Switchgear Market Value to Hit $190 Billion by 2026, Says Global Market Insights, Inc.
Switchgear market's annual installation is projected to reach over 90 million units from 2020 to 2026, driven by growing demand for energy-efficient systems.
SELBYVILLE, Del., March 10, 2020 (Newswire.com) - The global switchgear market revenue is anticipated to cross USD 190 billion by 2026, as reported in the latest study by Global Market Insights, Inc. Favorable regulatory norms across sustainable energy generation, coupled with rising investment pertaining to the R&D sector will complement product deployment.
The outdoor switchgear industry is projected to witness over a 6% CAGR from 2020 to 2026. A growing inclination toward energy-efficient distribution networks, along with rising concerns toward stability, security and reliability of transmission networks will further escalate the industry's growth. Easier fault detection, low power consumption and minimal arcing are few parameters that will propel the technology demand. Moreover, the growing applicability of these units across industrial and manufacturing establishments will positively influence product deployment.
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The AC switchgear industry will hold a major market share, owing to ease of replacement, lower installation cost and quick fault response time. Moreover, a growing demand for HVAC systems on account of quick lead time and network stabilization, due to rapid power changes, will stimulate the product demand. Growing customer inclination toward carbon-emission-free power generation systems, along with rising investments toward sustainable energy solutions, will propel the industry scenario.
Some major findings of the global switchgear market report include:
- The demand for switchgears is surging across the industrial, commercial and residential sectors on account of high operational performance and longer life cycles, as well as safe and secure power supply across the transmission grid network.
- Increasing investments across sustainable energy generation plants including offshore wind and solar farms will further boost the industry growth.
- Eminent players operational across the global switchgear market are ABB, Siemens AG, GE, Mitsubishi Electric Systems, Crompton Greaves, and etc.
- Growing demand for energy-efficient systems, coupled with the expansion of microgrid infrastructure will further fuel the product demand.
Browse key industry insights spread across 560 pages with 1063 market data tables and 40 figures and charts from the report, "Global Switchgear Market Statistics By Installation (Indoor, Outdoor), Current (AC, DC), Voltage (LV, MV, HV), Insulation (Air, Gas, Oil, Vacuum), Application (Residential & Commercial, Industrial, Utility), Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/switchgears-market
Favorable regulatory norms, including tax rebates, subsidies and financial incentives toward sustainable power generation systems will positively sway the large-scale industries. Rising concerns toward grid stability and the security of power supplies, along with a growing emphasis toward efficient monitoring and control systems, will further drive the business scenario. For instance, in 2019, ABB launched low-voltage Neogear with maximum efficiency, safety and digital capabilities, which includes remote assistance, data analytics for industry and real-time conditions, and predictive and monitoring maintenance.
The North American switchgear market is projected to witness substantial growth, owing to the expansion of microgrid networks, coupled with the increasing demand for decentralized power generation units. Replacement and refurbishment of existing transmission lines and towers will further complement the industry scenario across the region. Moreover, stringent government norms toward the usage of conventional fuels, along with wide integration of energy-efficient systems, across the power grid drive the product demand.
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Browse Related Reports:
Low Voltage Switchgear Market Statistics By Product (Fixed Mounting, Plug-in, Withdrawable Unit), By Rated Current (≤ 1000 Ampere, 1001 to 5000 Ampere, > 5000 Ampere), By Voltage Rating (≤ 250 Volts, 251 to 750 Volts, > 750 Volts), By Installation (Indoor, Outdoor), By Current (AC, DC) By Application (Substation, Distribution, Power Factor Correction, Sub Distribution, Motor Control), By Protection (Circuit Breakers {ACB, MCCB, MCB, MSP, MPCB}, Fuse {Fuse-Switch Disconnector, Switch Disconnector with Fuse, Others}), Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2019 - 2025
https://www.gminsights.com/industry-analysis/low-voltage-lv-switchgear-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
GMIPulse, our business analytics platform, offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision-makers.
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Source: Global Market Insights, Inc.
