Global Switchgear Market Booming with CAGR of 5.7% from 2022 to 2027

According to a new market research report, the global switchgear market is expected to reach USD 120.1 billion by 2027 from an estimated USD 90.9 billion in 2022, at a CAGR of 5.7% from 2022 to 2027.

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Switchgear is an integral part of an electric power system. Switchgear protects electrical hardware from incorrect situations. Electrical switchgear is used in low and high-voltage power transformers and is connected to electric supply networks. It de-energizes the system so that maintenance and repairs can be performed to fix problems. With a range of controls enclosed in a metal container, electrical switchgear regulates, protects, and isolates a power system. This is a critical system in industrial environments and electrical utilities that deal with electrical failures or need to de-energize equipment for maintenance.

Key Market Players
There are several types of switchgear, each with a different voltage level-high voltage (HV), medium voltage (MV), and low voltage (LV) switchgear. A few major players have a wide regional presence and dominate the switchgear market. The leading players in the switchgear market include ABB (Switzerland), General Electric (US), Siemens (Germany), Schneider Electric (France), Eaton (Ireland).

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Opportunities: Emerging smart technologies and digitalization

The intelligent switchgear business is expanding rapidly with continual advances in infrastructure and production facilities. Smart switchgears, which play an important part in the distribution of energy to industry and residential areas, are one of the sector's most important stimulants. As a result, implementing smart power distribution devices such as smart switchgear is critical for ensuring increased performance, power continuity, and resource optimization while lowering the transmission, operational, and maintenance costs. New smart switchgears are flexible, energy-efficient, and future-proof. They offer update and upgrade solutions with zero downtime; these technologies are expected to grow significantly in the future and provide growth opportunities.

Challenges: High temperature, arc flashing, and over pressure during operation

The energy released during an electrical defect when current passes through the air between two live conductors, generating a short circuit, is an arc flash. An arc flash normally produces only a brief flash of light before harmlessly extinguishing itself in a domestic situation. Voltages and currents are much higher in a commercial or industrial setting, so electrical breakdowns often release more energy. As a result, an arc flash frequently results in a tremendous explosion accompanied by scorching heat, toxic chemicals, blinding light, deafening noise, and massive pressure waves.

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Asia Pacific likely to emerge as the largest switchgear market

Asia Pacific accounted for the largest share in the global switchgear market during the forecast period. The rapid industrial growth is expected to drive the market of switchgear in the region. Also, the growth of population in the region will expand the housing infrastructure. Major economies such as China, Japan, and India have set ambitious natural gas and solar & wind-based renewable power generation targets to diversify their energy mix in the coming years. Therefore, efforts are being taken across these countries to upgrade aging infrastructure to ease the integration of renewables in the national grid. Electrification is also being carried out rapidly in this region, especially in remote parts. This could be a driving factor for the growth of the switchgear in Asia Pacific.

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