According to the new research report available at MakretStudyReport.com under the title ‘Global Pad Mounted Switchgear Market Insights, Forecast to 2025’, the worldwide pad mounted switchgear market is anticipated to reach US $10800 million by the year 2025.
Dielectric type pad-mounted switch gear is currently the fastest technology introduced recently and is considered as the topmost alternative for conservative oil insulated pad-mounted switchgears. Dielectric insulations make these switchgears appropriate for corrosive and wet environment, horizontal or vertical mounting, and for use at any altitude, hence contributing towards the pad mounted switchgear market growth.
Heavy investments towards improving distribution & transmission infrastructure, coupled with deployment of highly efficient underground distribution systems are the major factors driving pad mounted switchgear market. Furthermore, adoption of underground distribution system is increasing, pertaining to the efficiency and reliability of the electric supply with the advantage of being less liable to lightning and easy maintenance of faults, thereby aiding the industrial growth.
As per the report, pad mounted switchgear market was worth US $5300 million in 2019 and is projected to grow at 9.3% CAGR by the year 2025. Moreover, the study provides a comprehensive insight about segmental shares, trends, drivers, challenges, and opportunities impacting the industry growth.
Based on the product type, the market is segmented as gas insulated, air insulated, and others. While speaking of the application spectrum, the industry is fragmented as residential, commercial, and industrial.
Considering the geographical outlook, the pad mounted switchgear market is divided into five major regions; North America comprise of Mexico, United States, and Canada; Russia, Germany, France, Italy, UK, and rest of Europe fall under Europe; Asia Pacific consists of Vietnam, China, Malaysia, Japan, India, Thailand, Australia, Indonesia, Philippines, and South Korea; Middle East & Africa is split into Turkey, GCC Countries, Egypt, South Africa, and rest of Middle East & Africa; and Brazil and rest of South America come under Central & South America.
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Additionally, Europe pad mounted switchgear market is projected to witness momentous growth over the analysis timeline, owing to revamping of existing transmission system, replacing of overhead lines with underground transmission networks, and enhancing the grid reliability activities undergoing across the region, cites the report.
The prominent companies operating in pad mounted switchgear market include Federal Pacific, G&W Electric, S&C Electric Company, and Eaton Corporation.