In a power system, the switchgear is the array of circuit breaker or the fuses, electrical switches and the isolators designed to protect and control the electrical equipment. The product is placed on both low as well as the high voltage ends of the power transmitters and is used to energize or de-energize the equipment after and before the fault correction.
During faults, the heavy current usually flows through the equipment that automatically disrupts the functioning of the devices and cause heavy damage. So, to prevent such damages, an automatic protecting device such as switchgear is installed.
According to MarkNtel Advisors’ research report “Global Switchgear Market Analysis, 2020”, the global Switchgear market is anticipated to grow at a CAGR of around 6% during 2020-25. Surging investment in Transmission and Distribution, increasing demand for secure electrical distribution systems across various all end-user segments and propelling capital investments on renewable energy in both emerging as well as the developed nations are some of the key factors for the growth of switchgear market.
The stringent environmental regulations in the developed nations such as US, Canada, UK, and rest of the European countries, and the proliferating focus on the identification and development of infrastructure for green energies across the globe, is expected to intensify the product demand from eco-friendly power generation and transmission systems.
Outdoor Installation Segment to Mark the Highest CAGR
Based on the type of switchgear installation, the market can be segmented into the indoor and outdoor installation. The high power voltage equipment of more than 60KV, the outdoor switchgear is used. The high voltage switchgear requires heavy investment in the building architecture and large spacing.
In 2019, the indoor segment dominated the market owing to the heavy demand from commercial and residential buildings. However, the outdoor segment is anticipated to attain the fastest growth in the forecast period, as revealed by MarkNtel Advisors, research report on “Global Switchgear Market Analysis, 2020”. The outdoor switchgear is majorly applied in the equipment for high load transmission in the power utility sector for transfer of electricity over the longer distances. Promulgating investments in the T&D end-user segment is a favorable factor for the segment boom.
According to MarkNtel Advisors’, the Asia-Pacific region dominated the global Switchgear market in 2019. The market leadership by the regional segment during 2020-25 is expected to carry forward as a result of boosting investments in the alternative energy generation sources among emerging countries of the nation such as China, Japan, India, and Indonesia.
The countries such as China and china are undertaking major smart grid and power transmission projects to meet the growing power demand from the commercial and the industrial segment. Moreover, the governments in these countries are making heavy investments on renewable power sources as an alternative to overcome the supply deficit of the country and for the betterment of the environmental condition.
According to Markntel Advisors, the leading market players in the global Flare Monitoring System market include Toshiba, Mitsubishi, Fuji Electrics, CG Power, Schneider, CG Power, Schneider, and many others.
The competition in the global switchgear market is highly intense due to the presence of local players in the emerging countries, those are offering tough competition to the international players in terms of switchgear price and quality.
The competitors are adopting product innovation and technology enhancement along with undertaking mergers and acquisitions as the parameter to differentiate themselves from the rivals and enhance their market presence. For instance, Siemens in 2019, launched a medium voltage switchgear with clean air insulation technology. The company has been taking advantage of the growing inclination of end-users towards clean and green sources. The switch gears offer safe and economical grid operation.
“Global Switchgear Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decision, hotspots and opportunities available for Switchgear providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
1. By Insulation (Gas Insulated Switchgear, Air Insulated Switchgear, Oil Insulated Switchgear, Vacuum Insulated Switchgear)
2. By Installation (Indoor, Outdoor)
3. By Voltage (Low, Medium, High)
4. By End User (T&D Utility, Industrial, Commercial, Residential)
5. By Region (North America, South America, Europe, Middle East and Africa, and Asia- Pacific)
6. By Country (US, Canada, Mexico, Brazil, Argentina, UK, Germany, Italy, Spain, France, Saudi-Arabia, UAE, Kuwait, South Africa, China, India, Japan, South Korea, and Australia),
7. By Company (General Electrics, Hitachi, ABB, Siemens Group, Toshiba, Fuji Electrics, Mitsubishi, and Others)
Key questions answered in the study:
1. What are the current and future trends of the Global Switchgear industry?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Global Switchgear industry?
5. What are the customer orientation, purchase behavior, and expectations from the Switchgear suppliers across various regions?