The Global Switchgear market is anticipated to witness the growing trend in the upcoming years on account of several favorable factors such as surging construction activities in the emerging economies, rising demand for efficient and cost-effective power distribution system, modernization of power grid, proliferating investments in the renewable sectors in both developed and the developing economies and other. According to MarkNtel Advisors’ research report titled “Global Switchgear Market Analysis, 2020”, the Global Switchgear market is anticipated to rise at a CAGR of around 6% during 2020-25.
Despite several positive demarcations, the switchgear market growth is currently volatile due to several unfavorable conditions posing challenges for the further market growth such as variability in the input cost due to changing raw material prices, intensive competition in the industry from the local firms offering intensive price competition, and limited product differentiation.
Gas Insulated Switchgear Segment Dominated the Market
Based on the insulation method used in the switchgear, the gas insulation segment dominated the market with more than 50% of the market share. The segment is also anticipated to mark the highest growth rate in the forecast period. However, due to factors such as technological enhancement in the products and increasing environmental concern to curb the global pollution level, the other insulation segments are witnessing the growing trend. The soundlessness and time-saving advantages of vacuum insulation is gaining heavy consumer traction.
According to Markntel Advisors, the leading market players in the Global Switchgear market include General Electric, ABB, Siemens Group, Hyundai, Schneider Electric, Fuji Electric, CG Power, Mitsubishi, etc.
The leading companies the Global Switchgear market, are undertaking mergers, acquisitions, contractual agreements, and partnerships with the aligned industries and the business firms in the switchgear market, with the motive to increase their revenue share and maintain their market share in the long run.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report on Global Switchgear Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecasted up-to 2025.
Q. What are the units or denomination for measuring market value and volume in the report?
A. The market size/industry size or the market value is measured in terms of USD Million, while the market volume is measured in terms of quantity sold.
Q. What would be the growth rate or CAGR of Global Switchgear Market during 2020-25?
A. The growth rate of Global Switchgear Market during 2020-25 is forecast to be around 6%.
Q. Which region would grab the highest market share during 2020-25?
A. It is forecast that North America will dominate the market with majority market share, with market size registering considerably higher CAGR.
Q. Who are the key competitors or players operating in Global Switchgear Market?
A. General Electric, ABB, Siemens Group, Hyundai, Schneider Electric, Fuji Electric, CG Power, Mitsubishi are few of the leading players in the Global Switchgear Market.
Q. Does the report scope cover Global Switchgear Market insulation wise market statistics also?
A. Yes, the scope of the report encompass detailed Global Switchgear Market insulation wise statistics such as market size, market segmentation based on various subcategories.
Q. Which segment would emerge as an opportunity area for players in Global Switchgear Market?
A. Based on the Insulation mode, the Gas insulation segment will continue to grow at a highest CAGR, presenting immense opportunities for manufacturers and suppliers of Global Switchgear Market.
