Switchgear Market Dynamics: Trends and Forecasts for 2024

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Switchgear Market Size, Share & Trends Analysis Report By Insulation (Gas-insulated Switchgears, Air-insulated Switchgears), Installation (Indoor, Outdoor), Current (AC, DC), Voltage (Low (up to 1 kV), Medium (2-36 kV), High (Above 36 kV), End User (transmission & distribution utilities, industries, commercial & residential)- Market Outlook And Industry Analysis 2031"

The global Switchgear market is estimated to reach over USD 134.59 billion by 2031, exhibiting a CAGR of 5.25% during the forecast period.

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The switchgear market is anticipated to be driven by the demand for power generation. Electricity accessibility has grown crucial for promoting economic growth and reducing poverty. Continuous electricity supply is necessary for the development of industrialization and urbanization, and the switchgear's performance significantly impacts the electrical supply's reliability. As a result, during the projection period, the demand for switchgear is driven by the need for power generation. Under the Specified Policy Scenario, for instance, the rate of increase of primary energy by 2040 is doubled, while the growth rate of world demand for electricity is 2.1% per year.

Electric substation installation has become increasingly necessary in recent years to restore regular power supply during emergencies quickly. Installing mobile substations makes it feasible to repair power in inclement weather or other emergencies, and they are functionally built to deliver temporary power sources as soon as possible.

Furthermore, these transportable substations include a generator, transformer, metal-clad switchgear, outside load break switches and breakers, temporary switching stations, and outdoor load break switches and breakers used for network extensions. For instance, the national grid SA received two mobile substations from Siemens, while the Iraqi ministry of energy received ten mobile substations from the Aktif company. Hence, one of the most recent trends that will benefit the switchgear industry is the increased deployment of mobile substations.

List of Prominent Players in the Switchgear Market:
• ABB,
• CG Power And Industrial Solutions
• Eaton,
• Elektrobudowa
• Fuji Electric,
• General Electric,
• Hitachi Hyundai Electric,
• Hyosung
• Legrand,
• Lucy Electric
• Mitsubishi Electric,
• Schneider Electric,
• Sécheron
• Siemens,
• Toshiba

Market Dynamics:
Drivers-
The COVID-19 virus's global expansion has an impact on trade. Troubles in the supply chain and a decrease in demand from the commercial and industrial sectors hurt the global market. Raw material shortages and labour shortages made it more difficult for the need to expand. Transport restrictions brought about by the lockdown delayed acquiring raw materials and transferring finished goods. Transportation delays, supply chain disruptions, and several countries ceasing manufacturing operations all contributed to the pandemic's constrained growth. Nonetheless, the switchgear market is anticipated to expand following the pandemic due to economic expansion and the uptake of automation technologies.

Challenges:
The expansion of the switchgear market is being constrained by fluctuating raw material prices. The availability of materials of lower quality at lower prices is what causes price fluctuation. The likelihood of insulation layer breakdown, short circuits, and other failures rises with the use of low-quality products. Therefore, inconsistent pricing of the switchgear's basic materials is anticipated to impede market expansion. For instance, the most expensive variable cost associated with the production of passive electronic components is raw materials, according to a May 2020 article published by TTI, Inc., a US-based electronic corporation.

Regional Trends:
As a result of increased urbanization and industrialization, Asia Pacific will continue to lead the global market in 2021. Growing energy demand is a result of the economic expansion of developing countries like China and India, which also increases the use of the product in producing renewable energy. Smart technology integration and increased use in transmission and distribution utilities both support market expansion in the area.

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Recent Developments:
• In May 2022, For the North American market, Schneider Electric, one of the world's pioneers in energy management and automation digital transformation, introduced its new SureSeT MV switchgear solution. SureSeT is a solution to satisfy clients' increased operational efficiency and space optimization demand.

Segmentation of Switchgear Market-
By Insulation-
• Gas insulated
• Air-insulated
• Others

By installation-
• Indoor
• Outdoor

By Voltage-
• Low (up to 1kV)
• Medium (2-36 kV)
• High (Above 36 kV)

By Current-
• AC
• DC

By End-User-
• Transmission & Distribution
• Industries
• Commercial & Residential
• Others

By Region-
North America-
• The US
• Canada
• Mexico

Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America-
• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.