DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/vt5f8m/global_switch) has announced the addition of the "Global Switch Gear Market 2014-2018" report to their offering.
The analysts forecast the Global Switch Gear market to grow at a CAGR of 8.53 percent over the period 2013-2018. One of the key factors contributing to this market growth is the increasing demand for renewable sources of energy. The Global Switch Gear market has also been witnessing the steady shift from conventional switch gear to modular switch gear. However, the volatility of crude oil prices could pose a challenge to the growth of this market.
The key vendors dominating this market space are ABB Ltd., Siemens AG, and Alstom SA.
Other vendors mentioned in the report are Bharat Heavy Electricals Ltd., Crompton Greaves Ltd., Eaton Corp., GE Co., Hyosung Corp., Mitsubishi Electric Corp., OJSC Power Machines, and Xian XD Switch Gear Electric Co. Ltd.
Commenting on the report, an analyst from the team said: The steady shift from conventional switchgears to modular switchgear is one of the major trends in the Global Switchgear market. The conventional air-insulated switchgear has various components such as circuit breakers, current transformers, and disconnectors. These components need more installation space thereby increasing the cost of installation. However, the modular switchgear overcomes these issues by integrating these functions into the breaking chamber of the circuit breaker, which results in easy installation and optimization of the overall operational cost.
According to the report, one of the main factors is the increasing demand for renewable sources of energy. Several developed and developing countries such as India, the US, Germany, Japan, Brazil, Taiwan, and China are experiencing a rapid industrialization phase and are making investments in renewable sources of energy, which is driving the demand for switchgears across the globe.
Further, the report states that one of the main challenges in this market is the rising cost of raw materials. The price of switchgears is increasing due to the high cost of raw materials such as copper, aluminum and steel.
For more information visit http://www.researchandmarkets.com/research/vt5f8m/global_switch
About Research and Markets
Research and Markets is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.