LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global high voltage switchgear market to grow to USD 25.91 billion by 2021, at a CAGR of close to 12% over the forecast period, according to their latest report.
The research study by Technavio on the global high voltage switchgear market for 2017-2021 provides a detailed industry analysis based on the insulation type (gas insulated switchgear and air insulated switchgear) and geography (APAC, EMEA, and the Americas).
Switchgear is a highly integral electrical transmission and distribution (T&D) equipment that comprises of a combination of electrical disconnect switches, circuit breakers, and fuses. The global high voltage switchgear market is an important component in the overall global transmission and distribution (T&D) equipment market.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global high voltage switchgear market:
- Increased demand for electricity in emerging countries
- Modernization of existing transformers
- Renewable power generation capacity expansion
Increased demand for electricity in emerging countries
APAC is a swiftly developing economy, with countries such as China, Thailand, Philippines, Vietnam, India, and Japan witnessing the expansive growth of their economies along with industrial development and commercialization. The demand for power is growing in tandem with their industries, creating a strain on the existing grid infrastructure and demand for new energy sources.
“Various industries in the region create a high demand for power stations and substations, which in turn require step-up and step-down power transformers. Installation of these transformers require high voltage switchgear, thereby driving the market growth,” says Gaurav Mohindru, a lead analyst at Technavio for engineering tools research.
Modernization of existing transformers
The increasing installation of advanced transformers and the replacement of old transformers with the latest ones are key factors boosting the global high voltage switchgear market. Globally, many T&D infrastructures need renovation, mainly due to the inability of existing networks to meet the growing demand for power. Various countries such as India and Russia are undertaking rapid expansion programs, which will have a positive impact on the market. The adoption of smart grid networks is also creating additional demand for high voltage switchgear.
Renewable power generation capacity expansion
Countries all around the world are gradually moving toward renewable energies, such as the wind and solar energy, to meet their carbon emission goals and reduce their dependency on fossil fuels. The US and China are swiftly increasing their solar and the wind energy generation capacity, while Germany, Sweden, Poland, Turkey, and the UK are adding wind energy systems into their overall power generation indexes.
“A huge impetus is being placed on the commercialization of renewable energy all around the world. This suggests the substantial increase in grid reliability, which will, in turn, improve the prospects of the high voltage switchgear market,” says Gaurav.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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