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Switchgear Market Revenue is Anticipated to Reach $88.5 billion by 2025 | Leading key players are ABB, Siemens, Schneider Electric, GE, Eaton

07-27-2020 10:27 AM CET | Energy & Environment

Press release from: MarketsandMarkets

Switchgear Market Revenue is Anticipated to Reach $88.5 billion

According to new research report "Switchgear Market by Insulation (Gas Insulated, Air Insulated), By Installation (Indoor, Outdoor) By End-Users (T&D Utilities, Industries, Commercial & Residential, Others), By Voltage (Low, Medium, High), and Region–Global Forecast to 2025", the global switchgear market is projected to reach USD 88.5 billion by 2025 from an estimated USD 67.5 billion in 2020, at a post COVID-19 CAGR of 5.5% during the forecast period.

https://www.marketsandmarkets.com/Market-Reports/switchgear-market-1162268.html

Replacement of aging power infeastructure along with growing investments in renewable energy is expected to drive the switchgear market. Furthermore, revival of investments in the construction sector is expected to further drive the demand for this product.

The switchgear market has promising growth potential due to several factors, including the increased industrialization, increased population, growing demand for the replacement of aging infrastructure, and upgrdation of existing substation in emerging economies. The rapid industrialization in Asia Pacific especially in China and Southeast Asia has increased the opportunity for switchgear market growth.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1162268

The report segments the switchgear market, by voltage, into 36 kV. The 1-36 kV segment of the switchgear market is expected to grow at the highest CAGR during the forecast period. Switchgears in the 1–36 kV voltage rating are referred to as medium-voltage switchgears and generally used across all end-user segments, particularly in the manufacturing and process industries and T&D utilities. The 1–36 kV switchgears can consist of equipment, such as circuit breakers, paralleling switchgear, ring main units, motor control centers, railway and marine switchgears, and surge arresters. The 1–36 kV switchgears are used for the protection of industrial equipment, such as generators, motors and compressors, HVAC and air-conditioning, heating and lighting equipment, overload current protection, and electric arc protection in T&D sub-stations. The increasing power distribution infrastructure in APAC, along with the rising commercial and residential infrastructure in North America and APAC is driving the demand for switchgears in this segment.

The switchgear market, by installation, is categorized into indoor and outdoor. The indoor insulated switchgear segment is estimated to be the largest market for switchgear during the forecast. The indoor switchgear is commonly used in medium-voltage applications where the enclosure type is suitable for indoor environments. Most of the leading manufacturers of switchgears offer indoor type products for industries and commercial applications where the substations are installed at a medium voltage. Several industries, such as marine, oil & gas, mining, aviation, cement, aluminum, iron and steel, and automobile and chemical industries, use these solutions for power stability. An uninterrupted power supply is the key factor driving the demand for indoor switchgears.

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Europe is estimated to be the fastest growing market for switchgear during the forecast period. The European switchgear market, by country, has been segmented into the UK, Germany, France, Russia, and the Rest of Europe. The European power generation, transmission, and distribution systems are comparatively mature. Therefore, the European Union (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. This would also require the replacement of the switchgear from electromechanical to digital which will propel the demand for switchgear.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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