Press release
Switchgear Market Set to Grow Significantly over the Forecasts period to 2017-2024
MaketStudyReport.com adds a New Switchgear Market Research Report for the period of 2017-2024 that shows the growth of the market is rising at a 7% CAGR to 2024.Switchgear Market size will exceed USD 160 billion by 2024.Increasing investment towards infrastructure development subject to rapid commercialization and residential establishments across developing regions will foster the switchgear market size. Refurbishment of aging electrical networks along with growing demand for advanced monitoring and control distribution systems will further embellish the business outlook. In 2017, the Government of Serbia entered into a strategic partnership with the Government of China towards modernization of their existing infrastructure.
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.
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.
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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.
Switchgear market research report includes in-depth coverage of the industry with estimates & forecast in terms of USD Billion from 2013 to 2024, for the following segments:
By Voltage
Low, Medium, High
By Insulation
Air, Gas, Oil, Vacuum, Others
By Installation
Indoor, Outdoor
By Current
AC, DC
By End-Use
Residential and Commercial, Industrial, Utilities
The above information has been provided on a regional and country basis for the following:
North America, U.S., Canada, Europe, Germany, UK, France, Italy, Russia, China, India, Japan, Latin America, Brazil, Mexico, EMEA
For More Details On this Report: https://www.marketstudyreport.com/reports/switchgear-market/
Related Report:
Gas Insulated Switchgear Market Research Report 2017 - 2024
Expansion of existing power transmission & distribution network coupled with shifting trend towards replacement of fossil fuels with clean energy resources will drive the gas insulated switchgear market size. In May 2017, Siemens received largest contract from the KAHRAMAA, a Qatar based general water & electricity corporation for the expansion of country's power transmission network. The order includes designing, engineering, supply, installation, and commissioning of the substations for the 11 kV, 66 kV, 132 kV, 220 kV, and 400 kV GIS.
https://www.marketstudyreport.com/reports/gas-insulated-switchgear-market/?utm_source=RR-PSR
More Report At: https://factsweek.com/author/ashwin/
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