According to the new market research report “Switchgear Market by Voltage ( 72.5 KV), End-User (Transmission & Distribution Utilities and Manufacturing & Process Industries), Equipment (Gas Insulated, Air Insulated, and Circuit Breakers) – Global Forecast to 2022”, published by MarketsandMarkets™, the switchgear market is expected to grow at a CAGR of 7.12%, from 2017 to 2022, to reach a market size of USD 125.10 billion by 2022. Continuous growth of construction and development activities, increasing access to electricity in developing countries, and growth in renewable power generation projects are the major factors driving the market.
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The switchgear market is dominated by a few major players that are established brand names with a wide regional presence. The leading players in the switchgear market include ABB Ltd. (Switzerland), General Electric Company (US), Siemens AG (Germany), EATON CORPORATION plc (Ireland), Alstom SA (France), Hitachi Ltd. (Japan), Schneider Electric SE (France), and Mitsubishi Electric Corporation (Japan) among others.
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Based on end-user, the transmission and distribution utilities are estimated to grow at the fastest rate during the forecast period. Increasing investments in sub-station automation, modernization of electric grid, and smart utilities are the major factors driving the growth of the transmission and distribution utilities segment of the switchgear market. Switchgear enhance protection by decreasing energy losses, due to poor operational efficiency of traditional equipment.
Based on region, the switchgear market in Asia-Pacific is projected to grow by the fastest rate during the forecast period. Increasing grid investments and plans for electrification in remote areas in countries, such as Vietnam, Indonesia, and the Philippines is likely to drive the growth of the switchgear market in the region during the forecast period. Rise in investments in smart grid technologies is also driving the switchgear market in Asia-Pacific.
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Aging power infrastructure, High Voltage Direct Current (HVDC) transmission networks, and upcoming smart cities are expected to create new opportunities for the switchgear companies. Moreover, governments in most of the countries are investing in renewable energy-based power generation to match up with the growing energy demand. All these factors is likely to drive the switchgear market during the forecast period.
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