April 01, 2020
As per the report titled ‘North America Switchgear Market Size By Voltage , By Insulation (Air, Gas, Oil, Vacuum), By Installation , By End Use, Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2019 - 2025’, available with Market Study Report LLC, North America switchgear market is projected to surpass USD 25 billion by the year 2025.
Increasing expenditure for electrical infrastructural development in conjunction with government initiatives towards the expansion of power grid network across rural areas is driving the growth of North America switchgear market. Increasing energy demand and upgradation of existing power grids will augment the market growth over the forecast period. Rising inclination towards compact switchgear technologies and custom-made products for flexible applications will enhance the business landscape. Technological advancement, improved engineering and support, alongside shorter lead times will further stimulate the switchgear market outlook in North America.
In terms of voltage levels, medium voltage and high voltage segments are anticipated to grow significantly during the analysis period, owing to rapid commercial and industrial development. Retrofitting of transmission & distribution networks coupled with wide array of applications in distribution networks is favoring the deployment of medium and high voltage switchgears.
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Based on insulation, vacuum switchgear market segment is presumed to grow considerably during the study period, owing to flexibility in power frequencies and ability to withstand high impulse voltage. Growing focus towards eco-friendly operations in tandem with ease of actuation will foster the segment growth in the years to come.
Elaborating on the installation, North America switchgear industry share from indoor installation is presumed to amplify with 5% CAGR through 2025. Booming real estate sector owing to inflowing investments from public and private firms is driving the segment growth. Increasing demand for energy efficient power systems in confined spaces will foster the product penetration in the coming future.
Speaking of the end-user spectrum, residential & commercial segment presently holds 20% share of North America switchgear market and is expected to show a sizeable growth in the coming years. Sustainable infrastructure development, favorable government policies, and expansion of urban areas are major factors favoring the segment share. Distributed power generations sources and smart control solutions for energy efficient networking will further enhance the demand for switchgears from the residential & commercial sector.
Major players of North America switchgear market are Schneider Electric, ABB, Mitsubishi Electric Systems, Crompton Greaves, Siemens AG, Toshiba, Ormazabal, Fuji Electric, Hyosung, GE, Eaton, Iljin Electric, BHEL, Powell Industries, Lucy Electric, Hitachi Ltd., Meidensha Corporation, Larson & Turbo, Rittal, and Hubbell.
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