May 15, 2020
According to recent study titled ‘Global Switchgear Market Size By Voltage , By, By Current By Application Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026’ available with Market Study Report LLC, global switchgear market to is projected to record substantial growth during 2020-2026.
Rising demand for safe and secure electrical distribution systems along with the expansion of electrical grid infrastructure and integration of renewable energy sources are among the major growth drivers of global switchgear market.
Switchgear is a device linked to the supply system directly and is mostly used for controlling, switching and protecting the electrical circuits and equipment such as lines, transformers, generator, and other electrical equipment from damage. Its functions include clearing fault current, transmission of normal load current, and making or breaking the normal load current.
Based on the voltage rating, switchgear industry is divided into low, medium, and high. Low-voltage segment comprises of electrical switchgears rated up to 1 KV and is anticipated to gain decent traction during the forecast period. Low-voltage switchgear includes earth leakage circuit breaker, off load electrical isolators, molded case circuit breakers, switches, low voltage circuit breakers, HRC fuses, and miniature circuit breakers.
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Elaborating on the installation scope, indoor segment is poised to see considerable growth over the forecast timeline. Indoor switchgears are mostly preferred for medium voltages and are protected by metal enclosure which is grounded. These switchgears are generally gas insulated system and are deployed where the air dust is dense & corrosive and land cost is high.
Speaking of the insulation type, the market is split into air, gas, oil and vacuum. Oil segment is projected to witness a sluggish growth on account of volatile prices of oil and increased operational costs due requirements of supplementary equipment for maintenance & service of systems.
Considering the geographical landscape, Middle East & Africa switchgear market is anticipated to observe significant growth in the coming years, owing to increasing investments in power generation sector and growing need for restoration and refurbishment of existing electrical infrastructure.
Latin America switchgear market is also slated to display lucrative growth trends in the coming years, owing to large scale urbanization in tandem with integration of a sustainable electric infrastructure in region.
Major players in global switchgear market are General Electric, ABB, Eaton Corporation, Toshiba Corporation, Mitsubishi Electric Corporation, Schneider Electric, Bharat Heavy Electricals Limited, Siemens AG, Hitachi Limited, Powell Industries, Crompton Greaves (CG) Ltd., Hubbell Incorporated, Fuji Electric, Hyosung Corporation, ILJIN Electric, Meidensha Corporation, Larsen & Toubro Limited, and Ormazabal.