Overview:

The global switchgear market is valued for more than US$ XXX.X Mn in 2019 and expected to reach a value of US$ XXX.X Mn by 2029 with a significant CAGR of around XX.X% over the forecast period of 2019-2029. The device or system used to regulate and control the electricity in any power system is referred as switchgear. The common examples of switchgear are fuses, switches, isolator, relays, circuit breaker, and controls panels.

The switchgear plays a key role by de-energizing the system in case of testing or maintenance of the system. It also plays an important role to prevent the damage in case of heavy or very low current flow. The switchgear are mainly of two types i.e. the outdoor type and indoor type.

Market Dynamics:

Growing electrification and energy supply system penetration across the globe, majorly in rural areas of many countries is a key factor driving growth of the global switchgear market. Also, rising power supply infrastructures in emerging economies to serve the growing demand of energy is resulting in growth of the target market.

In addition, growing urbanization and industrialization is resulting in growing demand of energy across the globe. According to Energy Information Administration, the energy demand in the US is expected to reach 139.1 quadrillion Btu in the year 2025.

Moreover, rising focus on renewable energy generation in many countries is expected to further drive the market growth in the near future. For instance, according the NITI Aayog, the government of India has planned to install 175 GW of renewable energy capacity by the year 2022.

However, growing product cost is a key factor hampering growth of the global switchgear market. In addition, a harsh environment condition in some countries is challenging the target market growth to a certain extent.

Key Trends:

Rising focus on renewable energy generation by government authorities of many countries is a key trend witnessed in the global market. For instance, as per 10 year energy strategy plan published by government of France in January 2019, the country is planning to double its renewable energy capacity till the year 2028.

Regional Analysis:

For detailed understanding of market dynamics, the global switchgear market is analyzed across key regions viz. North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific region is dominated the global market in terms of market share in the year 2019. Growing energy generation projects, rising energy demand, and increasing electricity network expansion projects in rural areas are the key factors driving growth of the target market in this region. Moreover, industrial growth in countries such as China, India, Japan, and South Korea is another key factor propelling growth of the target market in countries in the region.

However, the switchgear market in North America and Europe is expected to register a significant growth during the forecast period. This is attributed to increasing number of renewable energy projects and rising focus on reconstruction of current energy infrastructure in many countries in these regions.

Scope of the Report:

Detailed Segmentation:

Global Switchgear Market, By Voltage:

• Low
• Medium
• High

Global Switchgear Market, By Insulation

• Gas
• Air
• Oil
• Vacuum

Global Switchgear Market, By Installation

• Indoor
• Outdoor

Global Switchgear Market, By Application

• Residential & Commercial
• Industrial
• Utilities

Key Players Covered:

Key players operating in the global switchgear market includes, ASEA Brown Boveri (ABB), Schneider Electric, Hitachi Ltd., Kirloskar Electric Co. Ltd., Mitsubishi Electric Corporation, Siemens AG (Siemens Energy), Hubbell Incorporated, Toshiba Corporation, Fuji Electric Co., Ltd., and Hyosung Electronics Co,.Ltd.

Key Features of the Study:

Foresight Market Research provides detailed analysis on global market in our report- Global Switchgear Market by voltage, insulation, installation, application and region. The report provides market size (US$ Mn) and compounded annual growth rate (%) for the forecast period: 2019 – 2029, considering 2018 as the actual year. The report also contains in-depth analysis about market drivers, restraints, opportunities, new product launches, product approval, ongoing trends, and regional outlook. The report delivers competitive analysis about leading players in the global switchgear market based on various parameters such as company overview, product portfolio, regional presence, financial performance, distribution strategies, key developments, marketing strategies, and future plans. The analysis from the report would acquaint the marketers and management authorities of companies to make the appropriate decision with respect to their future product launch, market expansion, and marketing tactics used overall the globe.