and India because of the increasing number of electrification projects and the urgent need for transmission & distribution (T&D) networks.

North America, on the other hand, is likely to exhibit a considerable growth on account of the rising investments in the commercial and residential sectors. Additionally, the increasing government initiatives and directives to support the sustainable energy mix would drive growth in this region. In the Middle East and Africa, the surging need of electrification projects to provide access to electricity in rural areas would uphold growth.

Competitive Landscape-

Key Companies Aim to Achieve New Orders for Strengthening their Positions

Numerous international and domestic companies operating in the global market are investing hefty amounts of money to acquire local start-ups. Some of the others are also focusing on gaining new orders from their in-house switchgears from reputed organizations. Below are two industry developments:

  • July 2020: Omexom and Evonik placed orders for Green Gas for Grid or ‘g³’ gas-insulated switchgear (GIS) bays from GE’s Grid Solutions. G³ is an alternative to the world’s most potent greenhouse gas called SF₆. It is mainly utilized in high-voltage equipment. This product can be used to cut or dispatch electrical power.
  • November 2018: Bergenshalvøens Kommunale Kraftselskap (BKK Nett) awarded a contract to Siemens Energy Management for providing the former with SF6-free GIS. It has a voltage level up to 145 kilovolts.

List Of Key Companies Profiled In Switchgear Market Are

  • ABB (Zurich, Switzerland)
  • Schneider Electric (Rueil, Malmaison, France)
  • Hitachi (Tokyo, Japan)
  • Kirloskar Electric Co. Ltd. (Pune, India)
  • Hubbell Incorporated (Connecticut, United States)
  • Mitsubishi Electric (Tokyo, Japan)
  • Siemens Energy (Munich, Germany)
  • Toshiba International Corporation (Texas, United States)
  • CG Power and Industrial Solutions Limited (Mumbai, India)
  • Fuji Electric Co., LTD. (Tokyo, Japan)
  • Powell (Texas, United States)
  • L&T Electrical & Automation (Mumbai, India)
  • HYUNDAI ELECTRIC & ENERGY SYSTEMS CO., LTD. (South Korea)
  • Hyosung Corporation (Seoul, South Korea)
  • Lucy Electric (Oxford, UK)
  • E+I Engineering (Donegal, Ireland)


Quick Buy – Switchgear Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/100815


Detailed Table of Content

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Key Emerging Trends – For Major Countries
    • Latest Technological Advancement
    • Regulatory Landscape
    • Industry SWOT Analysis
    • Porters Five Forces Analysis
  • Qualitative Analysis – Impact of COVID-19
    • Impact of COVID-19 on the Switchgear Market
    • Steps Taken by the Government to Overcome the Impact
    • Key Developments by Industry Players in Response to COVID-19
    • Potential Opportunities and Challenges due to COVID-19 Outbreak
  • Global Switchgear Market Analysis (USD Billion), Insights and Forecast, 2016-2027
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Insulation
      • Gas
      • Air
      • Oil
      • Vacuum
    • Market Analysis, Insights and Forecast – By Voltage
      • Low
      • Medium
      • High
    • Market Analysis, Insights and Forecast – By Installation
      • Indoor
      • Outdoor
    • Market Analysis, Insights and Forecast – By End-User
      • T&D Utility
      • Industrial
      • Commercial & Residential
    • Market Analysis, Insights and Forecast – By Region
      • North America
      • Latin America
      • Europe
      • Asia Pacific
      • Middle East and Africa


TOC Continued..


Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/customization/switchgear-market-100815


Have a Look at Related Research Insights:

Transformer Service Market Size, Share and Global Trend By Type (Testing & Monitoring, Maintenance, Others), By Application (Distribution Transformers, Power Transformers, Others) and Geography Forecast till 2026

Transformer Monitoring System Market Size, Share and Global Trend By Type (Hardware, Software) By Service (Oil/Gas Monitoring, Bushing Monitoring, Temperature Monitoring, Partial Discharge Monitoring), By Application (Distribution Transformers, Power Transformers, Others) and Geography Forecast till 2026

Power Cables Market Size, Share & Industry Analysis, By Installation (Overhead, Underground and Submarine) By Cable Type (Low Voltage Cable, Medium Voltage Cable, High Voltage Cable), By Voltage (Up to 240V, 240V-1kV, 1kV-15kV, 15kV-100kV, 100kV-250kV, Above 250kV), By Application (Residential, Commercial, Industrial and Utility), and Regional Forecast, 2020-2027

Cables & Accessories Market Size, Share and Global Trend By Voltage (Low, Medium, High), By Installation (Overhead Cables and Accessories, Underground Cables & Accessories), By End-User (Commercial & Residential, Transportation, Utilities, Oil & Gas, Mining & Metals, Chemical & Petrochemicals, Renewables, Others), and Geography Forecast till 2026

HVDC Cables Market Size, Share and Global Trend, By Cable Type (Mass Impregnated, Extruded, Others), By Transmission Lines (Overhead Line, Underground Line, Submarine Line), and Geography Forecast till 2026


About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in. 

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data. 

At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

Contact Us:
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.
Phone:
US: +1-424-253-0390
UK: +44-2071-939123
APAC: +91-744-740-1245
Email: sales@fortunebusinessinsights.com
Fortune Business Insights™
LinkedIn | Twitter | Blogs

Press Release: https://www.fortunebusinessinsights.com/press-release/switchgear-market-9281