Press release
Switchgear Market worth over $160bn by 2024
China switchgear market size is set to exceed USD 20 billion by 2024.
Government initiatives pertaining to replacement of fossil fuels with clean energy resources favored by national renewable energy integration targets will fuel the industry outlook. In 2017, National Energy Administration has announced an investment of USD 326.38 billion towards expansion of renewable power generation technologies across China by 2020.
Paradigm shift towards energy conservation coupled with rising environmental concerns will embellish the switchgear market growth. Increasing focus towards energy efficiency along with rapidly advancement of smart grid technologies will further stimulate the product demand. In 2017, governments across Western European countries including UK, France, Germany, Italy and Sweden have announced a cumulative investment of USD 133.7 billion towards expansion of smart grid networks.
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Vacuum insulation in 2016, accounted for over 50% of the switchgear market share owing to growing demand for industrial HVDC transmission networks. High insulation and di-electric strength coupled with cost competitive installation when compared to its counterparts will further stimulate the product demand. In 2017, Toshiba projected an investment of USD 30 million towards expansion of its transformers and switchgear manufacturing capacities across India.
Ongoing measures towards rural electrification across Asia Pacific and Africa supported by increasing investments by financial institutions including the World Bank, Asian Development Bank (ADB) and International Finance Corporation (IFC) will foster the switchgear market size. Re-establishment of electrical grids across war affected countries including Syria, Sudan and Iraq will further augment the industry growth. In 2017, the World Bank announced an investment of USD 4 million towards expansion of electric networks across the Pacific Island under the Vanuatu Rural Electrification Project II.
The U.S. switchgear market is projected to witness appreciable growth owing rising demand for refurbishment of aging electrical infrastructure coupled with increasing adoption of advance distribution networks. Rising investments across railroad infrastructure projects favored by government initiated peninsula corridor electrification program across the country will augment the industry landscape. In 2017, The U.S. Federal Transit Administration announced an investment of USD 100 million towards development of California’s rail networks under the San Carlos Peninsula Corridor Electrification Project.
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Germany switchgear market is set to grow over 6% by 2024. Measures toward adoption of clean energy coupled with increasing demand for micro-grid networks will fuel the business growth. Rising investments toward expansion and upgradation of existing transmission network with an aim to reduce T&D losses will further complement the industry landscape.
Notable players across the switchgear market include ABB, EATON, GE, Mitsubishi Electric Systems, Schneider Electric, Toshiba, BHEL, Siemens, Crompton Greaves, Hitachi, Hubbell power systems, Powell Industries, Hyosung, Rittal, Fuji Electric, Hyundai Ideal Electric, Larson & Turbo, Iljin Electric and Ormazabal.
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