The global switchgear and switchboard apparatus manufacturing market, one of the segments in the electrical and electronics manufacturing industry, grew at a compound annual growth rate (CAGR) of around 4.3% during the historic period. This mainly due to increased urbanization, which drove the demand for switchgear and switchboard apparatus.
In the forecast period, the switchgear and switchboard apparatus manufacturing market size is expected to be over $248.9 billion by 2021, growing at a CAGR of nearly 4.3%. The growth rate can be attributed to several factors which include economic growth in emerging economies, increasing investments in smart cities.
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Ethernet connected switchboards are widely being used in household and commercial buildings to save energy and reduce maintenance costs. Switchboards can be connected to a computer through an Ethernet cable. Electricity use, system status and other data is transmitted to the computer through the Ethernet cable. Data obtained on the computer is analyzed by energy experts and suggestions to minimize energy consumption.
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