Switchgear Market Size, Status and Industry Outlook During 2021 to 2026

Oct 20, 2021 (Market Insight Reports) --Global Switchgear Market Size, Status, and Forecast 2021-2026. In-depth research accumulated to offer Latest insights about acute features of the global Switchgear market. This report provides a detailed overview of key factors in the Switchgear Market and factors such as driver, restraint, past and current trends, regulatory scenarios and technology development. The impact of the COVID-19 outbreak on the industry was fully assessed. Fully risk assessment and industry recommendations were made for Switchgear in a special period. This report also compares the markets of Pre COVID-19 and Post COVID-19. In addition, research considers the impact of COVID-19 on the regional economy.

The global switchgear market is expected to register a CAGR of 7% during the forecast period (2021 - 2026).

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Market Overview:
Increasing investments to develop renewable energy and favorable norms of the governments to support the new technology, are anticipated to foster the industry landscape. According to IEA�s World Energy Investment Report 2019, the global energy investment stabilized at over USD 1.8 trillion in 2018, with more spending in upstream oil and gas and coal supply, offset by lower spending fossil-fuel-based generation and renewable power.
- Bulk power generation plants using onshore and offshore wind, solar, and hydro sources are set to increase the need for new transmission and distribution lines, which would affect the switchgear market. According to the IEA's Offshore Wind Outlook 2019, investment in the sector last year neared USD 20 billion, compared to under USD 8 billion in 2010. Further, the agency predicts that offshore wind investments would reach USD 1 trillion by 2040, with global capacity set for a 15-fold increase.
- The upgradation of the aging infrastructure is further anticipated to power the growth of the market. For instance, around 65 gigawatts of European onshore wind turbines will reach end-of-design-life by 2028. The upgradation of equipment concerning extending the life span would drive the market for switchgear.
- Another factor fueling the switchgear market growth is the rising construction activities worldwide, owing to the increasing focus on infrastructure. The construction industry is witnessing growth in the emerging economies, including China and India, apart from the advanced economies, like the United States, Canada, and countries in the European Union (EU), which are already focusing on their existing infrastructure.
- However, stringent environmental and safety regulations related to the switchgear market are restraining factors. The increasing rivalry from the unorganized sector of the switchgear market is likely to restrain the switchgear market. Also, HVDC transmission networks and upcoming smart cities can lead to opportunities in the switchgear market.
- Moreover, the market is witnessing various innovations globally. Eaton introduced an LV switchgear designed in two parts. In July 2019, the company acquired Innovative Switchgear Solution Inc. Through this acquisition, Eaton laid a step forward to expand its product portfolio of medium-voltage electrical equipment. Further, Alstom has debuted the installation of HYpact switchgear equipment in Austria.
- The switchgear market is expected to be impacted significantly by the COVID-19 outbreak as the major suppliers of raw materials and finished products have been hugely impacted in Asia-Pacific. The industry is facing a reduction in production, disruption in the supply chain, and price fluctuations. The sector is also affected by the impact of coronavirus on the power sector of the region. Demand for goods and services and cash flow of vendors have considerably reduced.

Region Included are: North America, Europe, Asia Pacific, Oceania, South America, Middle East & Africa

Country Level Break-Up: United States, Canada, Mexico, Brazil, Argentina, Colombia, Chile, South Africa, Nigeria, Tunisia, Morocco, Germany, United Kingdom (UK), the Netherlands, Spain, Italy, Belgium, Austria, Turkey, Russia, France, Poland, Israel, United Arab Emirates, Qatar, Saudi Arabia, China, Japan, Taiwan, South Korea, Singapore, India, Australia and New Zealand etc.

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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. The power generation capacity in India has grown at a rate of over 10% in the past few years, while the transmission and distribution networks have witnessed moderate growth. This has translated into a growing demand for robust power system equipment, such as switchgear, in the country, which helps protect against situations of overload, short circuit, insulation failure, etc.
- The robust infrastructure development, including smart cities, and various schemes launched by the government in the past, like Make in India, Digital India, Integrated Power Development Scheme, and Atal Mission for Rejuvenation and Urban Transformation, among others, have significantly contributed to the market growth.

Influence of the Switchgear Market report:
–Comprehensive assessment of all opportunities and risk in the Switchgear Market.
–Switchgear Market recent innovations and major events.
–Detailed study of business strategies for growth of the Switchgear Market market-leading players.
–Conclusive study about the growth plot of Switchgear Market for forthcoming years.
–In-depth understanding of Switchgear Market market-particular drivers, constraints and major micro markets.
–Favorable impression inside vital technological and market latest trends striking the Switchgear Market.

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