Switchgear Market Expected to Grow at 143.5 Billion In Revenue by 2024| Global Major Manufacturers, Production and Sales Market Comparison

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The Switchgear Market is projected to reach US$ 143.5 Billion by 2024 from an estimated USD 102.6 Billion in 2019, at a CAGR of 6.9%. This report spread across 137 pages, profiling 18 companies and supported with 95 tables and 34 figures is now available in this research.

“The gas insulated switchgear segment, by insulation, is expected to be the fastest growing market from 2019 to 2024.”
The Gas Insulated Switchgear (GIS) segment is expected to hold the largest market share in 2019 and is projected to be the fastest growing segment during the forecast period. They are mainly used in industrial areas to fulfill high-energy demands through a space-saving design of minimum cost. The gas insulated switchgears are deployed in various industries, serving different needs at varying voltage levels.

“The indoor segment, by installation, is expected to be the largest market from 2018 to 2023.”
The hardware segment is expected to hold the largest market share during the forecast period because of its vast implementation. The renewable sector is also assisting the growth of the indoor switchgear market, with many solar and wind power plant projects deploying indoor switchgear as an integral part of their power generation and distribution network.

“Rapid expansion of power plants and transmission lines to meet the growing electricity requirements is expected to drive the T&D utilities segment between 2019 and 2024.”
The T&D utilities segment, by end user, held the largest market share in 2018 and is estimated to be the fastest growing segment during the forecast period because the utilities segment is responsible for the generation, transmission, and distribution of electricity. Electric utilities include investor-owned and publicly-owned cooperatives and nationalized entities, which are the major providers of electricity in most of the countries, worldwide.

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“Europe: The second fastest growing market for switchgear.”
The European region is expected to be the second fastest growing market for switchgear by 2024. The European power generation, transmission, and distribution systems are comparatively mature. Therefore, the EU is focusing on upgrading its aging infrastructure, integrating renewable energy sources such as solar and wind power, and building interconnections to enable more efficient power and energy trading.

Breakdown of primary participants’ profile:
• By Company Type: Tier 1- 60%, Tier 2- 23%, and Tier 3- 17%
• By Designation: C-Level- 35%, Director Level- 25%, and Others- 40%
• By Region: Asia Pacific- 30%, Europe- 23%, North America- 19%,Middle East & Africa-15%, and South America- 13%

Report Highlights:
• To forecast the growth of the switchgear market with respect to major regions (Asia Pacific, Europe, North America, South America, and the Middle East and Africa)

• To define, describe, and forecast the global switchgear market by insulation, installation, end-user, voltage, and region

• To provide detailed information on the major factors influencing the growth of the switchgear market (drivers, restraints, opportunities, and industry-specific challenges)

• To strategically analyze the switchgear market with respect to individual growth trends, prospects, and contribution of each segment to the market

• To analyze market opportunities for stakeholders and details of a competitive landscape for market leaders

• To strategically profile key players and comprehensively analyze their market rankings and core competencies

• To track and analyze the competitive developments such as contracts & agreements, investments and expansions, new product developments, mergers & acquisitions, and partnerships in the switchgear market

Competitive Landscape of Switchgear Market:
1 Overview
2 Competitive Leadership Mapping (Overall Market)
3.1 New Product Development Dynamic Differentiators
3.2 Innovators
3.3 Visionary Leaders
3.3 Emerging Companies
3 Competitive Scenario
3.1 New Product Development
3.2 Mergers & Acquisitions
3.3 Contracts & Agreements

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Top Key Players profiled in the Switchgear Market include are Schneider Electric (France), Siemens AG (Germany), ABB (Switzerland), General Electric (US), and Eaton (Ireland).

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