According to a new market report published by Lucintel, the future of the switchgear market looks attractive with opportunities in the utilities, industrial, residential, and commercial sectors. The global switchgear market is expected to reach an estimated $110.7bn by 2023 and is forecast to grow at a CAGR of 4.7% from 2018 to 2023.
The major growth drivers for this market are increasing demand for electricity, growing implementation of smart grid technology, and continuing investment in upgrading transmission and distribution systems.
Browse 81 market data Tables and 98 Figures spread through 168 Pages and in-depth TOC in Global Switchgear Market 2018-2023 here.
In this market, low voltage, medium voltage, and high voltage switchgear are used to control and protect electric power systems. Lucintel forecasts that the low voltage switchgear is expected to remain the largest segment and is expected to experience the highest growth during the forecast period due to increasing construction activities and renewable energy installations.
Within the switchgear market, utilities will remain the largest end-use market due to the continuous expansion in electrical infrastructure to fulfil growing electricity demand. Switchgear for the residential end use is expected to witness the highest growth in the forecast period supported by growing urbanisation and rapid electrification.
Asia Pacific is expected to remain the largest market and is also expected to witness the highest growth over the forecast period. Increasing electricity demand due to growing population, economic expansion, urbanisation, industrialisation, and rural electrification projects, particularly in India and China, are leading the demand for switchgear.
Emerging trends, which have a direct impact on the dynamics of the industry, include the development of digital switchgear and growing focus on eco-efficient switchgear. ABB, General Electric, Schneider Electric, Mitsubishi, Siemens AG, Eaton, Hitachi, and CG Power and Industrial Solutions are the major suppliers of switchgear.
The study includes a forecast for the global switchgear $bn shipment analysis from 2012 to 2023 market by voltage, product, end use, and region:
High voltage, medium voltage and low voltage.
Other low voltage switchgear, metal enclosed and metal clad, MCCB, fuse, power circuit breaker and other medium and high voltage switchgear.
Utilities, industrial, residential and commercial.
United States, Canada, Mexico, United Kingdom, Germany, France, Italy, Japan. China, India, South Korea, Saudi Arabia, Brazil and South Africa.
This 168-page research report aims to enable you to make confident business decisions in this globally competitive marketplace.