Global Switchgears Market Analysis and Industry Forecast, 2016 – 2023
The global pad mounted switchgear market size is likely to exceed USD 6 billion by 2023. These gears are mainly deployed to regulate, meter, protect and control the electric transmission, distribution and generation of equipment. The industry is likely to flourish in the coming few years owing to rising demand for medium and high voltage types of switchgears. Increasing need for transformers has lead to a rise in demand for the industry and vice versa.
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New technologies have been undertaken by original equipment manufacturers in order to enhance reliability and efficiency of switchgear equipment. These technological advancements are expected to add value and boost the global switchgears market over the coming few years.
In addition, power sector reforms aiming at transmission and distribution expansions and renovation is expected to surge the industry growth over the coming few years. Price volatility of raw materials and cyber security and counter terrorism are anticipated to challenge the demand growth for this industry.
Huge investments in the substitute source of energy are anticipated to drive demand of low and medium voltage switchgears which are mainly used for general protection and switching. In addition, this is also expected to trigger the demand for molded case circuit breaker (MCCB) and miniature circuit breakers (MCB) from 2016 to 2023.
Rapid economic growth in countries such as Brazil, Russia, South Africa, India and China is expected to be surge the global demand from 2016 to 2023. The products are extensively adopted in the new electrical distribution and transmission networks which are likely to ensure uninterrupted power supply and minimum losses.
These are primarily used for switching the circuit or equipment during the occurrence of any fault. With increasing transmission and distribution network, the number of substations amplifies which in turn is likely to augment the need for switchgears. Large amount of transmission and distribution projects are ongoing in Asia Pacific, which is likely to surge the demand for switchgears in the region.
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The industry is highly fragmented and offers various opportunities for consolidation and growth in efficiency through an increase in economies of scale. The industry is likely to exhibit low entry barriers for new industry participants. The major competitors for the global switchgears market share include Zhejiang Chint Electrics Co., NHP Electrical Engineering Products, Legrand SA, Jiangsu Dongyuan Electrical Grp Co., Huayi Electric Co., Henan Senyuan, Henan Pinggao Electric Company, Heinemann Electric, Crompton Greaves, Schneider Electric SA, Siemens AG, Rockwell Automation, Powell Industries, Mitsubishi Electric, Xian, Larsen & Toubro, GE, OJSC Power, Eaton, Areva, Alstom and ABB among others.
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