Switchgear Market to Reach USD 170.40 Billion by 2027 | Fortune Business Insights

According to Fortune Business Insights, the global Switchgear market size is projected to grow from USD 105.43 Billion in 2019 to USD 170.40 Billion in 2027 at CAGR of 6.6% during forecast period.

Pune, India, Feb. 02, 2023 (GLOBE NEWSWIRE) — The global switchgear market size was valued worth USD 105.43 billion in 2019 and is expected to reach USD 170.40 billion by 2027, growing at a CAGR of 6.6%. The growing demand for energy and urbanization are expected to drive the market. The market is expected to grow due factors such as the integration of digital solutions and smart monitoring and control units, as well as increased investment in sustainable power generation technology. This information is published by Fortune Business Insights, in its latest published report titled, “Switchgear Market Size, Share & COVID-19 Impact Analysis, By Insulation (Gas, Air, Oil, and Vacuum), By Installation (Indoor and Outdoor), By Voltage (Low, Medium, and High), By End-User, and Regional Forecast, 2020-2027”.

Key Industry Developments:

July 2020: Omexom and Evonik placed orders for Green Gas for Grid or ‘g³’ gas-insulated switchgear (GIS) bays from GE’s Grid Solutions. G³ is an alternative to the world’s most potent greenhouse gas called SF₆. It is mainly utilized in high-voltage equipment. This product can be used to cut or dispatch electrical power.

November 2018: Bergenshalvøens Kommunale Kraftselskap (BKK Nett) awarded a contract to Siemens Energy Management for providing the former with SF6-free GIS. It has a voltage level up to 145 kilovolts.

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Report Coverage Details
Forecast Period 2020-2027
Forecast Period 2020 to 2027 CAGR 6.6%
2027 Value Projection USD 170.40 Billion
Base Year 2019
Market Size in 2019 USD 105.43 Billion
Historical Data for 2016-2018
No. of Pages 190
Segments covered Switchgear Market Size, Share & COVID-19 Impact Analysis, By Insulation (Gas, Air, Oil, and Vacuum), By Installation (Indoor and Outdoor), By Voltage (Low, Medium, and High), By End-User And Regional
Growth Drivers Rising Construction of Commercial Buildings to Spur Growth  
  Postponement of Major Power Projects amid COVID-19 to Slow Down Growth

Drivers & Restraints-

The growth of the switchgear market in the coming years is expected to be positively impacted by the increasing awareness of new energy mixes and the demand for energy to keep up with rapid urbanization worldwide. Switchgear equipment is widely used in complex industries and electrical substations to maintain voltage stability and handle varying operating voltages.

Furthermore, the growth of the market will be driven by the modernization and development of state-of-the-art industrial structures such as government buildings, banks, power plants, and other commercial buildings. However, the performance of switchgear equipment installed outdoors may be hindered by harsh weather conditions, including humidity, pressure, and temperature, which could limit growth.

COVID-19 Impact:

The COVID-19 pandemic has resulted in the complete shutdown of manufacturing sites and processing industries in the power industry worldwide. Companies have postponed their investments, mergers & acquisitions, and significant power projects. These factors are expected to cause a decline in the demand for switchgears. Our in-depth reports would help you to gain complete information about the effects of the pandemic on the market.

To get to know more about the short-term & long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/switchgear-market-100815

This Report Includes the Following Information:

  • Will the COVID-19 pandemic affect the global market severely?
  • What are the growth drivers, hindrances, and dynamics of the market?
  • How will the key players compete against their rivals in the near future?
  • What are the opportunities and challenges that the market would come across?

Segment Analysis –

Gas Segment to Grow Rapidly Stoked by Rising Setup of Variable Voltage Substations

Based on insulation, the gas segment generated 24.6% in terms of switchgear market share in 2019. This growth is attributable to the increasing setup of variable voltage substations globally. The vacuum segment is likely to hold a larger share of the market in the near future because of its ability to lower the carbon emission.

Regional Analysis-

Increasing Electrification Projects to Bode Well for Asia Pacific

In 2019, the Asia Pacific region accounted for USD 45.98 billion in revenue due to the high demand for energy from developing countries such as South Korea, China, and India, driven by a growing number of electrification projects and the need for transmission and distribution networks.

North America is expected to experience substantial growth due to rising investments in the commercial and residential sectors and government efforts to promote sustainable energy sources. Meanwhile, the growing need for electrification projects to bring electricity to rural areas in the Middle East and Africa will drive growth in the region.

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Competitive Landscape-

Key Companies Aim to Achieve New Orders for Strengthening their Positions

Numerous international and domestic companies operating in the global market for switchgears are investing hefty amounts of money to acquire local start-ups. Some of the others are also focusing on gaining new orders from their in-house switchgears from reputed organizations.

A List of Key Manufacturers Operating in the Global Market:

  • ABB (Zurich, Switzerland)
  • Schneider Electric (Rueil, Malmaison, France)
  • Hitachi (Tokyo, Japan)
  • Kirloskar Electric Co. Ltd. (Pune, India)
  • Hubbell Incorporated (Connecticut, United States)
  • Mitsubishi Electric (Tokyo, Japan)
  • Siemens Energy (Munich, Germany)
  • Toshiba International Corporation (Texas, United States)
  • CG Power and Industrial Solutions Limited (Mumbai, India)
  • Fuji Electric Co., LTD. (Tokyo, Japan)
  • Powell (Texas, United States)
  • L&T Electrical & Automation (Mumbai, India)
  • HYUNDAI ELECTRIC & ENERGY SYSTEMS CO., LTD. (South Korea)
  • Hyosung Corporation (Seoul, South Korea)
  • Lucy Electric (Oxford, UK)
  • E+I Engineering (Donegal, Ireland)

Switchgear Market Segmentation:

By Insulation:

  • Gas
  • Air
  • Oil
  • Vacuum

By Voltage:

  • Low
  • Medium
  • High

By Installation:

  • Indoor
  • Outdoor

By End-User:

  • T&D Utility
  • Industrial
  • Commercial & Residential

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Table of Content:

1.       Introduction

1.1.    Research Scope

1.2.    Market Segmentation

1.3.    Research Methodology

1.4.    Definitions and Assumptions

2.       Executive Summary

3.       Market Dynamics

3.1.    Market Drivers

3.2.    Market Restraints

3.3.    Market Opportunities

4.       Key Insights

4.1.    Key Emerging Trends – For Major Countries

4.2.    Latest Technological Advancement

4.3.    Regulatory Landscape

4.4.    Industry SWOT Analysis

4.5.    Porters Five Forces Analysis

5.       Qualitative Analysis – Impact of COVID-19

5.1.    Impact of COVID-19 on the Switchgear Market

5.2.    Steps Taken by the Government to Overcome the Impact

5.3.    Key Developments by Industry Players in Response to COVID-19

5.4.    Potential Opportunities and Challenges due to COVID-19 Outbreak

6.       Global Switchgear Market Analysis (USD Billion), Insights and Forecast, 2016-2027

6.1.    Key Findings / Summary

6.2.    Market Analysis, Insights and Forecast – By Insulation

6.2.1.       Gas

6.2.2.       Air

6.2.3.       Oil

6.2.4.       Vacuum

6.3.    Market Analysis, Insights and Forecast – By Voltage

6.3.1.       Low

6.3.2.       Medium

6.3.3.       High

6.4.    Market Analysis, Insights and Forecast – By Installation

6.4.1.       Indoor

6.4.2.       Outdoor

6.5.    Market Analysis, Insights and Forecast – By End-User

6.5.1.       T&D Utility

6.5.2.       Industrial

6.5.3.       Commercial & Residential

6.6.    Market Analysis, Insights and Forecast – By Region

6.6.1.       North America

6.6.2.       Latin America

6.6.3.       Europe

6.6.4.       Asia Pacific

6.6.5.       Middle East and Africa

Continued…

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