The Global Switchgear Market is Expected to Reach $110.7 Billion by 2023
DALLAS, August 6, 2018 (Newswire.com) - According to a new market report published by Lucintel, the future of the switchgear market looks attractive with opportunities in the utilities, industrial, residential, and commercial sectors. The global switchgear market is expected to reach an estimated $110.7 billion by 2023 and is forecast to grow at a CAGR of 4.7% from 2018 to 2023. The major growth drivers for this market are increasing demand for electricity, growing implementation of smart grid technology, and continuing investment in upgrading transmission and distribution systems.
Browse 81 market data Tables and 98 Figures spread through 168 Pages and in-depth TOC on "Global Switchgear Market 2018-2023" https://www.lucintel.com/switchgear-market.aspx
In this market, low voltage, medium voltage, and high voltage switchgear are used to control and protect electric power systems. Lucintel forecasts that the low voltage switchgear is expected to remain the largest segment and is expected to experience the highest growth during the forecast period due to increasing construction activities and renewable energy installations.
Within the switchgear market, utilities will remain the largest end-use market due to the continuous expansion in electrical infrastructure to fulfill growing electricity demand. Switchgear for the residential end use is expected to witness the highest growth in the forecast period supported by growing urbanization and rapid electrification.
Asia Pacific is expected to remain the largest market and is also expected to witness the highest growth over the forecast period. Increasing electricity demand due to growing population, economic expansion, urbanization, industrialization, and rural electrification projects, particularly in India and China, are leading the demand for switchgear.
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Emerging trends, which have a direct impact on the dynamics of the industry, include the development of digital switchgear and growing focus on eco-efficient switchgear. ABB, General Electric, Schneider Electric, Mitsubishi, Siemens AG, Eaton, Hitachi, and CG Power and Industrial Solutions are the major suppliers of switchgear.
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The study includes a forecast for the global switchgear market by voltage, product, end use, and region as follows:
By Voltage Type [$B shipment analysis from 2012 to 2023]:
· High Voltage
· Medium Voltage
· Low Voltage
By Product Type [$B shipment analysis from 2012 to 2023]:
· Other Low Voltage Switchgear
· Metal Enclosed & Metal Clad
· Power Circuit Breaker
· Other Medium & High Voltage Switchgear
By End-Use Industry [$B shipment analysis from 2012 to 2023]:
By Region [$B shipment analysis for 2012 - 2023]:
· North America
- United States
- United Kingdom
· Asia Pacific
- South Korea
· The Rest of the World
- Saudi Arabia
- South Africa
This 168-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or know more about the Global Switchgear Market @ https://www.lucintel.com/toc/switchgear-market.aspx or email us at email@example.com
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This report answers the following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the global switchgear market by voltage (high voltage, medium voltage, and low voltage), by product (other low voltage switchgear, metal enclosed & metal clad, MCCB, fuse, power circuit breaker, and other medium & high voltage switchgear), by end use (utilities, industrial, commercial and residential) and by region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?