Global Switchgear Market Overview:
The global switchgear market size will grow to USD 88.5 billion by 2025 (forecast year) from USD 67.5 billion in 2020 (estimated year), at a post COVID-19 CAGR of 5.5% during the forecast period.
Replacement of aging infrastructure in North America, along with upgradation of existing substations due to rising electricity demand in Europe and Asia Pacific are the driving factors for the switchgear market, globally. Switchgear is required to connect the power generating stations to switchyards and the electrical grid. It is one of the most important and critical components in an electrical system. It includes all the devices that ensure power system protection and regulate power supply. Switchgear de-energizes equipment and clears faults in the system, thereby ensuring a reliable power supply. Growing concerns over the reliability of renewable power have boosted the market for renewable generation and distribution, in turn, driving the global switchgear market.
COVID-19 Impact on the Global Switchgear Market
The ongoing COVID-19 pandemic has impacted the switchgear industry globally. Due to the current scenario, various companies in the power sector across regions have to shut down their manufacturing facilities and services as countries practiced partial or full lockdown strategy to deal with the pandemic. The companies across the region have also suspended or delayed thee major power projects. Furthermore, the COVID-19 pandemic has also impacted the ongoing projects and the entire supply chain of the power industry.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1162268
The air insulated switchgear segment is expected to dominate the switchgear market, by insulation type, during the forecast period.
Air insulated switchgearare among the common type of medium-voltage switchgears that are used these days. They are a combination of electrical disconnector switches, circuit breakers, and earth switches that are used to control, isolate, and protect electrical equipment using air as its insulating medium. AISs are relatively cost-effective, pollution-free, simple construction, and easy to maintain than gas insulated switchgear. They are used in transmission & distribution, manufacturing and processing, infrastructure and transportation, oil & gas, and other industries. They are used in transmission & distribution, manufacturing and processing, infrastructure and transportation, oil & gas, and other industries. The companies offering AIS are ABB, Siemens, Eaton, and GE.
The indoor segment is expected to lead the switchgear market, by installation, during the forecast period.
An indoor switchgear is generally of metal-clad type. In this type of construction, all live parts are completely enclosed in an earthed metal casing. A medium-voltage switchgear is primarily installed indoor. The application of indoor switchgears includes power generation and distribution, infrastructure, transportation, manufacturing, oil & gas, mining, and marine. . The renewable sector is also assisting the growth of indoor switchgears, with many solar and wind power plant projects deploying indoor switchgears as an integral part of their power generation and distribution network.
Asia Pacific likely to emerge as the largest switchgear market
The region has been segmented, by country, into China, Japan, India, Australia, and Rest of Asia Pacific. Increasing T&D network expansion and industrialization projects in emerging countries such as India and China are some of the key factors responsible for the growth of the switchgear market. As per the Indian Electrical and Electronics Manufacturer Association (IEEMA), the electricity generation capacity is expected to increase from 200 GW in 2010 to over 800 GW by 2032 to fulfill the increasing demand of customers. Thus, there is a need for a huge investment of approximately USD 300 billion in the next 3–4 years. Also, India is undertaking a lot of smart grid and substation projects to fulfill the growing demand for energy. This would create demand for the switchgear market in the region. However, COVID-19 is expected to have a drastic impact on the market. Also, according to the OECD report on COVID-19, the electric power industry in China has witnessed a 3.6% deviation from the benchmark set in the year 2019. This will definitely have an impact, creating a decline in the demand for switchgears.
Request FREE Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=1162268
Key players in the switchgear market
Some of the key players are ABB (Switzerland), Siemens (Germany), Schneider Electric (France), GE (US), and Eaton (Ireland). The leading players are adopting various strategies to increase their share in the switchgear market.
Browse Related Reports:
Paralleling Switchgear Market by End-User (Industrial, Commercial), Application (Prime, Standby and Peak shave), Transition Type (Open Transition and Closed Transition), Voltage (Low Voltage and Medium Voltage), and Region – Global Forecast to 2023