In a notable stride towards growth, the global switchgear market anticipates a substantial Compound Annual Growth Rate (CAGR) of 5.3%, charting a course from an estimated US$ 4,828.4 million in 2023 to a robust US$ 7,685.3 million by 2033. This accelerated trajectory marks a departure from the previously gradual progress observed in the switchgear market, primarily propelled by the escalating global demand for energy.
A key catalyst driving this remarkable expansion is the implementation of new regulations focused on reducing and mitigating power outages while strengthening power distribution networks. As nations actively seek to enhance the reliability and resilience of their electrical grids, the switchgear market emerges as a pivotal player in the power sector machinery landscape.
Unveil Hidden Patterns: Request Sample Report And Enhance Your Decision-Making Prowess. https://www.futuremarketinsights.com/reports/sample/rep-gb-282
As T&D utilities sector estimated to witness healthy growth rate in the forecast period. According to the report, T&D utilities are expected account for nearly 46% of switchgears sold in 2021. Besides this, the demand is expected to surge in commercial, industrial, and residential sectors enabling growth in the market.
Key Takeaways:
- After a period of negative growth, the market showed impressive improvement, registering above 6% y-o-y growth in 2021.
- The U.S. is expected to account for over 60% of sales in North America.
- After a period of negative growth, the U.K. exhibited above 6% y-o-y growth in 2021, emerging as a strong market for switchgears.
- Expansion of the energy and utilities sector will enable growth in Germany and France.
- Government initiatives are expected to support growth in Japan and South Korea.
“Increase in demand for advancement in the switchgear and advent of smart grid are expected to give impetus to switchgears. The use of the voltage fluctuator is very common in the heavy as well commercial sectors. It is used in the transmission and distribution of energy to consumer and for running machineries. The need of the energy is increasing day by day, which has been aiding the overall expansion of the switchgear market.” says FMI analyst.
Switchgear market is likely to grow at a moderate pace during 2023-2033. However, as it is a matured market, companies are expected to concentrate on research and development activities and capitalize on opportunities especially in the field of T&D Utilities. Their key focus will however remain meeting requirements of consumers. Collaboration with local players and developing new technology in the form of smart grid and advanced switchgear are key strategies adopted by the market players.
Competitive Landscape:
The market is fragmented, with key players accounting for approximately one fifth of the market share. These companies are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares. Some of the key players in the market are ABB Ltd., Siemens AG, Schniender Electric, Havells India Pvt. Ltd., Hyundai Electric and Energy System, Fuji Electric, Powell Industries, etc.
Buy Now to Secure Your Purchase and Take Advantage of Our Competitive Data Offerings: https://www.futuremarketinsights.com/checkout/282
Switchgear Market By Category:
By Component Type:
- Power Distributor Switch Breaker
- Switch Disconnector
- MCCB
- HRC Fuse
- Earth Switch
- MCB
By Voltage Type:
- Low Voltage (less than 1kV)
- Medium Voltage (1kV to 75kV)
- High Voltage (75kV to 230kV)
- Extra High Voltage (230kV to 500kV)
- Ultra-High Voltage (above 500kV)
By Construction Type:
- Outdoor
- Indoor
- Others
By Insulation Type:
- Air Insulated Switchgear
- Gas Insulated Switchgear
- Oil Insulated Switchgear
- Vacuum Insulated Switchgear
By End User:
- T&D Utilities
- Commercial
- Industrial
- Residential
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
Discover Unseen: Get Personalized Reports To Unearth Hidden Opportunities In Specific Regional Segments. https://www.futuremarketinsights.com/customization-available/rep-gb-282
No comments:
Post a Comment