Sarasota, FL -- (SBWIRE) -- 01/22/2018 -- 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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Devices used for controlling switching and protecting the equipment and electrical circuits is known as switchgear. The basic function of switchgear is to protect the equipment in the result of the unusual condition and to control the supply of electric power. In modern power system network, switchgear protection plays an essential role right from generation through transmission to distribution end. The function of carrying, making and breaking the normal load current similar to a switch has been performed by switchgear and it has to carry out the function of clearing the faults. In addition to that, switchgear also has the provision of metering and regulating the various parameters of electrical power system. This type of equipment is directly connected to the reliability of the electricity supply.

Power plant transformation and restoration, growth in renewable power generation, increasing approach to electricity and business of smart grid technology in emerging countries are expected to remain major driving factors for the growth in switchgear market. The increase in précised competition and unorganized division of switchgear market could be a restraining factor for the switchgear market. The global switchgear market offers new growth opportunities, due to developing power infrastructure, approval of smart grid technology and an increase in demand for renewable energy. The requirement of adequate electrification has been constraining the growth of the business sector across emerging economies.

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The switchgear is segmented on the basis of voltage, insulation and end users. On the basis of voltage, the global switchgear market is segmented into low voltage, medium voltage, and high voltage. Low voltage segment held the largest market share due to huge demand from industrial and urban developments. On the basis of insulation, the global switchgear market is segmented into air, gas, oil, and vacuum. The switchgear market for gas insulated switchgear accounted for the largest share in 2016. The gas insulated switchgear is mostly utilized in high and ultra high voltage transmission lines. On the basis of end users, the global switchgear market is segmented into utilities, industrial, residential & commercial. Utilities end users dominated the global switchgear with maximum market share. In 2016 residential and commercial segment accounted for over 20% of the global share.

Based on regional segmentation, Asia Pacific was the most attractive market for switchgear in 2016. In Asia Pacific region, the improvement in the number of distribution and transmission lines and development in countries such as China and India is largely determined. For Europe region, UK switchgear market will observe strong growth along with adoption of disperse energy system and encouraging government initiatives towards renewable integration. In the UK, national grid announced the development of the electric grid and pipe network in the region which is expected to boost the switch gear market. In 2015, the establishment of electrical grid infrastructure is expected in Egypt for the growth in switchgear 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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