Global Switchgear Market
The Global Switchgear Market was valued at USD 84.21 billion in 2016 and is projected to reach USD 157.18 billion by 2025, growing at a CAGR of 7.18% from 2017 to 2025.
Switchgear is the combination of electrical disconnects switches, fuses or circuit breakers used to control, protect and isolate electrical equipment. Switchgears are used to de-energize equipment to allow work to be done and to clear faults downstream. Benefits of using switchgear include – safety, reliability, flexibility, longevity, environmentally responsible, quick operation, and provision for manual control.
1. Market Drivers
1.1 Emergence of smart cities
1.2 Growth of construction & developmental activities
1.3 Rising access to electricity in developing countries
1.4 Aging power infrastructure
1.5 HVDC transmission
2. Market Restraints
2.1 Poor cyber security
2.2 Changing prices of raw materials
2.3 Poor environmental & safety regulations for Sf6 switchgears
The Global Switchgear Market is segmented on the equipment, voltage, end user, and region.
1.1 Circuit breakers
1.2 Gas insulated switchgear
1.3 Air Insulated switchgear
2. By Voltage:
2.1 < 1 kV
2.2 1–36 kV
2.3 36–72.5 kV
2.4 > 72.5
3. By End User:
3.1 Manufacturing and Process Industries
3.2 Commercial and Residential Infrastructure
3.3 Transmission and Distribution Utilities
4. By Region:
4.1 North America (U.S., Canada, Mexico)
4.2 Europe (Germany, UK, France, Rest of Europe)
4.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
4.4 Latin America (Brazil, Argentina, Rest of Latin America)
4.5 Middle East & Africa
The major players in the market are as follows:
1. CG Power and Industrial Solutions Limited
2. ABB Ltd.
3. Hyundai Heavy Industries Co., Ltd.
4. Hyosung Corporation
5. Hitachi Ltd.
6. Siemens AG
7. Schneider Electric SE
8. Toshiba Corporation
9. General Electric Company
10. TE Connectivity Ltd.
11. Larsen & Toubro Limited
12. Powell Industries, Inc.
13. Eaton Corporation PLC
14. Mitsubishi Electric Corporation
15. Alstom SA
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Global Switchgear Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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