According to a new market research report published by Acute Market Reports “Switchgear Market (By Voltage: Low Voltage (Less than 1KV), Medium Voltage (1KV to 75KV) and High Voltage (Above 75KV); By End-use Industry: Transmission & Distribution Utilities, Manufacturing & Process Industries, Commercial & Residential Infrastructure) - Growth, Future Prospects, and Competitive Landscape, 2021-2029”, switchgear market was valued at US$ 89.4 Bn in 2020 and is expected to grow at a CAGR of 9.2 % during the forecast period from 2021 to 2029.
The complete report is available at https://www.acutemarketreports.com/report/switchgears-market
Market Insights:
Switchgear is an assembly of electrical devices which are incorporated into the electrical circuits to protect other electrical equipment and appliances from the undesirable electrical occurring. Such occurring includes short-circuits, overloads, voltage fluctuations and overheating, among others. Switchgears have been used from past several years in order to safeguard electrical devices in power plants, transmission and distribution utilities, manufacturing and processing industries, and commercial and residential infrastructures. Switchgears provides superior protection when compared to the normal protection offered by the fuse and other protection devices individually. Consequently, owing to the aforementioned merits the demand for the switchgears is expected to rise consistently in the following years.
Growing demand for electric energy boosted the establishment of new power plants across the world. Switchgears are used to ensure the safety of heavy and expensive equipment and machinery in the power plants. Switchgears are also used to safeguard the electrical devices used in set-up and re-establishment of transmission and distribution utilities. With consistently growing power plants and renovations and up-gradation of power system networks, the demand for the switchgears is expected to escalate throughout the forecast period. In addition, switchgears are also used to prevent electrical damage to the equipment and devices used for manufacturing and processing industries as well as residential and commercial complexes. With the growth in the aforementioned sectors, the market for switchgears is also expected to demonstrate a substantial growth in the following years.
Competitive Insights:
Switchgears market is highly fragmented and comprises several international manufacturers, as of 2020. With consistent up-gradation of electrical infrastructure and network, switchgear manufacturers are extensively striving to expand their sales and distribution network. Companies are concentrating on new and emerging markets in the Asia-Pacific, Middle East and Africa (MEA) and Latin America regions. Major players in the market include ABB Ltd., Eaton Corporation PLC, General Electric Company, Mitsubishi Electric Corporation, TE Connectivity Ltd., Toshiba Corporation, Schneider Electric SA, Siemens AG, Hitachi Ltd, Crompton Greaves Ltd., Alstom SA, and Hyundai Heavy Industries Co. Ltd.
Key Trends:
