Global HV Switchgear Market to Witness Further Growth

According to the latest research report by Spherical Insights & Consulting, the global High Voltage Switchgear market size is to expand at a CAGR of around 6.5% during 2021 to 2030...

Increasing electricity generation and consumption, along with the changing power generation industry dynamics, are expected to be the major drivers for the T&D network growth, which, in turn, is expected to drive the high-voltage switchgear market, during 2021 to 2030.

Along with the growth of the infrastructure and manufacturing facilities, the intelligent switchgear sector is rapidly expanding. Smart switchgear, which plays a key role in the distribution of energy to industry and residential areas, is one of the most important stimulants in this field. As a result, smart power distribution equipment like smart switchgear must be employed to provide improved performance, power continuity, and resource optimization while lowering transmission, operational, and maintenance costs. Intelligent switchgear is adaptive, energy-efficient, and long-lasting. They offer zero-downtime update and upgrade possibilities; these technologies are expected to grow greatly in the future and present opportunities.

Rapid urbanization in emerging regions, along with ongoing investments in offshore power grid and heavy investment in the development of high-voltage direct current systems would improve the market statistics. Strong connectivity support for alternating current
circuits would further improve the industry’s outlook. The product’s numerous applications, such as the integration of power generation units into grids, power transmission lines, and rail lines, would have a beneficial impact on the commercial situation.

Market expansion will be driven by the introduction of fresh technological solutions and the integration of smart systems. Product penetration will be driven by the major manufacturers’ continued R&D efforts to influence material density, tensile strength, and durability. Rising population growth and urbanization would increase demand for power in both urban and rural areas, improving the industry environment.

AC switchgear power systems are used to protect, isolate, and control electrical systems in utilities, industries, businesses, and residential constructions. AC power can travel great distances without losing power, making it a less expensive power supply. The AC segment dominates the switchgear market because utilities generate a huge amount of Alternating Current (AC). Rising power demand in all sectors is one of the key drivers for the worldwide switchgear business, which boosts demand for high voltage switchgear instantly. The replacement of ageing power infrastructure also opens opportunities for the deployment of high voltage switchgear. Furthermore, the growing use of renewable energy sources opens huge deployment opportunities for this switchgear.

Technological advancements, together with rising demand for smart grid network solutions, will drive regional market share expansion. Adoption of environmentally friendly energy solutions by the European Union for generating and creating sustainable energy solutions will considerably benefit the regional market. Furthermore, increased backing from governmental financial organizations such as the IFC, World Bank, Asian Development Bank, and a slew of private institutions would expand the market size.

Major companies operating in this area includes: Mitsubishi Electric Corporation; Powell Industries; Hyosung Heavy Industries; Schneider Electric; General Electric; Ormazabal; Siemens; Bharat Heavy Electricals Limited; Toshiba Corporation; CG Power and Industrial
Solutions Limited; ABB; Chint Group; Eaton; Lucy Group Ltd; Hitachi Ltd; E + I Engineering; Skema S.p.A; Regal Rexnord Corporation; Fuji Electric Co. Ltd; Hyundai Electric & Energy Systems Co. Ltd; and Flowserve Corporation.

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