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High Voltage Switchgear Market 2024 - Industry Analysis, Business Opportunity, Development, Growth Factors And Outlook 2033
High Voltage Switchgear Market
As per the report, the high voltage switchgear market size has grown strongly in recent years. It will grow from $10.87 billion in 2023 to $11.49 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The high voltage switchgear market size is expected to see strong growth in the next few years. It will grow to $14.65 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
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Increasing Need For Electricity Fuels Growth In The High-Voltage Switchgear Market
The demand for electricity generation is projected to drive the high-voltage switchgear market. The availability of electricity has become essential for economic development and poverty alleviation. The development of industrialization and urbanization requires continuous electricity supply, and the reliability of the electrical supply depends heavily on the performance of the switchgear. Therefore, electricity demand is driving the demand for high-voltage switchgear in the forecast period. For instance, according to IEA, a Paris-based autonomous intergovernmental organization, global electricity generation demand is expected to grow at 2.1% per year to 2040, twice the rate of primary energy demand.
Mobile Substations Enhancing Resilience For Electronic And Telecommunications Companies
Electronic and telecommunications companies are increasing the implementation of mobile substations. 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 quickly as possible. In addition, these mobile substations incorporate generators, transformers, metal-clad switchgear, outdoor load break switches and breakers, which are used for network extensions, and temporary switching stations. For instance, ABB Group, a Swiss multinational corporation, designed the mobile substation for the Italian railway network. Thereby, the use of mobile substations as per necessity for energy generation is becoming the latest trend in the market.
The high voltage switchgear market covered in this report is segmented -
1) By Product Standard: IEC Stardard, ANSI Standard
2) By Component: Circuit Breakers, Relays, Other Components
3) By Application: Transmission And Distribution Network, Manufacturing & Processing, Infrastructure & Transportation
Sub-Segments
By Component: Circuit Breakers, Relays, Other Components
By Insulation Type: Gas Insulated, Oil Insulated, Air Insulated
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Major companies operating in the high voltage switchgear market include ABB Ltd., General Electric Company, Crompton Greaves Limited, Fuji Electric Co. Ltd., Hitachi Ltd., Hyosung Corporation, Mitsubishi Electric Corporation, Toshiba Corporation, Siemens Aktiengesellschaft, Eaton Corporation plc, Schneider Electric SE, China XD Electric Co. Ltd., Henan Pinggao Electric Co. Ltd., Hyundai Heavy Industries Co. Ltd., Nissin Electric Co. Ltd., Shanghai Siyuan Electric Co. Ltd., Bharat Heavy Electricals Limited, LSIS Co. Ltd., Shenyang High-Voltage Switchgear Co. Ltd., Energomash, New Northeast Electric Group High Voltage Switchgear Co. Ltd., Shandong Taikai High-volt Switchgear Co. Ltd., Larsen & Toubro Limited, Hubbell Incorporated, Powell Industries Inc., Rittal GmbH & Co. KG, Meidensha Corporation, Iljin Electric Co. Ltd., Ormazabal Velatia S.L., Alstom SA, OJSC Power Machines, Howard Industries Inc., Koncar Distribution and Special Transformers Inc., Ormazabal, Raychem RPG Private Limited, SPX Transformer Solutions Inc., Tianan Electric Group Co. Ltd., Transformers and Rectifiers (India) Limited, Triad Magnetics, Voltamp Transformers Limited
Contents of the report:
1. Executive Summary
2. High Voltage Switchgear Market Report Structure
3. High Voltage Switchgear Market Trends And Strategies
4. High Voltage Switchgear Market - Macro Economic Scenario
5. High Voltage Switchgear Market Size And Growth
…..
27. High Voltage Switchgear Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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