Press release
Pad-Mounted Switchgear Market forecast to reach USD 6.1 billion to USD 8.7 billion in 2029 Expanding at a CAGR of 4.5% | Size, Growth & Industry Report
Pad-Mounted Switchgear Market
The Pad-Mounted Switchgear Market was worth USD 6.1 billion in 2021 and is predictable to reach USD 8.7 billion in 2029 and the market is estimated to expand at a CAGR of 4.5%.
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/pad-mounted-switchgear-market/
The factors driving the growth of Pad-Mounted Switchgear Market includes emerging need to upgrade the ageing power infrastructure, increasing consumption of electricity around the world, growing demand for underground distribution systems and strict regulation imposed by Governments regarding carbon emissions. According to the report published by Statista, the electricity demand worldwide amounted more than 22 petawatt hours in 2017 and is expected to reach 35 petawatt hours by the end of 2040, which will accelerate the Pad-Mounted Switchgear Market size in the approaching years. Moreover, integration of advanced technologies with pad-mounted switchgear, increasing application of switch gear systems in production and healthcare facilities, rise in the launch of innovative products and rapid urbanization, are some of the additional factors supplementing the Pad-Mounted Switchgear Market share. In addition, the increasing investments by leading players on research and development, growing emphasis on utilizing renewable sources of energy, improvements in the living standards and growing population growth rates, are further contributing towards the market growth.
However, growth of the Pad-Mounted Switchgear Market is hindered due to high installation cost of pad-mounted switchgear systems.
The leading players operating in the market are S&C Electric Co, ABB Ltd, Powell, Eaton Corporation Plc, Hubbell Inc, G&W Electric Co., Electronic & Electrical Industries Corporation (EEIC), KDM Steel, Federal Pacific Equipment Inc, and Switchgear Power Systems LLC among others.
Based on Type, the Solid Dielectric segment is predicted to grow at a higher CARG during the forecast period
Strict regulations imposed by governing bodies in the use of SF6, is pushing the demand for solid dielectric Pad-Mounted Switchgear.
Based on Application, the Industrial is projected to expand at a remarkable CAGR over the forecast period
As per the Pad-Mounted Switchgear Market Trends, growing demand for reliable power supply and increasing adoption of underground distribution systems, are propelling growth of the segment.
Based on Region, the European region is anticipated to capture the largest market share during the forecast period
Increasing deployment of underground distribution systems, growing focus on upgrading the ageing infrastructure, rising consumption of electricity across industries, rapid industrialization, improved living standards and high per capita income, are some of the important factors augmenting the market growth in European region.
Market Segmentation
Segmentation by Standard
IEC
IEEE
Other Standards
Segmentation by Type
Air Insulated
Gas Insulated
Solid Dielectric
Others
Segmentation by Voltage
Up to 15 kV
15-25 kV
25-38 kV
Segmentation by Application
Industrial
Commercial
Residential
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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