The report, now available on ASDReports, "Switchgear Market by Voltage (<1 kV, 1 to 52 kV, and >52 kV), by End-user (Transmission & Distribution Utilities, Manufacturing & Process Industries, and Commercial & Residential Infrastructure), and by Region - Global Trends & Forecast to 2021", The switchgear market is expected to grow from an estimated USD 89.40 Billion in 2016 to USD 144.41 Billion by 2021, at a CAGR of 10.07% from 2016 to 2021. Increasing investments in transmission & distribution network development and growing need for efficient & reliable power are driving the global switchgear market.
Increasing preference for low voltage switchgear of capacity <1 kV
The <1 kV switchgears are used to control power supply and protect low voltage equipment in an electrical circuit. These switchgears are extensively used in commercial, residential, and industrial applications for various purposes; therefore, the demand for low voltage switchgears is in-line with industrial and urban developments, globally.
Transmission & distribution utilities is the largest end-user segment
Switchgears reduce the risk of losing costly instruments and equipment, due to current and voltage fluctuations in the power network systems. They are used for switching the power supply given to the equipment or the circuit during the event of a fault. With increasing electricity access worldwide, the number of substations would increase, which in turn would raise the demand for switchgears.
Asia-Pacific is the dominant market for switchgears
In this report, the switchgear market has been analyzed with respect to five regions, namely, North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. The Asia-Pacific region holds the largest market for switchgear, driven largely by the number of transmission & distribution line upgrades and developments in China, India, and the ASEAN countries. The region would continue to dominate the market during the forecast period, due to strong smart grid initiatives, high investments in transmission & distribution infrastructure upgrade, energy efficiency measures, and renewable projects.
The switchgear industry is fragmented and offers several opportunities for consolidation and growth in efficiency through an increase in economies of scale. The industry has low entry and exit barriers. The top players in the switchgear market include ABB Ltd. (Switzerland), TE Connectivity (Switzerland), Mitsubishi Electric Corporation (Japan), Siemens AG (Germany), Alstom (France), General Electric Company (U.S.), Crompton Greaves Ltd. (India), and Eaton Corporation (Ireland).
Dominant players are trying to penetrate developing economies and adopting various methods to grab the market share. The scope of the report aids market participants to identify high growth markets and help managing key investment decisions.
The report segments the market on the basis of voltage range –<1 kV, 1 kV–52 kV and >52 kV; end-user – transmission & distribution utilities, manufacturing & process industries, commercial & residential infrastructure, and others (mining, marine, offshore power generation, and transportation); and region – Asia-Pacific, Europe, North America, South America, and the Middle East & Africa. Each region has been further studied on the basis of its important country markets.
Read more on ASDReports!
Source: ASDReports - Market Research
Date: May 4, 2016