Ocean View, DE -- (SBWIRE) -- 04/02/2020 -- Globally, switchgear market share is expected to witness substantial gains in the coming years on account of efficient power supply characteristics of these components. With the shift in the preference for power generation systems that are carbon emission-free, there has also been an escalating investment towards sustainable energy solutions. AC switchgear industry will be holding a significant share owing to reduced cost of installation, quick fault response time and ease of replacement. Additionally, there has been a rising demand from HVAC system applications as they enable network stabilization as well as have quick lead time owing to quick power changes.

Global switchgear market size had reached an installation of nearly 60 million units in the year 2019 and has been expected to increase at a CAGR of 6% through 2026. The residential, commercial and industrial sectors have been witnessing a high demand for switchgears owing to longer life cycle, high operational performance and a safe as well secure supply of power in the transmission grid network.

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With the growing concerns towards security, reliability and stability of transmission networks, there has also been a rising inclination towards all the distribution networks that are more energy efficient. Outdoor switchgear products now have lower power consumption, minimal arcing, and easier fault detection that will contribute to the switchgear market growth. Various manufacturing and industrial establishments have installed outdoor switches with the widening application scope.

The sustainable energy generation plants have been securing major investments that covers solar farms and offshore wind, a trend that has benefited the switchgear market. Prominent switchgear suppliers such as ABB, GE, Crompton Greaves, Siemens AG and Mitsubishi Electric Systems, among others, are always involved in the distribution and production of switchgear across the market. These firms are often involved in mergers and acquisitions that help them expand their product portfolio and production capacity.There have been several favorable regulatory norms related to sustainable energy generation while the research and development department has already been receiving investments complementing product adoption. The expanding microgrid infrastructure across the world on account of the increasing demand for electricity, has also been demanding energy-efficient systems and components like switchgears.

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There has also been an increase in the focus towards grid security and stability of power supply over the years, accompanied by the rising efforts to build efficient control and monitoring system. The governments have taken certain measures to fuel the adoption of the power generation system by putting out favorable regulatory norms such as subsidies, financial incentives and tax rebates, swaying the large-scale industries.

For example, ABB had launched a low voltage Neogear in 2019, that had maximum safety, digital capabilities and high efficiency, along with data analytics for switchgear market, a real-time condition, remote assistance and monitoring & predictive maintenance.

Plans for refurbishment and replacement of all the existing transmission networks in developed regions like in North America will positively affect switchgear market forecast over the years. The region has enabled strict government norms focusing on the conventional use as well as a widespread integration of highly energy-efficient grid systems. The expansion of microgrids and the demand for decentralized power generation units help will propel North America switchgear market.