DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
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 segment, by insulation, is expected to be the fastest growing market from 2019 to 2024
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 indoor segment, by installation, is expected to be the largest market from 2018 to 2023
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.
Rapid expansion of power plants and transmission lines to meet the growing electricity requirements is expected to drive the T&D utilities segment between 2019 and 2024
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.
Europe: The second fastest growing market for switchgear
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.
- Aging Power Infrastructure
- Revival of Investments in the Construction Sector
- Growing Investments In Renewable Energy
- Harsh Environmental Conditions
- Increasing Competition From the Unorganized Sector of the Switchgear Market
- Execution of Performance-Based Incentive Schemes and Definite Service Programs to Provide Continuous and Hassle-Free Electricity to The End Users
- Adoption of Hvdc Technology
- High Cost of Switchgear
- Stringent Environmental and Safety Regulations for Sf6 Switchgears
- C&S Electric
- CG Power
- Fuji Electric
- General Electric
- Larsen & Toubro
- Lucy Electric
- Mitsubishi Electric Corporation
- Powell Industries
- Schneider Electric
- Siemens AG
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