Switchgear Market to grow at 6.9% CAGR through 2031.

Global Switchgear sales will be valued at US$72.44 Bn in 2021 and is expected to have a stable long-term projection, according to the latest insights from Future Market Insights (FMI), an ESOMAR-certified research and consulting firm. The report has forecast the global switchgear market to grow at nearly 6.9 % CAGR during 2021-2031. The report offers analysis of growth trajectory exhibited by the market in 20+ high-growth countries. It offers detailed insights on into factors that will be driving growth over the coming decade.

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The demand for switchgear was moderate in the 2020 however with it had to experience a brief period of lackluster growth on account of the unprecedented COVID-19 outbreak. Supply chain disruptions witnessed by end-use sectors such as T&D utilities, commercial, industrial and residential had restrained growth to an extent. However, considering the possibility of a stimulus in many countries, the long-term outlook on the market remains positive.

As T&D utilities sector estimated to witness healthy growth rate in the forecast period. According to the report, T&D utilities are expected account for nearly 46% of switchgears sold in 2021. Besides this, the demand is expected to surge in commercial, industrial, and residential sectors enabling growth in the market.

Key Takeaways
After a period of negative growth, the market will show impressive improvement, registering above 6% y-o-y growth in 2021
The U.S. is expected to account for over 60% of sales in North America
After a period of negative growth, the U.K. will exhibit above 6% y-o-y growth in 2021, emerging as a strong market for switchgears
Expansion of the energy and utilities sector will enable growth in Germany and France
Government initiatives are expected to support growth in Japan and South Korea

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“Increase in demand for advancement in the switchgear and advent of smart grid are expected to give impetus to switchgears. The use of the voltage fluctuator is very common in the heavy as well commercial sectors. It is used in the transmission and distribution of energy to consumer and for running machineries. The need of the energy is increasing day by day, which has been aiding the overall expansion of the switchgear market. ” says FMI analyst.

Switchgear market is likely to grow at a moderate pace during 2021-2031. However, as it is a matured market, companies are expected to concentrate on research and development activities and capitalize on opportunities especially in the field of T&D Utilities. Their key focus will however remain meeting requirements of consumers. Collaboration with local players and developing new technology in the form of smart grid and advanced switchgear are key strategies adopted by the market players.

Competitive Landscape
The market is fragmented, with key players accounting for approximately one fifth of the market share. These companies are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares. Some of the key players in the market are ABB Ltd., Siemens AG, Schniender Electric, Havells India Pvt. Ltd., Hyundai Electric and Energy System, Fuji Electric, Powell Industries, etc.

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Valuable Insights into Switchgear Market
FMI’s report on the switchgear market is segmented into six major sections - component (power distributor switch breaker, switch disconnector, MCCB, HRC fuse, earth switch, and MCB), voltage (low voltage, medium voltage, high voltage, extra-high voltage, ultra high voltage), construction type (outdoor, indoor, and others), insulation type (air insulated, gas insulated, oil insulated, and vacuum insulated), end use (T&D utilities, commercial, residential, industrial, and commercial), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the retail automation market.

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This release was published on openPR.