Wilmington, Delaware, United States, Sept. 07, 2023 (GLOBE NEWSWIRE) -- The global high-voltage switchgear market is projected to flourish at a CAGR of 5.3% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 24.1 billion is anticipated for the market in 2031. As of 2023, the market for high-voltage switchgear is expected to close at US$ 16.2 billion.
High-voltage switchgear is primarily used to manage and regulate the flow of electrical power in substations, power generation facilities, and transmission and distribution networks.
The increase in industrial and commercial activities and increase in energy demand globally and expansion of smart grid systems to drive the growth of the high voltage switchgear market.
Increasing governments investment in grid modernization, which is driving demand for high-voltage switchgear that can integrate seamlessly with smart grid systems. High-voltage switchgear within a smart grid can also contribute to energy efficiency by minimizing losses during transmission and distribution. It enables the grid to operate at higher voltages, reducing energy wastage.
The leading manufacturers are focusing on innovation in design and engineering to offer more compact, efficient, and affordable high-voltage electrical gear solutions.
Technological advancements, such as the development of more efficient and environmentally friendly switchgear, are influencing the market globally. Rapid urbanization and infrastructure development projects, particularly in emerging economies, lead to increased demand for electricity and, consequently, high voltage switchgear.
In a nutshell, the Transparency Market Research Report is essential reading for start-ups, individuals in the industry, investors, researchers, consultants, business strategists, and anyone seeking to gain insight into this particular sector. Take a brief look at it: https://www.transparencymarketresearch.com/high-voltage-switchgear-market.html
Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 15.4 Bn | |
| Estimated Value | US$ 24.1 Bn | |
| Growth Rate - CAGR | 5.3% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 146 Pages | |
| Market Segmentation | Component, Insulation Type, Application | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | ABB Ltd., Bharat Heavy Electricals Limited, Crompton Greaves Limited, Eaton Corporation, Fuji Electric Co., Ltd., General Electric, Hitachi Energy Ltd., Hyosung Corporation, Mitsubishi Electric Corporation, Siemens AG, Toshiba Corporation, Other Key Players | |
Key Takeaways from the Market Study
- As of 2022, the high voltage switchgear market was valued at US$ 15.4 billion
- By component, the circuit breaker segment to enjoy high demand, accumulating a high revenue share during the forecast period.
- Based on insulation type, the gas-insulated segment is anticipated to dominate the industry during the forecast period
- Based on application, the power generation segment is expected to generate high revenue during the forecast period.
High-voltage Switchgear Market: Key Trends and Opportunistic Frontiers
- growing adoption of electric vehicles (EVs) and the development of EV charging infrastructure increase the demand for high voltage switchgear to handle the electrical distribution and charging requirements.
- The integration of digital technologies and smart grid systems requires advanced switchgear with remote monitoring and control capabilities. This enables utilities to optimize grid performance and respond quickly to faults.
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High-voltage Switchgear Market – Regional analysis
- Asia Pacific is anticipated to hold largest share of the high voltage switchgear market during the forecast period. Rapid urbanization and the subsequent investment in infrastructure development are fueling the market dynamics of the region. Investments in renewable energy, coupled with urban expansion, have boosted the demand for high-voltage switchgear in countries like China and India.
- North America is expected to account for significant share in the high voltage switchgear market owing to the increase in renewable energy generation, particularly in the United States and Canada. Stringent regulations regarding grid reliability and safety have also contributed to market growth.
Competitive Landscape
The high voltage switchgear market is highly consolidated with the presence of a few market players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global high voltage switchgear market report:
- ABB Ltd.
- Bharat Heavy Electricals Limited
- Crompton Greaves Limited
- Eaton Corporation
- Fuji Electric Co., Ltd.
- General Electric
- Hitachi Energy Ltd.
- Hyosung Corporation
- Mitsubishi Electric Corporation
- Siemens AG
- Toshiba Corporation
- Other Key Players
Key Developments in the High voltage switchgear market
- In January 2020 - Siemens to acquire C&S Electric in India to meet growing electrification needs. Acquisition to address rising demand for low-voltage power distribution in India Siemens to acquire 99% of C&S Electric Limited from its promoters.
- In August 2023 - Hitachi Energy, a global technology leader advancing a sustainable energy future for all, and Google Cloud have signed a strategic agreement to collaborate and co-create on multiple cloud software products and services designed to support the global energy transition.
- Toshiba offered a comprehensive range of high voltage switchgear solutions, including both air-insulated switchgear (AIS) and gas-insulated switchgear (GIS). These products were designed for a variety of applications, including power generation, transmission, and distribution. The company focused on improving the performance, reliability, and safety of its switchgear products. This included developments in insulation materials, arc-quenching techniques, and monitoring systems.
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High-voltage Switchgear Market – Key Segments
Component
- Circuit Breaker
- Switch
- Relay
- Busbar
- Others (Indicator Light, Knife, etc.)
Insulation Type
- Gas-insulated
- Oil-insulated
- Air-insulated
Application
- Power Generation
- Power Transmission
- Power Distribution
- Industrial
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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