Global switchgear market is expected to grow from around $ 100 billion in 2019 to $ 155 billion by 2025. Switchgears are switching devices designed to protect, regulate & control power generation, transmission & distribution equipment and electric motor control systems. They are located on both the low voltage and high voltage side of large power transformers in substations. A switchgear includes circuit breakers, fuses, and isolators. Besides stopping flow of current in a circuit manually, switchgear automatically do the thing whenever there is an over current in the circuit or any other abnormal situation arises, thereby protecting valuable equipment.
Growing investments in renewable forms of energy and surging demand for safe and secure control distribution systems and advanced monitoring units is increasing the demand for switchgear. Additionally, the replacement and modernization of aging electrical networks is further contributing to the growth of global switchgear market. Innovations in smart grid technologies and growing focus towards environmental protection would further boost the demand for switchgear, globally.
The global switchgear market is segmented based on insulation, installation, voltage, product, end user, region and company. Based on insulation, the market can be segmented into air insulated, gas insulated and others. The gas insulated segment is expected to hold the largest market share during the forecast period on account of its use in various industries for fulfilling the high demand for energy. Based on installation, the market can be bifurcated into indoor and outdoor. The outdoor segment is expected to grow at a fast pace during the forecast period owing to the widespread application in transmission and sub transmission sectors. Based on voltage, the market can be categorized into low, medium and high. The low voltage segment is expected to dominate the market and hold the highest share of the market during the forecast period. Based on end user, the market can be fragmented into Transmission & Distribution Utilities, Industrial, Commercial, Residential and Others. The Transmission & Distribution utilities segment is anticipated to register high CAGR during the forecast period, as the segment is responsible for the generation, transmission, and distribution of electricity.
The Asia-Pacific region is expected to dominate the overall switchgear market followed by Europe, North America, Middle East & Africa and South America. The major players operating in the global switchgear market are Bharat Heavy Electricals Ltd., Mitsubishi Electric Corporation, CG Power and Industrial Solutions Limited, Siemens Aktiengesellschaft, General Electric Company, Eaton Corporation plc, ABB Ltd., Alstom SA, Schneider Electric SE, Havells India Limited and others.
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