Report Scope & Overview:
The Switchgear Market was valued at USD 75.62 billion in 2022 and is expected to reach USD 117.83 billion by 2030 and grow at a CAGR of 5.7% over the forecast period 2023-2030.
The rapidly increasing demand for electrification in remote areas is accompanied by an increase in power generation, which has a positive impact on the growth of various electrical equipment. The growing regional government's goal of bringing electricity to rural areas, as well as increased investment in the industry, are key market transformation mechanisms that are expected to address market growth. It is an electrical component that is used in a circuit to control, monitor, and control the circuit as needed. Installed to ensure operational safety, cost-effectiveness, and mobility in a variety of residential, commercial, industrial, and resource applications.
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Switchgear is a device used to protect, balance, control, transmit, and distribute equipment, as well as electric vehicle systems. They can be found on both sides of large transformers with low and high voltage. Fuses, circuit breakers, and isolators are examples of these devices. The power supply system is linked to the switchgear system. The switchgear's primary function is to protect the system from short circuits and overcrowding. The rise in electricity consumption in emerging and developed economies is propelling the switchgear market forward. The switchgear market has a lot of room for growth thanks to technological advancements and automation. However, strict security regulations limit market expansion.
Deteriorating power infrastructure
Lack of investments
Lack of clear policy
Reduce the power blackouts
Harsh environmental conditions
Complex switchgear system
IMPACT OF COVID-19:
The COVID-19 epidemic has had a global impact on the switchgear industry. Due to the current situation, various energy companies in all regions should close their production facilities and services as countries develop a partial or total closure strategy to deal with the epidemic. Major power projects have also been suspended or delayed across the region. Furthermore, the COVID-19 epidemic has had an impact on ongoing projects as well as the entire supply chain industry.
By END-USER Power generation, transmission, and distribution are all handled by the T&D service component. Electricity services include co-operatives owned by investors and shareholders, as well as national organizations that are the largest suppliers of electricity in many countries around the world. End users in the switchgear market rely heavily on T&D services. To meet the demand for electricity, T&D services include both nonrenewable and renewable energy sources. Many applications rely on a reliable, highly efficient communication network to provide central visibility and reporting in switchgear portable security.
By INSTALLATION High-voltage switchgear is mostly installed outside. These switchgear aid in the improvement of long-distance power transmission and heavy loads, resulting in dependable switching performance. As a result, external switchgear finds its system in the transmission and small transmission fields. The foreign switchgear market is expected to be driven by rising demand for these heavy-duty transmission machines.
KEY MARKET SEGMENTATION:
Power Distributor Switch Breaker
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North America, Europe, South America, Asia Pacific, as well as the Middle East and Africa are the major regions under consideration for the switchgear market study. Asia Pacific is estimated to be the largest market from 2022 to 2028, driven by the growth of urban growth, particularly in China and India. In addition, the installation of a new station, as well as the development of existing electricity infrastructure, is expected to boost the regional market during the forecast period.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
The key players in Global Switchgear Market are Schneider Electric, Eaton Corporation Hyosung, Hyundai CG Power, Toshiba, Mitsubishi Powell, Larsen & Toubro Elektrobudowa Hubbell Lucy Electric, SEL, Aterpillar, Powell Industries, Eaton Corporation, Alstom, Siemens AG, BHEL, TIPECO, Crompton Greeves, Meta Switchgear and Other Players
|Market Size in 2022||US$ 75.62 Billion|
|Market Size by 2030||US$ 117.83 Billion|
|CAGR||CAGR of 5.7% From 2023 to 2030|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• By End-Users (Industries, Commercial, Residential, T&D Utilities)
• By Equipment ( Heavy And Compact Construction Equipment)
• By Components (Hrc Fuse, Switch Disconnector, Mccb, Power Distributor Switch Breaker, Earth Switch)
• By Voltage (Low, Medium, High)
• By Insulation (Air Insulated, Gas Insulated, Oil Insulated, Vacuum Insulated)
• By Installation (Indoor, Outdoor)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Schneider Electric, Eaton Corporation Hyosung, Hyundai CG Power, Toshiba, Mitsubishi Powell, Larsen & Toubro Elektrobudowa Hubbell Lucy Electric, SEL|
|Key Drivers||• Deteriorating power infrastructure.
• Lack of investments.
|RESTRAINTS||• Harsh environmental conditions.
• Rigorous specifications
Ans: The Switchgear Market size was valued at 75.62 Billion in 2022.
The key players in Global Switchgear Market are Schneider Electric, Eaton Corporation Hyosung, Hyundai CG Power, Toshiba, Mitsubishi Powell, Larsen & Toubro Elektrobudowa Hubbell Lucy Electric, SEL, Aterpillar, Powell Industries, Eaton Corporation, Alstom, Siemens AG, BHEL, TIPECO, Crompton Greeves, Meta Switchgear and Other.
Complex switchgear system and high cost are the challenges of the Switchgear Market.
Yes, and they are Raw material vendors, Distributors/traders/wholesalers/suppliers, Regulatory authorities, including government agencies and NGO, Commercial research & development (R&D) institutions, Importers and exporters, Government organizations, research organizations, and consulting firms, Trade/Industrial associations, End-use industries.
Ans: The Switchgear Market is to grow at a CAGR of 5.7% over the forecast period 2023-2030.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
126.96.36.199 United Kingdom
188.8.131.52 South Korea
184.108.40.206 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Switchgear Market Segmentation, by end-users
8.5 T&D Utilities
9. Global Switchgear Market Segmentation, by components
9.2 HRC Fuse
9.3 Switch Disconnector
9.5 Power Distributor Switch Breaker
9.6 Earth Switch
10. Global Switchgear Market Segmentation, By Voltage
11. Global Switchgear Market Segmentation, By insulation
11.2 Air Insulated
11.3 Gas Insulated
11.4 Oil Insulated
11.5 Vacuum Insulated
12. Global Switchgear Market Segmentation, By installation
13. Regional Analysis
13.2 North America
13.3.6 The Netherlands
13.3.7 Rest of Europe
13.4.2 South Korea
13.4.6 Rest of Asia-Pacific
13.5 The Middle East & Africa
13.5.3 South Africa
13.6 Latin America
13.6.3 Rest of Latin America
14. Company Profiles
14.1 HITACHI LTD.
14.1.2 Products/ Services Offered
14.1.3 SWOT Analysis
14.1.4 The SNS view
14.2 Schneider Electric
14.3 Eaton Corporation Hyosung
14.4 Hyundai CG Power
14.6 Mitsubishi Powell
14.8 Larsen & Toubro Elektrobudowa Hubbell Lucy Electric
14.11 Powell Industries
14.12 Eaton Corporation
14.14 Siemens AG
14.17 Crompton Greeves
14.18 Fuji Electric
14.19 Meta Switchgear
15. Competitive Landscape
15.1 Competitive Benchmarking
15.2 Market Share Analysis
15.3 Recent Developments
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