As per a new market research report published by Factor & Equilibrium (www.factorandequilibrium.com), “Switchgear Market – Global Industry Insights Market Size, Estimation and Growth Forecast By Type (Low Voltage Switchgear, Medium Voltage Switchgear and High Voltage Switchgear), By Insulation (Air, Gas and Others), By End User (Transmission & Distribution Utilities, Process Industries, Manufacturing, Infrastructure and Others), & By Regions, 2017-2025” is expected to reach USD 137.70 Billion by 2025 in terms of revenue. In 2016, the market was valued USD 78.30 Billion in terms of revenue. In terms of volume, switchgear market size was 2,550.1 Thousand Units in 2016 and expected to reach 4,135.7 Thousand Units by 2025. Browse 43 Data Tables and 62 Figures in the full report at https://www.factorandequilibrium.com/market-report/switchgear-market-size
The Switchgear market is expected to grow at a high rate during 2017 to 2025. Switchgear is switching devices associated for controlling, metering and regulating electrical power system.
Switchgear systems are composes of different electrical instruments such as circuit breakers, fuses, enclosures, ring main unit (RMU) and busbars among others. In order to ensure safety and control of power distribution, switchgear system is placed as important part in transmission and distribution (T&D) network.
Renewal of ageing T&D network in many European countries and in China has created the demand for switchgear in this region. In 2017, Latvian transmission system operator (TSO) Augstsprieguma Tīkls AS announced investment of €445 million to upgrade its high voltage transmission lines in next 10 years.
In addition, rapid electrification in urban as well as rural areas in Asian Countries has increased demand for switchgear in transmission & distribution utilities. According to data published by power ministry’s Grameen Vidyutikaran (GARV), 13,523 villages have been electrified in India during the period of 2015 to 2017.
Rising demand for switchgear in transmission & distribution utilities has been boosting the growth of the market
Based on type, the global switchgear market has been segmented into low voltage switchgear, medium voltage switchgear and high voltage switchgear. Owing to growing use in electrification projects across Asia Pacific and rising demand of low voltage power distribution in industries, low voltage switchgear had the largest share in the market.
Low voltage switchgear market is expected to exceed USD 60 Billion by 2025.
In terms of both revenue and volume, low voltage switchgear was the largest type in switchgear market in 2016
Based on insulation, the switchgear market has been segmented into air, gas and others. Owing to wide applications in low voltage power distribution network and growing use in residential as well as commercial infrastructure projects, air insulated switchgear had the largest share in the switchgear market size in 2016.
Volume demand of air insulated switchgears is expected to exceed 2,000 Thousand Units by 2025.
In terms of both revenue and volume, air was the largest insulation medium for switchgear market in 2016
By end user, the market has been divided into transmission & distribution utilities, process industries, manufacturing, infrastructure and others. Transmission & distribution utilities as end user market is growing owing to rapid electrification in emerging economies, up-gradation of power grid and rising demand of switchgear in smart grid projects.
As of 2016, in terms of revenue, transmission & distribution utilities held more than 45% share of the market.
In terms of both revenue and volume, transmission & distribution utilities was the largest end user segment for switchgear market in 2016
By region, the global switchgear market has been segmented into five regions; North America, Europe, Asia Pacific (APAC), Middle-East & Africa (MEA), and Latin America. In 2016, Asia Pacific occupied the largest revenue and volume share, accounting for more than 35% of the switchgear market size.
The large market share is attributed to high demand of switchgear in utilities sector and growing demand of low voltage switchgears in commercial and residential infrastructure projects.
Asia Pacific occupied the largest revenue and volume share of the market
Leading Player Mapping
Some major players in the market are: Schneider Electric SE (France), ABB Ltd. (Switzerland), General Electric (The U.S.), Siemens AG (Germany), Crompton Greaves (India), Hyundai Heavy Industries Co., Ltd.
(South Korea), Chint Group (China), Hitachi Ltd. (Japan), Mitsubishi Electric Corporation (Japan) and Powell Industries Inc.
(The U.S.) among others.
The market has been segmented as follows:
Switchgear Market, by Type
- Low Voltage Switchgear
- Medium Voltage Switchgear
- High Voltage Switchgear
Switchgear Market, by Insulation
Switchgear Market, by End User
- Transmission & Distribution Utilities
- Process Industries
Switchgear Market, by Region:
- North America (The U.S. and Canada)
- Europe (Germany, The U.K, Scandinavia + CIS and Rest of the Europe)
- Asia Pacific (China, Japan, India and Rest of the Asia Pacific)
- Middle-East & Africa (MEA) (South Africa, Saudi Arabia, United Arab Emirates and Rest of the MEA)
- Latin America (Brazil, Mexico and Rest of the Latin America)
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