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Tuesday, May 25, 2021

Global Switchgear Market to be Driven by increasing Demand for Electricity in the Forecast Period of 2021-2026

The new report by EMR titled, ‘Global Switchgear Market Report and Forecast 2021-2026’, gives in-depth analysis of the Global Switchgear market, assessing the market based on its segments like Voltage Type, Installation Type, Application, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.

Note 1: For a snapshot of the primary and secondary data of the market (2015-2025), along with business strategies and detailed market segmentation, please click on the request sample report. The sample report shall be delivered to you within 24 hours.

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The key highlights of the report include:

Market Overview (2016-2026): –

  • Historical Market Size (2020): USD 94 Billion
  • Forecast CAGR (2021-2026):  6 %
  • Forecast Market Size (2026):  USD 133 Billion

The establishment of new power plants around the world has boosted the increasing demand for electricity. Switchgears are used in power plants to ensure the safety of heavy and costly equipment machinery. Switchgears are also used to secure the electrical equipment used in the construction and rehabilitation of transmission and distribution utilities. The demand for switchgears is expected to increase over the forecast period with continuously rising power plants and renovations and upgradation of power system networks.

Industry Definition and Major Segments

Switchgear refers to an electrical component that is made up of switches, fuses, or circuit breakers for electrical disconnection. Switchgears are used in an electric power system to secure, track, and control electrical equipment. Furthermore, switchgear will de-energize equipment to enable work to be done as well as clear downstream faults to enable the current load to flow smoothly.

On the basis of Voltage Type, the industry is divided into:

  • Low Voltage
  • Medium Voltage
  • High Voltage

On the basis of Installation Type, the industry is divided into:

  • Outdoor
  • Indoor

On the basis of Application, the industry is divided into:

  • T&D Utility
  • Commercial
  • Industrial
  • Residential

On the basis of Region, the industry is divided into:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Market Trends

The need for a safe and efficient T&D network has resulted in rising energy demand. Uninterrupted electricity can only be ensured by a scheme capable of managing unexpected power surges and decreases, according to the DOE and the North American Electric Reliability Corp. Aging infrastructure, a lack of investment, and a lack of a consistent strategy to modernise the grid are the key reasons behind the growing number of blackouts. New regulations to reduce/limit power blackouts and upgrade ageing power networks around the world (particularly North America, Europe, and parts of APAC) are creating a market for the value chain of equipment for the entire power sector. With the aid of monitoring solutions, Switchgear warns the maintenance team when ageing and over-used equipment is on the verge of failure and helps them to make better choices by offering real-time information to reveal concerns and opportunities for change.

Explore the full report with the table of contents@

Key Market Players

The major players in the market are ABB Ltd., Mitsubishi Electric Corporation, Siemens AG, Eaton Corporation plc, Toshiba Energy Systems & Solutions Corporation, Hitachi, Ltd., and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.

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About Us:

Expert Market Research is a leading business intelligence firm, providing custom and syndicated market reports along with consultancy services for our clients. We serve a wide client base ranging from Fortune 1000 companies to small and medium enterprises. Our reports cover over 100 industries across established and emerging markets researched by our skilled analysts who track the latest economic, demographic, trade and market data globally.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.


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