Press release
An outline of Switchgear Market with reference to the geographical landscape:Siemens, ABB, GE, Mitsubishi Electric Systems, EATON, Schneider Electric, BHEL, Toshiba, Crompton Greaves, Hubbell power systems, Hitachi, Powell Industries, Fuji Electric, Hyosu
Switchgear Market
Rising investment towards the infrastructure development across developing economies will stimulate the switchgear market growth. Growing demand for control distribution systems and advanced monitoring units along with the replacement and modernization of aging electrical networks will further enhance the business outlook. The Government of Serbia targets the upgradation of its present grid infrastructure and entered into a strategic partnership with the Government of China. China has further proclaimed, investments over USD 6.14 Billion in 2017.
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Paradigm shift towards conservation of energy and stringent environmental regulations will fuel the growth of the global market. Swift advancement in smart grid technologies and increasing focus towards energy efficient environment will further embark the product demand. In 2017, Western European countries including UK, France, Germany, Italy and Sweden together, declared a cumulative investment of USD 133.7 Billion for smart grid network expansion.
An insight into China switchgear market
China market size is set to reach over USD 20 Billion by 2024. Initiatives taken by the Government corresponding to substitution of conventional sources of energy with sustainable and clean energy resources will strengthen the industry outlook. In 2017, as broadcasted by National Energy Administration, amplification of renewable power generation technologies across China to involve an expenditure worth USD 326.38 Billion by 2020.
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An insight into Europe switchgear market
Europe, having marked its position as one of most established and developed continents across the globe, is expected to boast of substantial contributions toward switchgear industry. The region is likely to be augmented by the innumerable initiatives undertaken by the regional governments. An apt instance of the aforementioned statement is the recent announcement by the Western Europe governments with regards to the expansion of smart grid networks. Apparently, all the Western European countries along the likes of France, UK, Italy, Sweden, and Germany have jointly announced a mammoth investment of USD 133.7 billion toward refurbishing smart grid networks across the continent, which would unquestionably carve out a positive growth path for the regional switchgear market.
An insight into U.S. switchgear industry
The United States is undeniably a potential hotbed for investors staking their claim in switchgear market. One of the prime reasons for this proposed claim is the extensive demand for power in the country that is vividly palpable. With a massive rise in power consumption, the government has been attempting to upgrade older electric networks and power grids for electricity transmission, which has been forecast to act as a major factor propelling U.S. switchgear market. Several investments have been undertaken in the recent years across electric networks and residential and commercial sectors with an aim to upgrade power grids that will ultimately stimulate switchgear industry size, slated to surpass a mammoth valuation of USD 160 billion by 2024.
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Switchgear Market, By Voltage
• Low (LV)
• Medium (MV)
• High (HV)
Switchgear Market, By Insulation
• Air
• Gas
• Oil
• Vacuum
• Others
Switchgear Market, By Installation
• Indoor
• Outdoor
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