Market Research Report
Switchgear Market by Insulation (GIS and AIS), Installation (Indoor and Outdoor), End User (T&D Utilities, Industries, Commercial and Residential), Voltage (Low, Medium, and High), and Geography - Global Forecast to 2024
|Published by||MarketsandMarkets||Product code||322956|
|Published||Content info||162 Pages
Delivery time: 1-2 business days
|Switchgear Market by Insulation (GIS and AIS), Installation (Indoor and Outdoor), End User (T&D Utilities, Industries, Commercial and Residential), Voltage (Low, Medium, and High), and Geography - Global Forecast to 2024|
|Published: May 28, 2019||Content info: 162 Pages||
The switchgear market is projected to reach USD 143.5 billion by 2024 from an estimated USD 102.6 billion in 2019, at a CAGR of 6.9%. Growing investments in renewable energy and demand for safe and secure electrical distribution systems have increased the demand for switchgear. However, the high cost of equipment and stringent regulations for SF6 switchgears could act as a restraint for the market.
The Gas Insulated Switchgear (GIS) segment is expected to hold the largest market share in 2019 and is projected to be the fastest growing segment during the forecast period. They are mainly used in industrial areas to fulfill high-energy demands through a space-saving design of minimum cost. The gas insulated switchgears are deployed in various industries, serving different needs at varying voltage levels. Many developed countries have also started improving their T&D network to ensure safety and security with the help of switchgears.
The hardware segment is expected to hold the largest market share during the forecast period because of its vast implementation. The renewable sector is also assisting the growth of the indoor switchgear market, with many solar and wind power plant projects deploying indoor switchgear as an integral part of their power generation and distribution network. Asia Pacific is expected to hold the largest market for indoor with rapid adoption in countries such as China and India.
The T&D utilities segment, by end user, held the largest market share in 2018 and is estimated to be the fastest growing segment during the forecast period because the utilities segment is responsible for the generation, transmission, and distribution of electricity. Electric utilities include investor-owned and publicly-owned cooperatives and nationalized entities, which are the major providers of electricity in most of the countries, worldwide.
The European region is expected to be the second fastest growing market for switchgear by 2024. The European power generation, transmission, and distribution systems are comparatively mature. Therefore, the EU is focusing on upgrading its aging infrastructure, integrating renewable energy sources such as solar and wind power, and building interconnections to enable more efficient power and energy trading. This would also require additions and replacement of old switchgear.
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
Note: Others include sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue as of 2017. Tier 1: USD 1 billion, Tier 2: From USD 1 billion to USD 500 million, and Tier 3: <USD 500 million.
The switchgear market is dominated by a few major players that have a wide regional presence. The leading players in the switchgear market are Schneider Electric (France), Siemens AG (Germany), ABB (Switzerland), General Electric (US), and Eaton (Ireland).
The report defines, describes, and forecasts the switchgear, by insulation, installation, end user, voltage, 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 the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the switchgear market.
FROM 2019 TO 2024 44
(Overview, Products offered, Recent Developments, MNM view)*
Details on Overview, Products offered, Recent Developments, MNM view might not be captured in case of unlisted companies.