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Switchgear Market Is Booming Worldwide | ABB, Siemens, GE

Author : Rahul Sankrityayan | Published Date : 2019-04-01 

China switchgear market is set to surpass USD 20 billion by 2024. Government initiatives pertaining to substitution of conventional energy sources with clean and sustainable energy resources will complement the industry landscape. The National Energy Administration, in 2017, announced to strengthen the sustainable power generation technologies across China with an expenditure worth USD 326.40 billion by 2020.

Switchgear Market will surpass USD 140 billion by 2024. Rising investments toward the infrastructure expansion across developing nations will enhance the industry growth. Increasing demand for advanced monitoring units and control distribution systems coupled with replacement and modernization of ageing power networks will further stimulate the business landscape. The Government of Serbia in collaboration with the Government of China entered into a strategic partnership to upgrade its existing electrical grid infrastructure.

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Paradigm shift toward energy conservation and strict environmental regulations will boost the growth of the global switchgear market. Rapid technological advancements in smart grid and growing focus toward energy efficient environment will further boost the product penetration. In 2017, Western European nations including France, UK, Germany, Sweden and Italy together, declared a cumulative funding worth USD 133.7 billion for the expansion of smart grid network.

In 2017, vacuum insulation accounted for over half of the global switchgear market share, attributable toward the rising demand for HVDC transmission & distribution networks across industrial sector. In comparison to its counterparts, the effective di-electric strength and high insulation along with fierce installation costs will further fuel the product trade. Toshiba estimated USD 30 million of investment toward the expansion of its transformers and switchgear manufacturing units in 2017 across India.

Rational measures toward the electrification of rural regions in Asia Pacific and Africa sustained by growing investments from financial institutions including Asian Development Bank (ADB) and the World Bank will uphold the global switchgear market share. Refurbishment of power grids in war affected regions of Sudan, Iraq and Syria will further energize the industry outlook. The World Bank, in 2017, announced to invest USD 4 million in accordance to Rural Electrification Project II in Vanuatu for the development of power grid infrastructure in the Pacific Island.

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Growing demand for restoration of existing infrastructure along with robust deployment of modern distribution networks will positively influence the U.S. switchgear market share. Rising investments in the projects pertaining to railroad infrastructure supported by government-assisted peninsula grid project will propel the industry dynamics. The U.S. Federal Administration, in 2017, announced to allocate USD 100 million toward the development of rail networks in San Carlos within the Peninsula Corridor Project.

Eminent players in the switchgear market include ABB, Siemens, GE, EATON, Mitsubishi Electric Systems, Schneider Electric, Toshiba, BHEL, Hitachi, Crompton Greaves, Powell Industries, Hubbell power systems, Hyosung, Fuji Electric, Rittal, Larson & Toubro, Hyundai Ideal Electric, Iljin Electric and Ormazabal.

 

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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