The term “switchgear” is derived from the fact that it comprises devices that enable switching and disconnection of electrical power to other circuits or loads. There are different types of switchgear, each designed to handle a specific voltage. These include low voltage (LV), medium voltage (MV), and high voltage (HV). There are many benefits to installing switchgear in a power system. These include boosting reliability, improving dependability, and enhancing interconnection. The most important of these is the ability to isolate faulty areas from healthy sections in the power system when a problem occurs.
Market Dynamics:
The escalating demand for small-sized substations that require less space is expected to drive growth of the global switchgear market during the forecast period. The growing need for renewable energy, rising standards to control carbon emissions, and increasing awareness of consumers towards renewable energy generation are also likely to boost the market growth.
However, high cost and functional disadvantages of this equipment is anticipated to restraint growth of the global switchgear market over the forecast period.
Key features of the study:
- This report provides in-depth analysis of the global switchgear market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2023–2030), considering 2022 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global switchgear market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include ABB Ltd., Fuji Electric Co. Ltd., Havells India Ltd., Powell Industries, Mitsubishi Electric Corporation, CG Power and Industrial Solutions Limited, Schneider Electric, Hitachi Ltd., Siemens AG, Meidensha Corporation, Eaton Corporation PLC, and Toshiba International Corporation (Toshiba Corporation)
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global switchgear market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global switchgear market
Detailed Segmentation:
- Global Switchgear Market, By Voltage:
- Low Voltage
- Medium Voltage
- High Voltage
- Global Switchgear Market, By Insulation:
- Gas Insulated Switchgear (GIS)
- Air Insulated Switchgear (AIS)
- Other Insulation Types
- Global Switchgear Market, By Installation:
- Global Switchgear Market, By Application:
- Commercial
- Residential
- Industrial
- Global Switchgear Market, By Geography:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Company Profiles:
- ABB Ltd.
- Havells India Ltd.
- Mitsubishi Electric Corporation
- Schneider Electric
- Siemens AG
- Eaton Corporation PLC
- Toshiba International Corporation (Toshiba Corporation)
- Meidensha Corporation
- Hitachi Ltd.
- CG Power and Industrial Solutions Limited
- Powell Industries
- Fuji Electric Co. Ltd.
