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Switchgear Market Report 2019 By Industry Trends, Share & Key Drivers 2024

Author : Rahul Sankrityayan | Published Date : 2019-05-30 

Global Market Insights, Inc. present the report on Switchgear Market evaluates the growth trends of the industry through historical study and estimates future prospects based on comprehensive research. The report extensively provides the market share, growth, trends and forecasts for the period 2018-2024.

Switchgear market is likely to witness an appreciable growth map over the years ahead, primarily on account of the substantial contribution of the industry players. Recently, ABB, the world’s largest builder of electricity grids outlined a plan to expand the company’s capacity by opening a new 2,200 square meter facility in Southern Africa.

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This facility is likely to fulfil the requirement of low & high voltage switchgears and medium voltage products over the years ahead. In addition to this, ABB is willing to launch distribution transformers in the South African marketplace. The installation of this new facility will also prove to be useful for neighbor countries such as Zambia and Angola. ABB’s widespread experience in automation and power technologies will help in the development of enhanced power grids across Africa, thereby creating an impact on the global switchgear market.

Many other switchgear industry players such as Mitsubishi Electric, GE, Siemens AG, Powell Industries, Schneider Electric, EATON, Hitachi Ltd., Larson & Turbo, Bharat Heavy Electricals Ltd., Fuji Electric, Ormazabal, Toshiba, Meidensha Corporation, Hyundai Ideal Electric Co., Crompton Greaves, and Rittal are also contributing significantly toward the growth of this market. Most of the companies are focusing on new developments in switchgear technologies to increase the service life of the equipment. Mitsubishi Electric, in fact, was the world’s first company to develop environment friendly, low pressure dry air insulation technology.

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Reports suggest that in 2017, vacuum insulation covered more than 50% of the overall switchgear industry share, driven by the increasing need to maintain safety in power networks. Furthermore, this type of insulation offers flexible power frequencies and possesses high impulse to withstand voltages. Vacuum insulation also boasts of ease of usage and noise and pollution free operation, paving the way for vacuum insulation switchgear market to garner appreciable gains ahead.

The implementation of switchgears in power networks helps to provide cost-effective and reliable distribution & transmission of electric energy. The ever growing demand for electricity has fueled the need for electric system installations on a large scale. The governments of various countries are investing heavily to enhance the current energy grid capacity, which will influence switchgear industry share positively. To avoid the chances of short circuits, there is huge requirement for interrupting breakers, high capacity transformers, and switchgear ratings as well, which will serve to augment the business expansion.

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Various international financial institutions such as the World Bank, International Finance Corporation (IFC), and Asian Development Bank (ADB) have taken initiatives to expand the electricity access across the remote regions of the world, which may impact the economic and social growth of the region. As per a recent news onboard, ADB invested USD 57.7 million in Southeast Asia to utilize renewable energy on large scale. Shifting focus toward the development of renewable energy and rural electrification projects is expected to propel switchgear market share over the coming timeframe.

Apart from rural electrification, growing industrialization and urbanization are also fueling the demand for continuous electricity supply. Statistics declare that the demand for switchgears across commercial and residential applications covered 20% of the overall switchgear market revenue in 2017.

To promote the development and innovation of electricity networks across the Europe, the European Electricity Grid Initiative (EEGI) suggested the implementation of the European research, development, and demonstration (RD&D) program. The main objective of this program is the production of completely decarbonized electricity production by 2050 and the distribution & transfer of 35% of the electricity demand from renewable energy sources by 2020, which will make a profound impact on Europe switchgear industry.

The directive validates the immense role that regulatory bodies and industry contenders have to play toward the growth of the overall switchgear market, via profound initiatives and efforts to develop low carbon energy technologies. As per a report by Global Market Insights, Inc., worldwide switchgear market will surpass a revenue collection of USD 140 billion by the end of 2024 with an annual growth rate of more than 6% over 2018-2024.

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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