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Switchgear Market is poised to rise at a higher CAGR during the Forecast Period | Size, Share, Analysis & Forecast
The Switchgear Market is expected to expand at a significant CAGR during the forecast period.For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/switchgear-market/
The factors driving growth of the Switchgear Market includes rising focus on using renewable sources of energy, growing demand for effective monitoring & control systems, revamping and refurbishment of existing electrical grid networks, integration of sustainable energy infrastructure and improvements in the living standards. Moreover, growing adoption of smart technologies, increased focus by Governments on enhancing public housing infrastructure, expansion of the construction industry, emerging need for electrification and rapid urbanization, are some of the additional factors supplementing the Switchgear Market share. In addition, the increasing investments by leading players on research and development, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.
However, growth of the Switchgear Market is hindered attributed to high cost of procuring switchgears and high dependency on imports.
The prominent players operating in the market are Larsen & Toubro Limited, Hyundai Motor Company, Schneider Electric, Siemens AG, ABB Ltd., CG Power and Industrial Solutions Limited, Hitachi Ltd., Eaton Corporation Plc, General Electric Company and Fuji Electric Co., Ltd., among others.
Based on Insulation, the Air Insulated segment is predicted to grow at a robust CAGR during the forecast period
Increasing use of insulated switchgears at power transmission & distribution centers, manufacturing and processing and transportation, sectors, owing to its environment friendly and cost-effective properties, is propelling segment's growth.
Based on Installation, the Indoor segment is projected to grow at a higher CAGR over the forecast period
Switchgear installed at indoor facilities are easy to maintain, takes less space, reduces operational cost and minimizes the risk of electrocuting, are some of the factors pushing growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to expand at a remarkable CAGR during the forecast period
As per the Switchgear Market Analysis, growing demand for uninterrupted power supply across residential, industrial, and commercial areas, rising focus on upgrading the electrical infrastructure, rapid urbanization, increasing per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in the Asia-Pacific region.
Key Developments
In 2020, Siemens AG completed the acquisition of C&S Electric, one of largest switchgear and power equipment companies in India. Siemens has acquired low voltage switchgear components and panels, low voltage and minimum voltage busbars, and protection and metering devices of C&S Electric.
In 2019, ABB Ltd. developed the NeoGear, a low-voltage switchgear. The NeoGear has laminated bus plate technology, which replaces traditional horizontal and vertical bus bar systems. This is expected to expand the product portfolio of the company in the switchgear market.
Market Segmentation
Segmentation by Insulation
Gas Insulated
Air Insulated
Segmentation by Installation
Indoor
Outdoor
Segmentation by End-User
T&D Utilities
Industries
Commercial & Residential
Others
Segmentation by Voltage
Less than 1 KV
1-36 KV
More Than 36 KV
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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