Global Switchgear Market Set for Rapid Growth, to Reach USD 156.8 Billion by 2022
Global switchgear market is expected to reach USD 156.8 billion in 2022, growing at a CAGR of 9.7% between 2017 and 2022.
Sarasota, FL -- (SBWire) -- 01/05/2018 --Zion Market Research has published a new report titled "Switchgear Market (By Voltage: Low Voltage, Medium Voltage, High Voltage; By Insulation: Air, Gas, Oil, vacuum; and By End Users: Utilities, Industrial, Residential & Commercial): Global Market Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022". According to the report, global switchgear market was valued at USD 89.9 billion in 2016 and is expected to reach USD 156.8 billion in 2022, growing at a CAGR of 9.7% between 2017 and 2022.
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In modern power system network, switchgear protection plays an essential role right from generation through transmission to distribution end. In an electric power system, switchgear is the arrangement of electrical switches, fuses or circuits breakers need to control protect and isolate electrical equipment. The function of carrying, making and breaking the normal load current similar to a switch has been performed by switchgear and it also has to carry out the function of clearing the faults. Device utilized for controlling switching and protecting the equipment and electrical circuits, is known as switchgear. In addition to that switchgear also has provision of metering and regulating the various parameters of electrical power system. This type of equipment is directly related to the reliability of the electricity supply.
Asia Pacific region dominated the global industry in switchgear market. Asia Pacific was the most attractive market for switchgear in 2016. In Asia Pacific region, the improvement in number of distribution and transmission lines and development in countries such as China and India is largely determined. The developing countries in this region are striving to strengthen power system and investing to improve their voltage level to connect remote areas in the region. Large electrical infrastructure up-gradation and new transmission and distribution lines being installed in China.
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In 2016, U.S declared an investment of about USD 900 million towards restoration of transmission network. North America currently has market for replacement of old installations and grid up gradation. To drive the market along with capacity improvement and saving in offshore wind farms are expected to the growth in market. In 2015, establishment of electrical grid infrastructure is expected in Egypt for the growth in switchgear market. In 2017, towards development of electric infrastructure in Africa world bank declared an investment of USD 23.2 million.
UK switchgear market will observe strong growth along with adoption of the separate energy system and encouraging government initiatives towards renewable integration. In the UK, national grid announced a development of the electric grid and pipe network in the region for the growth of switch gear market.
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Some of the major players involved in the global switchgear market include ABB, Crompton Greaves, Larsen and Turbo, Schneider Electric, Siemens, GE, Eaton, Mitsubishi Electric Systems, Toshiba, Schneider Electric, Bharat Heavy Electrical Limited, Hubbell Power System inc. Rittal, Meidensha Corporation, and Ormazabal.
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