PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1258208
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1258208
The global pad-mounted switchgear market is estimated to grow from USD 7.1 billion by 2028 from an estimated of USD 5.6 billion in 2023; it is expected to record a CAGR of 5.1% during the forecast period. Increasing underground distribution systems of the which is hidden, unlike a typical overhead circuit system, and is more reliable.
"Industrial: The largest- growing segment of the pad-mounted switchgear market"
Based on by application of pad-mounted switchgear , the industrial type segment is estimated to be the largest-growing market from 2023 to 2028. The industrial sector comprises manufacturing and process industries, such as mining, oil & gas, steel, chemical & pharmaceutical, food & beverage, cement, and automotive. All industries require a continuous power supply and consistent backup power. To avoid power outages and to ensure an constant power supply industries prefer pad-mounted switchgear systems. Due to the bulk power requirements of industries the industrial loads are connected to the distribution network at high voltage.
"IEC: The largest segment by standard in pad-mounted switchgear market"
The IEC segment, by standard, is projected to hold the largest market size during the forecast period. IEC 62271-200:2011 standards specify requirements for prefabricated metal-enclosed switchgear and control gear assemblies for alternating current of rated voltages from 1 to 52 kV for indoor and outdoor installation and for service frequencies up to 60 Hz. Enclosures may include fixed and removable components filled with fluid (liquid or gas) to provide insulation.
"Air-insulated: The largest segment by type in pad-mounted switchgear market"
The air-insulated segment, by type, is projected to hold the second largest market size during the forecast period. The European air-insulated pad-mounted switchgear market is projected to grow from USD 554 million in 2022 to USD 726 million by 2028; it is expected to grow at a CAGR of 4.7% from 2023 to 2028. Europe is the second most densely populated continent and houses many countries where underground lines account for more than 50% share of distribution lines. Utilities in urban areas lean toward underground distribution lines for functional and aesthetic purposes.
"Asia Pacific: The third largest and third fastest-growing region in pad-mounted switchgear market"
Asia Pacific is estimated to hold the third largest and third fastest market share in the pad-mounted switchgear market. Increasing focus on underground distribution network expansion and rapid industrialization in India, South Korea, and China are among a few key factors responsible for the growth of the pad-mounted switchgear market in this region. According to the Indian Electrical and Electronics Manufacturers' Association (IEEMA), the electricity generation capacity in India is expected to increase from 200 GW in 2010 to over 800 GW by 2032 to fulfill the increasing demand for power. Therefore, huge investments of approximately USD 300 billion are expected in such projects in the next 3-4 years. Also, India is undertaking many smart grid and substation projects to fulfill the growing demand for energy. This would create demand for pad-mounted switchgear solutions in the region.
By Company Type: Tier 1- 35%, Tier 2- 45%, and Tier 3- 20%
By Designation: C-Level- 35%, Director Levels- 25%, and Others- 40%
By Region: North America- 40%, Asia Pacific- 30%, Europe- 20%, the Middle East & Africa- 5%, and Latin America- 5%
Note: Others include product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2021. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The pad-mounted switchgear market is dominated by a few major players that have a wide regional presence. The leading players in the pad-mounted switchgear market are Eaton (Ireland), Hubbell (US), G&W Electric (US), S&C Electric (US), and ABB (Switzerland).
The report defines, describes, and forecasts the global pad-mounted switchgear market, by component, power source, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the pad-mounted switchgear market.
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