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Pad-Mounted Switchgear Market 2024 - Trend Analysis, Industry Growth, Key Players, Growth Opportunities And Outlook By 2033
Pad-Mounted Switchgear Market
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According to The Business Research Company's, The pad-mounted switchgear market size has grown strongly in recent years. It will grow from $5.61 billion in 2023 to $5.95 billion in 2024 at a compound annual growth rate (CAGR) of 6%. The growth in the historic period can be attributed to urbanization and suburbanization, environmental concerns, changes in safety standards and regulations, cost efficiency, reliability and maintenance.
The pad-mounted switchgear market size is expected to see strong growth in the next few years. It will grow to $7.6 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to aging infrastructure replacement, renewable energy integration, demand from different end-users, increasing adoption of remote monitoring, energy storage integration. Major trends in the forecast period include advanced fault detection and diagnostics, battery energy storage integration, adoption of new insulation technologies, lifecycle management and predictive maintenance, international market expansion.
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Market Drivers and Trends:
The high adoption of renewable energy is expected to propel the growth of the pad-mounted switchgear market going forward. Renewable energy refers to energy produced from natural resources renewed on a human timeline. These resources include sunlight, wind, rain, tides, waves, and geothermal heat. The adoption of renewable energy is high due to climate change mitigation, pollution reduction, improved efficiency, and cost reduction. Pad-mounted switchgear in renewable energy systems is used to safely and efficiently distribute and control electricity generated by sources such as solar panels and wind turbines. For instance, in December 2023, a report published by the Department for Energy Security and Net Zero, a UK-based government department, in the third quarter of 2023, renewable electricity generation reached 30.1 TWh, a 6.8% increase from the same period in 2022. This growth was driven by the addition of 2.9 GW of new renewable capacity, notably from solar PV and wind installations, raising the renewables' share to 44.5% of total electricity generation. Therefore, the high adoption of renewable energy is driving the growth of the pad-mounted switchgear market.
Major companies operating in the pad-mounted switchgear market are focused on developing innovative solutions, such as gas-insulated switchgear, to enhance reliability and efficiency in power distribution systems. Gas-insulated switchgear refers to compact, high-voltage switchgear with electrical components enclosed in a sealed environment filled with insulating gas, typically sulfur hexafluoride (SF6), to ensure safety and reliability. For instance, in April 2023, Toshiba Corporation, a Japan-based electronic company, launched the AEROXIA brand, a 72.5 kV SF6-free gas-insulated switchgear that uses natural gas and a vacuum circuit breaker. This eco-friendly switchgear eliminates SF6, a potent greenhouse gas, using clean air insulation while maintaining the performance and reliability of traditional SF6-based systems. This innovation helps reduce global greenhouse gas emissions in the power sector.
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Major Key Players of the Market:
Siemens AG, GE Company, Schneider Electric SE, ABB Ltd, Eaton Corporation, WEG SA, S&C Electric Company, Ormazabal GmbH, Crompton Greaves Consumer Electricals Limited, ZPUE SA, G&W Electric Company, Powell Industries Inc., KONČAR - Electrical Industry Inc., Mitsubishi Electric Power Products Inc., ACTOM Ltd, LS Electric Co Ltd, Hubbell Power Systems Inc., Federal Pacific Co, Orecco Electric, Entec Electric and Electronic Co Ltd.
Pad-Mounted Switchgear Market 2024 Key Insights:
• The pad-mounted switchgear market size is expected to see strong growth in the next few years. It will grow to $7.6 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Renewable Energy Propel Growth Of The Pad-Mounted Switchgear Market
• Advanced Products Transforming Pad-Mounted Switchgear Market
• Europe was the largest region in the pad-mounted switchgear market in 2023
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