Pad-Mounted Switchgear Market Worth $7.2 Billion by 2024
The global pad-mounted switchgear market is projected to reach USD 7.2 billion by 2024 from an estimated market size of USD 5.5 billion in 2019, at a CAGR of 5.4% during the forecast period.
Northrook, IL -- (SBWire) -- 01/14/2020 --According to the new market research report "Pad-Mounted Switchgear Market by Type (Air, Gas, Solid Dielectric), Voltage (Up to 15 kV, 15–25 kV, 25–38 kV), Application (Industrial, Commercial, & Residential), Standard (IEC, IEEE), and Region - Global Forecast to 2024" published by MarketsandMarkets™, is projected to reach USD 7.2 billion by 2024 from an estimated market size of USD 5.5 billion in 2019, at a CAGR of 5.4% during the forecast period. The global market is set to witness significant growth owing to increasing investments in distribution infrastructure to meet the growing electricity demand along with investments in underground distribution due to functional and aesthetic advantages.
The IEC segment is expected to be the largest market during the forecast period
The IEC segment is projected to be the largest Pad-Mounted Switchgear Market, by standard, during the forecast period. It has the largest share of the Pad-Mounted Switchgear Market owing to its widespread adoption in Europe, one of the largest markets for pad-mounted switchgears. The increased adoption of pad-mounted switchgears can be attributed to stringent regulations and requirements to meet network reliability and stability demands. The IEC standard pad-mounted switchgears gained wider acceptance in Asia Pacific and the Middle East along with Europe.
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The solid dielectric segment is expected to be the fastest growing segment in the Pad-Mounted Switchgear Market, by type, during the forecast period
The solid dielectric segment is expected to grow at the highest rate during the forecast period. This growth can be attributed to the increased demand for SF6 alternatives in response to the stringent restrictions imposed on the use of SF6. In the US, which holds the largest market share in the North American market, many utilities such as PG&E have proper plans in place to carry out the replacement of SF6 equipment. In solid dielectric switchgears, epoxy is used as the insulating medium, which is environmentally safe and inert.
Europe is expected to dominate the global Pad-Mounted Switchgear Market during the forecast period.
The growing demand for underground distribution and its preference for the overhead lines in many parts of Europe are the driving factors for the growth of European Pad-Mounted Switchgear Market. Many countries, such as the Netherlands, have a 100% underground distribution network. Even in other European countries, in urban areas and densely populated areas, it is a common practice to adopt an underground distribution system. Investments in distribution networks are on the rise in response to the increased adoption of renewable energy. The increased investments in distribution networks are expected to drive the European Pad-Mounted Switchgear Market.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Pad-Mounted Switchgear Market. These include Eaton (Ireland), Hubbell (US), Federal Pacific (US), S&C Electric (US), G&W Electric (US), ABB (Switzerland), AZZ (US). The leading players are trying to establish themselves in the markets of developed countries and are adopting various strategies to increase their respective market shares.
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