The new report by Expert Market Research titled, ‘Global Switchgear Market Report and Forecast 2023-2028’, gives in-depth analysis of the Global Switchgear market, assessing the market based on its segments like Voltage Type, Installation Type, Application, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028): –
- Historical Market Size (2020): USD 94 Billion
- Forecast CAGR (2023-2028): 6 %
- Forecast Market Size (2026): USD 133 Billion
The establishment of new power plants around the world has boosted the increasing demand for electricity. Switchgears are used in power plants to ensure the safety of heavy and costly equipment machinery. Switchgears are also used to secure the electrical equipment used in the construction and rehabilitation of transmission and distribution utilities. The demand for switchgears is expected to increase over the forecast period with continuously rising power plants and renovations and upgradation of power system networks.
Industry Definition and Major Segments
Switchgear refers to an electrical component that is made up of switches, fuses, or circuit breakers for electrical disconnection. Switchgears are used in an electric power system to secure, track, and control electrical equipment. Furthermore, switchgear will de-energize equipment to enable work to be done as well as clear downstream faults to enable the current load to flow smoothly.
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On the basis of Voltage Type, the industry is divided into:
- Low Voltage
- Medium Voltage
- High Voltage
On the basis of Installation Type, the industry is divided into:
On the basis of Application, the industry is divided into:
- T&D Utility
On the basis of Region, the industry is divided into:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
The need for a safe and efficient T&D network has resulted in rising energy demand. Uninterrupted electricity can only be ensured by a scheme capable of managing unexpected power surges and decreases, according to the DOE and the North American Electric Reliability Corp. Aging infrastructure, a lack of investment, and a lack of a consistent strategy to modernise the grid are the key reasons behind the growing number of blackouts. New regulations to reduce/limit power blackouts and upgrade ageing power networks around the world (particularly North America, Europe, and parts of APAC) are creating a market for the value chain of equipment for the entire power sector. With the aid of monitoring solutions, Switchgear warns the maintenance team when ageing and over-used equipment is on the verge of failure and helps them to make better choices by offering real-time information to reveal concerns and opportunities for change.
Key Market Players
The major players in the market are ABB Ltd., Mitsubishi Electric Corporation, Siemens AG, Eaton Corporation plc, Toshiba Energy Systems & Solutions Corporation, Hitachi, Ltd., and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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