2022 Switchgear Global Market Report : Top Manufacturers, Industry Challenges, Business Strategies, Revenue Value And Competitive Landscape 2031

Avail a limited period discount of 33% on our uniquely designed Opportunities and Strategies market research reports. Contact us today and make winning strategies!

According to The Business Research Company's switchgear market report, global switchgear market reached a value of nearly $96.9 billion in 2019, having increased at a compound annual growth rate (CAGR) 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 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%.i 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.ii Furthermore, the global household appliances manufacturing market is expected to grow from $334.3 billion in 2019 to $402.93 billion in 2023 at a CAGR of 4.8%iii, supporting the demand for residential switchgears market, going forward.

View Our Buying Options For The Switchgear Market Report Here:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=3388

The switchgear market is segmented -
• By Type: Low Voltage, Medium Voltage, High Voltage
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia Pacific was the largest region in the switchgear market.

Major competitors in the switchgear market include ABB Ltd, Schneider Electric, Siemens AG, Mitsubishi Electric Corporation, Eaton Corporation Inc

See The Full Switchgear Market Report Here:
https://www.thebusinessresearchcompany.com/report/switchgear-market

The switchgear market consists of sales of switchgear and related services by entities (organizations, sole traders and partnerships) that produce switchgear that are used in various applications such as in transmission and distribution utility, residential, commercial and industrial settings.

The Table Of Content For The Switchgear Market Include:
1. Switchgear Market Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
…….
21. Switchgear Market Opportunities And Strategies
22. Switchgear Market, Conclusions And Recommendations
23. Appendix

The Business Research Company's "Global Switchgear Opportunities And Strategies Market Report - Forecast To 2030" is the most comprehensive report available in market, providing data and statistics from over 60 geographies analyzed in more than 2500 market segments. The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by region and by country. Additionally, it evaluates the market's historic and projected growth and identifies significant trends and strategies that can be used to outperform the competitors in the sector.

Contact us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Email: info@tbrc.info

Check out our:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany/
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: http://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Latest Trending Press Releases: https://www.thebusinessresearchcompany.com/press-release.aspx

Interested to know more about The Business Research Company?
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that excels in company, market, and consumer research. Located globally, it has specialist consultants in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology.

The World's Most Comprehensive Database
The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.

This release was published on openPR.