Albany, NY -- (SBWIRE) -- 06/18/2018 -- The high-voltage switchgear market is going through a diverse phase in different regions of the world. North America and Europe are mature regions of the market due to the presence of high-voltage power distribution grids in the regions.
On the other hand, developing countries in Asia Pacific and Middle East & Africa that are undergoing grid modernization to reform electricity transmission and distribution network and are seeing an increase in demand for next-generation renewable power infrastructure are driving the global high-voltage switchgear market.
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The high-voltage switchgear market is projected to expand at a CAGR of 5.0% during the forecast period and reach US$ 18,898.7 Mn by 2026.
Increase in government initiatives for the renewal of existing transmission and distribution networks and grid modernization is expected to propel demand for high-voltage switchgear during the forecast period. According to the Office of Electricity Delivery and Energy Reliability (OE), the U.S. accounts for 4% of the global population and is responsible for 25% of its greenhouse gas emissions.
However, the high-voltage switchgear market faces serious challenges from the extensive copying and counterfeiting of electrical products. Illegal manufacturers are reproducing copies of original technology at very cheap prices as compared to OEMs. This is expected to hamper demand for electrical products, including high-voltage switchgear.
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Gas-insulated switchgear is expected to be the most preferred type of switchgear across the world. It is expected to have an edge over air-insulated switchgear. The physical size and design of gas-insulated switchgear offer higher reliability and flexibility than other solutions.
The usage of sulfur hexachloride (SF6) gas is expected to drive the market since this gas has high dielectric properties compared to air and acts as an insulating medium for high-voltage or extra high-voltage switchgear equipment. SF6 is a greenhouse gas with an extremely significant impact on global warming. It is one of the six gases listed in the 1997 Kyoto Protocol designed to lower greenhouse gas emissions worldwide.
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Some of the prominent players as identified in the high-voltage switchgear market include ABB Ltd., Eaton Corporation, Fuji Electric Co. Ltd, General Electric, Mitsubishi Electric Corporation., Schneider Electric SE, Siemens AG, Crompton Greaves Ltd., Hyosung Corporation, and Toshiba Corporation. Companies are focusing on expanding their business through strategic acquisitions and partnerships with several end-use industries.