Switchgears Market Poised to Incur Steadfast Growth During 2020
On the basis of product types, switchgear market can be broadly categorized as conventional switchgear and modular/integrated switchgear. The conventional switchgear system comprises various components such as transformers, circuit breakers and dis connectors, which needs more space for installation and comparatively more costly than that of modular switch gear. To overcome these issues modular type of switchgear are used by integrating these functions into one breaking chamber of circuit breaker. With the trend of shifting from conventional switchgear to modular/integrated the global switchgear market is projected to grow with double digit CAGR.
The global switchgear market is geographically segmented into seven key regions which are, North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan and Middle East & Africa.Asia-Pacific holds the major share in global switchgear market, followed by North America South America, and Europe respectively. Asia-Pacific switchgear market is expected to maintain its dominance in global switchgear market during the forecast period. Emerging countries like India and China in Asia-Pacific region are extensively up grading and installing new transmission lines and distribution networksto uphold the infrastructural developments, which is expected to be major driving factor of global switchgear market.
On country level, China dominates in the global switchgear market with more than 18-20% of share. Against the dynamic economic conditions, the Eastern and Western Europe switchgear market are also expected to contribute significant amount of share inglobal switchgear market during the forecast period due to the increasing infrastructure development for renewable energy sources. North America switchgear market is also expected to contribute significant amount of shares during forecast period due to various factors like growing market for grid modernization, replacement of old installations along with capacity enhancement.
On the basis of operating voltage rating, the global switchgear market is segmented into three categories which are global low voltage switchgear market, global medium voltage switchgear market and global high voltage switchgear market. Rapid growth in industrialization of small and medium scales in developing countries like China, India and developed countries like Japan is expected to be prominent countries for low and medium voltage switchgear market. In terms of market shares medium voltage switchgear market segment dominates the global switchgear market, whilst in terms of growth rate low voltage switchgear market is projected to offer double digit CAGR, higher than that of other voltage sub-segments.
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The keyparticipants in global switchgear market focus on introducing new technology and innovative products at competitive prices together with new application in order to distinguish themselves from that of the competitors. Major players reigning over the global switchgear market include Schneider Electric SA, Mitsubishi Electric Corporation, Siemens AG, ABB Ltd, Powell Industries Inc., Eaton Corporation and General Electric Company, amongst other.
Some of the recent technological developments in switchgears market such as magnetic actuation and arc-resistance technology have been undertaken by OEMs focusing upon enhancing efficiency and reliability of switchgear equipment. In future such technological up gradation will add value and spur the demand in global switchgear market.
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