Switchgear Market Is Thriving Worldwide 2020 | Trends, Growth And Profit Analysis, Forecast By 2023

Switchgear Market - By Type Of Product (Low Voltage, Medium Voltage, High Voltage), By End User (Industrial, Utilities, Residential, Commercial, Switchgear), Market Size, Major Players, By Region, Opportunities And Strategies - Global Forecast To 2023 By The Business Research Company

The global switchgear market reached a value of nearly $96.9 billion in 2019, having increased at a compound annual growth rate of 5.9% since 2015. The market is expected to decline from $96.9 billion in 2019 to $82.1 billion in 2020 at a rate of -15.3%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 7.5% from 2021 ad reach $113.5 billion in 2023.

The Key drivers of the switchgear market include:-
The growing demand for electricity is expected to be a key driver of the switchgear market in the forecast period. This can be attributed to rising populations and increasing demand for electrical and electronic appliances, especially in developing countries such as China, India, Brazil and some African countries. Global electricity demand is projected to grow from 25,000 TWh in 2017 to 38,700 TWh by 2050, an increase of 57%. Emerging economics such as China and India will account for a major portion of this growth. Electricity consumption in India is expected to grow at a CAGR of 7.1% during 2017 to 2022.

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Switchgear Market Segmentation:-
By Type Of Product
1. Low Voltage
2. Medium Voltage
3. High Voltage

The low voltage market was the largest segment of the switchgear market segmented by product type, accounting for 49.5% of the total in 2019. Going forward, the medium voltage segment is expected to be the fastest growing segment in the switchgear market, at a CAGR of 4.3%.

By End User
1. Industrial
2. Utilities
3. Residential
4. Commercial
5. Switchgear

The industrial market was the largest segment of the switchgear market segmented by end user, accounting for 28.6% of the total in 2019. Going forward, the industrial segment is expected to be the fastest growing segment in the switchgear market, at a CAGR of 4.05%.

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By Geography - The switchgear market is segmented I nto
1.North America
2.Western Europe
3.Asia Pacific
4.Eastern Europe
5.South America
6.Middle East
7.Africa

Some of the major key players involved in the switchgear market are
1. ABB Ltd
2. Schneider Electric
3. Siemens AG
4. Mitsubishi Electric Corporation
5. Eaton Corporation Inc

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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets after WHO declared COVID-19 as a pandemic.

This release was published on openPR.