Dublin, May 17, 2024 (GLOBE NEWSWIRE) -- The "High Voltage Switchgear Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global high voltage switchgear market is set to experience substantial growth with a projected increase from $10.87 billion in 2023 to an estimated $14.65 billion by 2028.
This growth, representing a compound annual growth rate (CAGR) of 6.3% during the forecast period, is attributed to several dynamic factors including the integration of renewable energy sources, modernization of electrical grids, electrification trends, infrastructure development, and advancements in technology.
Driving Factors
Key market drivers include industrialization, urbanization, and the critical need for a reliable and constant electricity supply. The scale of economic development and efforts to alleviate poverty are closely linked to electricity availability. International Energy Agency projections highlight the significance of the demand for electrical generation, indicating an annual growth rate of 2.1% until 2040.
Mobile Substations and Industry Trends
As demand for electricity continues to grow and the energy landscape evolves with renewable integrations, the high voltage switchgear market is positioned for continued expansion and innovation, contributing to the overall global energy efficiency and reliability.
A noteworthy industry trend is the incorporation of mobile substations by telecommunications and electronics companies. These substations, designed for rapid deployment, play a significant role in providing on-demand energy generation and in emergency response scenarios. Innovation remains a constant in the industry with companies focusing on space-efficient switchgear solutions that ensure reduced installation and maintenance costs while enhancing operational efficiency. Strategic acquisitions are underway as corporations such as Vertiv Holdings Co. seek to reinforce market presence and enrich product portfolios for integrated and unified power infrastructure management solutions.
Global Reach
The Asia-Pacific region leads the high voltage switchgear market, followed by Western Europe, and the market spans across numerous countries including but not limited to Australia, Brazil, China, France, Germany, India, and the United States. The high voltage switchgear market encompasses the sales of various types of switchgear products, offering crucial solutions across different sectors of the industry. These include utility companies, industrial sectors, and infrastructure development, emphasizing the diversity and indispensability of high-voltage switchgear in the global market.
Technological Innovations
Technological advancements in the industry are shaping the market landscape, especially the adoption of digital twins and smart grid systems. Insulation types such as gas-insulated, air-insulated, and oil-insulated high-voltage switchgears remain pivotal in their application to transmission networks and various industrial sectors.
Renewable Energy Integration
The high voltage switchgear market is slated to benefit markedly from the rapid adoption of renewable energy sources like solar, wind, and hydropower. As renewable installations grow, such as the 231 GWdc of global photovoltaic installations by April 2023, the need for high-voltage switchgear becomes even more paramount in managing grid stability and variable power loads.
Market Constraints
Fluctuating raw material prices pose a challenge to market growth, affecting the manufacturing process and potentially increasing the risk of equipment malfunctions.
A selection of companies mentioned in this report includes, but is not limited to:
- ABB Ltd.
- General Electric Company
- Crompton Greaves Limited
- Fuji Electric Co. Ltd.
- Hitachi Ltd.
- Hyosung Corporation
- Mitsubishi Electric Corporation
- Toshiba Corporation
- Siemens Aktiengesellschaft
- Eaton Corporation plc
- Schneider Electric SE
- China XD Electric Co. Ltd.
- Henan Pinggao Electric Co. Ltd.
- Hyundai Heavy Industries Co. Ltd.
- Nissin Electric Co. Ltd.
- Shanghai Siyuan Electric Co. Ltd.
- Bharat Heavy Electricals Limited
- LSIS Co. Ltd.
- Shenyang High-Voltage Switchgear Co. Ltd.
- Energomash
- New Northeast Electric Group High Voltage Switchgear Co. Ltd.
- Shandong Taikai High-volt Switchgear Co. Ltd.
- Larsen & Toubro Limited
- Hubbell Incorporated
- Powell Industries Inc.
- Rittal GmbH & Co. KG
- Meidensha Corporation
- Iljin Electric Co. Ltd.
- Ormazabal Velatia S.L.
- Alstom SA
- OJSC Power Machines
- Howard Industries Inc.
- Koncar Distribution and Special Transformers Inc.
- Ormazabal
- Raychem RPG Private Limited
- SPX Transformer Solutions Inc.
- Tianan Electric Group Co. Ltd.
- Transformers and Rectifiers (India) Limited
- Triad Magnetics
- Voltamp Transformers Limited
For more information about this report visit https://www.researchandmarkets.com/r/3tvzb2
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