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Switchgear Market 2019 | Top Players are ABB, General Electric, Eaton Corporation, Mitsubishi Electric Corporation, Toshiba, Schneider Electric, Siemens, Bharat Heavy Electricals Limited, Hitachi Limited

10-18-2019 07:14 PM CET | Energy & Environment

Press release from: Global Market Insights, Inc.

Switchgear Market 2019 | Top Players are ABB, General Electric,

Switchgear market is likely to witness an appreciable growth map over the years ahead, primarily on account of the substantial contribution of the industry players. Recently, ABB, the world’s largest builder of electricity grids outlined a plan to expand the company’s capacity by opening a new 2,200 square meter facility in Southern Africa. This facility is likely to fulfil the requirement of low & high voltage switchgears and medium voltage products over the years ahead. In addition to this, ABB is willing to launch distribution transformers in the South African marketplace. The installation of this new facility will also prove to be useful for neighbor countries such as Zambia and Angola. ABB’s widespread experience in automation and power technologies will help in the development of enhanced power grids across Africa, thereby creating an impact on the global switchgear market.

Reports suggest that in 2017, vacuum insulation covered more than 50% of the overall switchgear industry share, driven by the increasing need to maintain safety in power networks. Furthermore, this type of insulation offers flexible power frequencies and possesses high impulse to withstand voltages. Vacuum insulation also boasts of ease of usage and noise and pollution free operation, paving the way for vacuum insulation switchgear market to garner appreciable gains ahead.

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The implementation of switchgears in power networks helps to provide cost-effective and reliable distribution & transmission of electric energy. The ever growing demand for electricity has fueled the need for electric system installations on a large scale. The governments of various countries are investing heavily to enhance the current energy grid capacity, which will influence switchgear industry share positively. To avoid the chances of short circuits, there is huge requirement for interrupting breakers, high capacity transformers, and switchgear ratings as well, which will serve to augment the business expansion.

Switchgear Market, Growth drivers
• Favorable government initiatives/targets toward renewable energy integration
• Rising investments in rural electrification and expansion of microgrid networks

To promote the development and innovation of electricity networks across the Europe, the European Electricity Grid Initiative (EEGI) suggested the implementation of the European research, development, and demonstration (RD&D) program. The main objective of this program is the production of completely decarbonized electricity production by 2050 and the distribution & transfer of 35% of the electricity demand from renewable energy sources by 2020, which will make a profound impact on Europe switchgear industry.

Browse Report Summery @ https://www.gminsights.com/industry-analysis/switchgears-market

The directive validates the immense role that regulatory bodies and industry contenders have to play toward the growth of the overall switchgear market, via profound initiatives and efforts to develop low carbon energy technologies. As per a report by Global Market Insights, Inc., worldwide switchgear market will surpass a revenue collection of USD 140 billion by the end of 2024 with an annual growth rate of more than 6% over 2018-2024.

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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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