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New York, United States, Jan. 19, 2023 (GLOBE NEWSWIRE) -- A switchgear is a mechanical tool used to control, protect, and turn on and off electrical equipment. It consists of fuses, circuit breakers, and switches. Power transformers with high and low voltage sides are equipped with switchgear, which is used to cut off the electricity to the equipment during testing, maintenance, and fault-finding procedures. Circuit breakers, connectors, and transformers made up the traditional switchgear. The Internet of Things and magnetic actuation are both used by the new switchgear at the same time to create smart grids that are more dependable and effective. The switchgear market is expanding due to industrialization, investments in industry and infrastructure, and other factors. The present trend toward innovative and eco-friendly technologies further increases the market value.
The switchgear industry is driven by investments in energy infrastructure and renewable energy sources. Market value is anticipated to increase due to investments in rural infrastructure throughout growing Asia-Pacific nations. For instance, the Indian government's Pradhan Mantri Sahaj Bijli Har Ghar Yojana or Saubhagya Scheme intends to supply electricity to every household. Switchgear is in high demand because of these developments.
With the addition of the Internet of Things (IoT), switchgear is becoming more intelligent as it anticipates potential issues and takes preventative measures before they occur. Real-time data and enhanced visibility are further advantages that raise the system's overall reliability and efficiency. Power consumption in residential and commercial buildings is high; thus, installing smart switchgear can help reduce energy use and electricity costs. For instance, Schneider Electric has introduced a line of medium-voltage switchgear that is more dependable, secure, and simple. It is also smart grid ready.
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Increased Investment in Renewable Energy and Development in The Industrial Infrastructure Drives the Market's Growth.
Due to expanding awareness of the new generation mix and rising energy demand to support rapid urbanization, the switchgear market is projected to rise. These devices are typically used in complex electrical substations and commercial buildings to provide voltage stability. They need to be resilient to extreme weather conditions as well as a variety of operating voltages.
Switching components are used increasingly frequently in commercial applications due to infrastructural advancements. Construction and expansion of new industrial structures, such as power plants, banks, government offices, and other commercial buildings, may further boost the growth of the switchgear industry.
The market environment is projected to improve due to rising investments in creating renewable energy sources and favorable government policies and subsidies for new technology.
As attempts to reduce global carbon emissions and public awareness of the benefits of renewable energy production increased, switching equipment would be used more frequently. The adoption of switchgear components and the demand for switchgear is expected to be driven by the construction of new T&D lines by bulk power generation facilities using onshore and offshore solar, wind, and hydro sources.
Harsh environmental factors, including temperature, pressure, and humidity, as well as water leaking from the ground, can significantly impact the efficiency of electrical switchgear equipment that is usually installed outside. Regulatory agencies developed stringent norms and specifications to address atmospheric conditions to boost reliability and practicality.
The complex features of an IoT-based control system of this equipment have resulted in a price rise. It provides a comprehensive, expensive, and in-depth response. As a result of high capital costs and challenging environmental conditions, the switchgear market may only grow slowly in the years to come.
Report Scope
Report MetricDetailsMarket SizeUSD 145.23 Billion by 2031CAGR5.5% (2023-2031)Historical Data2020-2021Base Year2022Forecast Period2023-2031Forecast UnitsValue (USD Billion)Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and TrendsSegments CoveredVoltage Level, Installation, End-Use, RegionGeographies CoveredNorth America, Europe, Asia-Pacific, LAME and Rest of the WorldKey Companies Profiled/VendorsSchneider Electric, Siemens, ABB, Hyosung, Hyundai, CG Power, Hitachi, General Electric, Toshiba, Mitsubishi, Powell, Larsen and Toubro, Elektrobudowa, Hubbell, Lucy Electric (UK), SEL,Fuji Electric EatonKey Market OpportunitiesDeployment of the Internet of Things (IoT)Key Market DriversDevelopment of industrial InfrastructureBuy Now Full Report @ https://straitsresearch.com/buy-now/switchgear-market
Regional Insights
North America is the dominating region and is expected to grow at a significant CAGR during the forecast period. During the forecast period, North America is anticipated to contribute considerably to the worldwide switchgear market. The North American Renewable Integration Study (NARIS) indicates that the region is diversifying its energy sources portfolio by investing in the wind, solar, and hydropower sectors. Demand will rise due to grid modernization and capacity enhancement of the existing systems. The switchgear market has continued to keep up with the widespread adoption of the Internet of Things. Switchgear is incorporating new technology to make them more advanced, dependable, and controllable from any location.
It is estimated that the Europe Switchgear Market will grow at a higher CAGR during the forecasted period. Electrical substations require switchgear equipment to withstand variable operating voltage and unstable climatic conditions. By reducing power outages and bolstering power distribution networks, demand for such power sector equipment rises. Due to significant capacity expansions based on renewable energy sources in the region, the switchgear industry in Europe is growing. The European Switchgear market continues to grow due to the European Union's focus on energy efficiency.
Globally, the Asia-Pacific switchgear market held the largest share in 2018 and is anticipated to continue to hold this position during the projected period. Heavy investments are being made in China and India's industrial, rural, and infrastructure sectors. As a result, transmission lines and distribution networks have been quickly installed. The switchgear industry will expand due to the rising demand for renewable energy from nations like India.
Key Highlights
Competitive Landscape
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Global Switchgear Market Segmentation
By Voltage Level
By Installation
BY End-Use
By Region
TABLE OF CONTENT
Table of Content and Figure @ https://straitsresearch.com/report/switchgear-market/toc
Market News
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