According to a new market research report published by Credence Research “Switchgear Market (By Voltage: Low Voltage (Less than 1KV), Medium Voltage (1KV to 75KV) and High Voltage (Above 75KV); By End-use Industry: Transmission & Distribution Utilities, Manufacturing & Process Industries, Commercial & Residential Infrastructure) – Growth, Future Prospects, and Competitive Landscape, 2017-2025”, switchgear market was valued at US$ 89.4 Bn in 2016 and is expected to grow at a CAGR of 9.2 % during the forecast period from 2017 to 2025.
[Note: Our Free Complimentary Sample Report Accommodate a Brief Introduction To The Synopsis, TOC, List of Tables and Figures, Competitive Landscape and Geographic Segmentation, Innovation and Future Developments Based on Research Methodology are also Included]
Switchgear is the arrangement of electrical devices that are integrated into electrical circuits to protect other electrical equipment and appliances from unwanted electrical incidents. Those incidents include short circuits, overloads, voltage spikes and overheating, among others. Switchgears have been used for many years to protect electrical equipment in power plants, transmission and distribution systems, manufacturing and processing sectors, and commercial and residential infrastructures. Switchgears offers superior protection as compared to the usual protection offered individually by the fuse and other safety products. Consequently, due to the merits listed above, the market for switchgears is expected to rise steadily in the years to come.
Rising demand for electricity has spurred the construction of new power plants around the world. Switchgears are used to ensure the safety of heavy and expensive machinery and facilities in power plants. Switchgears are also used to secure electrical devices used in the construction and re-establishment of transmission and distribution utilities.
With ever-increasing power plants and renovations and improvements to power grids, the demand for switchgears is expected to increase throughout the forecast period. In addition, switchgears are also used to avoid electrical damage to machinery and facilities used in the manufacturing and distribution sectors, as well as to residential and commercial buildings. With the growth in the above-mentioned industries, the switchgear market is also expected to show significant growth in the years to come.
Switchgears market is highly fragmented and comprises several international manufacturers, as of 2016. With consistent up-gradation of electrical infrastructure and network, switchgear manufacturers are extensively striving to expand their sales and distribution network. Companies are concentrating on new and emerging markets in the Asia-Pacific, Middle East and Africa (MEA) and Latin America regions. Major players in the market include ABB Ltd., Eaton Corporation PLC, General Electric Company, Mitsubishi Electric Corporation, TE Connectivity Ltd., Toshiba Corporation, Schneider Electric SA, Siemens AG, Hitachi Ltd, Crompton Greaves Ltd., Alstom SA, and Hyundai Heavy Industries Co. Ltd.
High investments in up-gradation of transmission and distribution infrastructure
Growing awareness of energy efficiency measures and renewable energy projects
Expansion of sales and distribution network in new and emerging markets