Switchgear Market Report by Technavio Identifies Growing Construction Activities as a Key Driver

LONDON--(BUSINESS WIRE)--The new switchgear market Research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.

Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the switchgear market. Download free report sample

"One of the primary growth drivers for this market is the growing construction activities”, says a senior analyst for the Industrials industry at Technavio. As the markets recover Technavio expects the switchgear market size to grow by USD 53.23 billion during the period 2020-2024".

Switchgear Market Segment Highlights for 2020

• The switchgear market is expected to post a year-over-year growth rate of 7.33%.
• The low and medium-voltage level switchgear segment led the global switchgear market in 2019.
• The market growth will be significant in the low and medium-voltage level switchgear segment during the forecast period.

Regional Analysis

• 48% of the growth will originate from the APAC region.
• The market growth in APAC will be driven by the increasing emphasis on renewable energy.
• China and India are the key markets for switchgear in APAC.

Click here to learn about report detailed analysis and insights on how you can leverage them to grow your business.

Notes:

• The switchgear market size is expected to accelerate at a CAGR of over 8% during the forecast period.
• The switchgear market is segmented Geography (APAC, Europe, North America, MEA, and South America), Voltage level (low and medium voltage, and high voltage), and Insulation type (AIS and GIS).
• The market is fragmented due to the presence of many established vendors holding significant market share.
• The research report offers information on several market vendors, including ABB Ltd., Eaton Corporation Plc, Fuji Electric Co. Ltd., Hitachi Ltd., Hyosung Corp., Larsen and Toubro Ltd., Mitsubishi Electric Corp., Schneider Electric SE, Siemens AG, and Toshiba Corp.

Register for a free trial today to access 17,000+ market research reports using Technavio's SUBSCRIPTION platform

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.