Press release
2023 Switchgear Market Growing Trends, Top Players | Key Drivers And Demand Analysis Report 2032
Switchgear Global Market
The Business Research Company's Switchgear Global Market Report 2023 identifies Unstable prices of raw materials as the major driver for the Switchgear market's growth in the forecast period. Price fluctuation is due to the availability of low-quality materials at cheaper prices. The use of low-quality products increases the risk of breakdown of insulation layers or short circuit conditions and other failures. Thereby inconsistent pricing in raw materials of the switchgear is expected to hinder the market growth.
The global switchgear market size will grow from $78.4 billion in 2022 to $85.37 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global switchgear is expected to grow to $114.89 billion in 2027 at a CAGR of 7.7%.
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Major competitors in the Switchgear market are Schneider Electric, Siemens AG, ABB, General Electric, Eaton Corporation, Hyosung, CG Power, Mitsubishi, Alstom SA, and Bharat Heavy Electricals Ltd.
A key trend in the Switchgear market includes demand for installation of electric substations. The installation of mobile substations enables the restoration of electricity under outdoor conditions or in unforeseen circumstances and is functionally designed to provide temporary power supplies as soon as possible. Also, these mobile substations incorporate generator, transformer, metal-clad switchgear, outdoor load break switches and breakers, which are used for network extensions, and temporary switching stations. For instance, Siemens delivered two mobile substations for national grid SA, and Aktif group delivered 10 mobile substations to the ministry of electricity Iraq. Therefore, increasing the adoption of mobile substations is one of the latest trends that will positively impact the switchgear market.
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The Switchgear market is segmented -
1) By Product Type: High Voltage, Medium Voltage, Low Voltage
2) By End-User: Residential, Commercial, Industrial
3) By Insulation: Gas Insulated Switchgear (GIS), Air Insulated Switchgear (AIS), Other Insulations
4) By Installation: Indoor, Outdoor
• 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.
The Business Research Company's "Global Switchgear Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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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
……
20. Key Mergers And Acquisitions In The Switchgear Market
21. Switchgear Market Opportunities And Strategies
22. Switchgear Market, Conclusions And Recommendations
23. Appendix
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