Press release
Switchgear Market Outlook to 2024 - Mitsubishi Electric Visual and Imaging Systems, Schneider Electric, Toshiba, ABB, GE, Siemens AG, Larson & Turbo, Hitachi
Switchgear Market
China switchgear market is set to surpass USD 20 billion by 2024. Government initiatives pertaining to substitution of conventional energy sources with clean and sustainable energy resources will complement the industry landscape. The National Energy Administration, in 2017, announced to strengthen the sustainable power generation technologies across China with an expenditure worth USD 326.40 billion by 2020.
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Paradigm shift toward energy conservation and strict environmental regulations will boost the growth of the global switchgear market. Rapid technological advancements in smart grid and growing focus toward energy efficient environment will further boost the product penetration. In 2017, Western European nations including France, UK, Germany, Sweden and Italy together, declared a cumulative funding worth USD 133.7 billion for the expansion of smart grid network.
In 2017, vacuum insulation accounted for over half of the global switchgear market share, attributable toward the rising demand for HVDC transmission & distribution networks across industrial sector. In comparison to its counterparts, the effective di-electric strength and high insulation along with fierce installation costs will further fuel the product trade. Toshiba estimated USD 30 million of investment toward the expansion of its transformers and switchgear manufacturing units in 2017 across India.
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. ABB
2. Siemens
3. GE
4. EATON
5. Mitsubishi Electric Systems
6. Schneider Electric
7. Toshiba
8. BHEL
9. Hitachi
10. Crompton Greaves
11. Powell Industries
12. Hubbell power systems
13. Hyosung
14. Fuji Electric
15. Rittal
16. Larson & Toubro
17. Hyundai Ideal Electric
Rational measures toward the electrification of rural regions in Asia Pacific and Africa sustained by growing investments from financial institutions including Asian Development Bank (ADB) and the World Bank will uphold the global switchgear market share. Refurbishment of power grids in war affected regions of Sudan, Iraq and Syria will further energize the industry outlook. The World Bank, in 2017, announced to invest USD 4 million in accordance to Rural Electrification Project II in Vanuatu for the development of power grid infrastructure in the Pacific Island.
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Growing demand for restoration of existing infrastructure along with robust deployment of modern distribution networks will positively influence the U.S. switchgear market share. Rising investments in the projects pertaining to railroad infrastructure supported by government-assisted peninsula grid project will propel the industry dynamics.
The U.S. Federal Administration, in 2017, announced to allocate USD 100 million toward the development of rail networks in San Carlos within the Peninsula Corridor Project.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Corporate Sales, USA
Global Market Insights, Inc.
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