Press release
Switchgear Market 2021 report explores the future trends, top companies development and forecasts-ABB Ltd., Havells India Ltd., Mitsubishi Electric Corporation
Switchgear Market by Component, Application, Services, and Region- Forecast to 2025The Global Switchgear Market Research Report 2021-2025 published by MarketInsightsReports is a significant source of keen information for business specialists. It furnishes the Switchgear business outline with development investigation and historical and futuristic cost analysis, income, demand, and supply information (upcoming identifiers). The research analysts give a detailed depiction of the Switchgear worth chain and its wholesaler examination. Switchgear Market study gives extensive information which upgrades the agreement, degree, and use of this report.
The global switchgear market is expected to register a CAGR of 7% during the forecast period (2020 - 2025).
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Top Leading Companies of Switchgear Market are ABB Ltd., Havells India Ltd., Mitsubishi Electric Corporation, Schneider Electric, Siemens AG, Eaton Corporation, Toshiba International Corporation, Meidensha Corporation, Hitachi, Ltd., Crompton Greaves Power and Industrial Solutions Limited, Powell Industries, Fuji Electric Co., Ltd. and others.
-Industry News And Updates on Switchgear Market-
Asia-Pacific Dominates the Market
- The Asia-Pacific market is expected to drive the global switchgear market during the forecast period. The significant factors contributing to the dominance in this region are the upgradation of the aging electrical grid infrastructure and increasing electricity demand in the region.
- The booming infrastructure development for renewable energy sources, growing market for grid modernization, and replacement of old installations, along with capacity enhancements, are some of the major factors stimulating the growth.
- The increasing electricity demand, due to rising population, economic expansion, urbanization, industrialization, and rural electrification projects, is leading the market demand for switchgear.
-Key Market Trends Switchgear Market-
Gas Insulated Switchgear Hold Significant Market Share
- The Gas Insulated Switchgear (GIS) is expected to hold the maximum share in the global switchgear market. Gas-insulated switchgear (GIS) is a metal encapsulated switchgear which consists of high-voltage components such as circuit-breakers and disconnectors. A GIS is majorly used in confined spaces, such as in city buildings, office spaces, offshore platforms, extensions, on roofs, etc.
- Growing standards to control the overall carbon emissions, coupled with rising awareness among consumers to adopt renewable energy generation like solar, are anticipated to accelerate switchgear usage. As compared to Air Insulated Switchgear (AIS), they are more environment-friendly, reliable, and flexible. Also, the installation time and maintenance cost required for GIS is less than that of AIS. The major applications of GIS are power transmission, integration of renewable power generation units to the grid, and railways.
-Competitive Landscape On Switchgear Market-
In April 2020 - ABB expanded its UniGear medium-voltage switchgear portfolio by introducing UniGear ZS1 63 kA, which further strengthens the portfolio. It can be used for demanding applications, like power stations and steel, oil and gas, and chemical plants.
- In Jan 2020 - Siemens AG acquired New Delhi-based switchgear and power equipment major, C&S Electric Limited, for around INR 2,100 crore (approximately EUR 267 million). The acquisition comprises the Indian operations of C&S Electric's low-voltage switchgear components and panels, low and medium voltage power busbars, and protection and metering devices businesses.
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Reasons for purchasing this Report-
-The report takes a 360-degree approach to ensure that the niche and emerging aspects are also factored Switchgear in to ultimately get accurate results.
-Analyst Support: Get you query resolved by speaking to our research analysts before and after purchasing the report.
-Customer Satisfaction: Our team of research analysts will accommodate all your Switchgear research needs and customize the report accordingly.
-Long-standing experience: Our team of analysts will offer elaborate and accurate insights pertaining to the Switchgear Market
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