New York, March 24, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Switchboard Global Market Report 2022" - https://www.reportlinker.com/p06247493/?utm_source=GNW
The global switchboard market is expected to grow from $83.49 billion in 2021 to $92.25 billion in 2022 at a compound annual growth rate (CAGR) of 10.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $125.92 billion in 2026 at a CAGR of 8.1%.
The switchboard market consists of revenues generated by entities (organizations, sole traders, or partnerships) that carry out design, manufacturing, and sales of Switchboard.The market also consists of sales of switchboards and related services for distribution of electricity from one electrical source to another electrical source.
Switchboards refer to the power distribution process system which consists of panels with different switches and indicators to direct and control electricity for functioning in circuits.
The main types of switchboards are low-voltage, middle-voltage and high-voltage.A low voltage distribution control panel is the main switchboard that ensures the reliability of an electrical system.
It is the main component that distributes electricity throughout the various parts of a facility. The various product standard of switchboards includes IEC standard and ANSI standard that are used by industrial, residential, commercial and other end users.
Asia Pacific was the largest region in the switchboard market in 2021.Western Europe was the second-largest region in the switchboard market.
The regions covered in the switchboard market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Increasing manufacturing efficiency of products for longer durability increases demand for the switchboards.Major companies are highly focusing on innovations to design switchboards.
Incorporation of new technologies within the production tends to improve its efficiency and service life of the products. For instance, Shanghai municipal government and ABB signed a memorandum and invested about $2.4 billion in China for upgradation of functionality in building smart city with smart manufacturing for efficient and safe connectivity in Shanghai’s local enterprises. Increase in efficiency drives the demand for switchboard, thereby contributing to the growth of the market.
The rising price of raw materials is expected to limit the growth of the switchboard market.The volatility of prices in raw materials such as copper, aluminum and steel is expected to have a significant impact on manufacturing cost of switchboards increasing the expenses of manufacturers.
For instance, in late 2020’s, the Indian manufacturers of steel has increased the steel prices due to rising iron ore prices and strong demand for steel.In December 2020, the steel companies were charging around $34 to $37 (?2,500 to ?2,700) a ton of both flat and long products.
Therefore, such fluctuations in raw material price effect the manufacturing cost of switchboards and this factor is expected to restrain the market growth of switchboard.
Ethernet connected switchboards are widely being used in household and commercial buildings to save energy and reduce maintenance costs.Switchboards can be connected to a computer through an Ethernet cable.
Electricity use, system status and other data is transmitted to the computer through the Ethernet cable.Data obtained on the computer is analyzed by energy experts and suggestions to minimize energy consumption.
For example, Enerlin’x system manufactured by Schneider is a smart panel that transmits energy consumption data to computer through Ethernet and Modbus interfaces. Some of the major companies manufacturing Ethernet connected switchboards include Schneider Electric, Southwire Company LLC, Siemens AG and Prysmian Group.
In August 2021, Mitsubishi Electric Power Products, Inc. (MEPPI) and Mitsubishi Electric Corporation (MELCO) Acquired U.K.-based Smarter Grid Solutions (SGS). SGS is a leading developer of software management solutions for the distributed energy resources (DER) market. Financial terms of the transaction were not disclosed. Globally, the power electric market has been trending toward decentralized generation sources, including DER and SGS’ enterprise software solutions are used to manage power grids and market participation in energy systems with high penetrations of distributed, clean and flexible energy assets. SGS will report into Mitsubishi Electric Corporation’s North American power systems subsidiary, Mitsubishi Electric Power Products, Inc., and will maintain operations in Glasgow, Scotland.
The countries covered in the switchboard market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06247493/?utm_source=GNW
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