Global Switchgear Market worth 137.4 Billion USD by 2021

Ceskaa Market Research has announced the addition of the "Global Switchgear Market: 2016-2021" report to their offering.

The Global Electrical Switchgear market reached $79.4 billion in 2015, and further it is expected to $137.4 billion in 2021 with a CAGR (2016 to 2021) of 9.6%.

Switchgear is the grouping of electrical detach switches, fuses / circuit breakers to control, shield and insulate electrical equipment. The global market for switchgear has been growing for the past five-years, driven by electricity transmission and distribution network, growing industries and with expansion of residential and commercial building. Switchgear market is also growing with replacement of the existing old Switchgear along with the new installations around the globe. The Asia-Pacific region dominates the switchgear market followed by Europe and North America in terms of value. Globally, high voltage switchgear has more than 50% of the market followed by low and medium voltage switchgear.

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The switchgear in substations is located on both the high voltage and the low voltage side of large power transformers. The switchgear on the low voltage side of the transformers may normally being in a building, with medium-voltage circuit breakers for distribution circuits, along with metering, control, and protection equipment. For industrial applications, a transformer and switchgear line-up may be combined in one housing, called a unitized substation or USS.

Function of Switchgear:
• Switchgear are safety devices, which is used as protected bus bar against short circuit, earth fault, overcurrent and under frequency.
• Switchgears provide sufficient segmentation of the MV system, which reduce the extent of circuit outages during electrical work on cables as well as power stations.
• It helps in the distribution and carriage of load as well as overloads during maintenance and service of different electrical connectors.
• It, also, helps in clearing and identifying different types of faults and connection failures, which helping in minimizing the damages on the component.

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The major players in Electrical Switchgear market are ABB Ltd. (Switzerland), Powell Industries Inc. (U.S.), Siemens AG (Germany), Schneider Electric SE (France), Bharat Heavy Electricals Ltd. (India), Crompton Greaves Ltd. (India), Eaton Corp. (Ireland), Hyosung Corp. (South Korea), Mitsubishi Electric Corp.(Japan), GE Co. (U.S.) and OJSC Power Machines (Russia) among others.

The primary objective of this report is to offer up-to-date information of current market, drivers, challenges, and company profile of the global switchgear market. The objective of this research report is to measure the impact of both internal and external forces that are affecting the global switchgear market currently and that will affect the industry for the next five-years.

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This release was published on openPR.