February 23, 2018
WELLESLEY, Mass., Feb. 23, 2018 – Growing demand from manufacturing companies, and power generation and distribution companies, along with advances in smart grid and IoT technologies, should drive solid growth in the switchgear manufacturing industry over the coming years. In a new report, Switchgear Manufacturing: Global Markets to 2022, BCC Research estimates this global market will grow from $85.4 billion in 2017 to $118.7 billion by 2022, indicating a compound annual growth rate (CAGR) of 6.8%.
Tax waivers and government subsidies for power generation, transmission and distribution companies have increased global demand for switchgears. Increased access to electricity in developing countries, rising investments in smart grid networks in developed economies and growth expansion in emerging markets are driving demand, as well. Other key growth factors include low interest rates, rapid global urbanization, a rising global population, technology advancements, and growth in both the manufacturing industry and in renewable energy generation.
The market for switchgear manufacturing remains marginally consolidated with a few large players dominating the market. Major players include Schneider Electric, Siemens and Toshiba Corporation. In the past three years, the market has witnessed low merger and acquisition activity despite major deals realized by ABB Ltd., Toshiba Corporation, AZZ and Fuji Electric.
“The report indicates that switchgear manufacturers are increasingly outsourcing their manufacturing process to small-scale manufacturers,” said Gordon Nameni, Senior Editor, BCC Research. “Outsourcing allows companies to reduce costs and focus more on product development and the marketing of the switchgears.”
Editors/reporters requesting analyst interviews should contact email@example.com.
Switchgear Manufacturing: Global Markets to 2022( MFG044A )
Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher. For media inquiries, email firstname.lastname@example.org or visit www.bccresearch.com/media to request access to our library of market research.