Switchgear Market - Forecast(2021 - 2026)

Switchgear is the grouping of electrically disconnected switches, fuses or circuit breakers that are utilized to regulate, defend and segregate electrical equipment. Switchgears encompass fuses, isolators, and circuit breakers. Fuses are positioned after every disconnection as it acts as a sacrificial device to provide overcurrent protection of high voltage and the low voltage side of large power transformers.

The rising investments in the broadcast and circulation of infrastructure coupled with the growing demand for renewable energy sources are the major factors driving the demand for switchgear across the globe. In terms of market shares medium voltage switchgear market segment dominates the global switchgear market, where as in terms of growth rate low voltage switchgear market is projected to offer double digit CAGR, higher than that of other voltage sub-segments. The global gas insulated switchgear market is expected to show impressive growth in the future. The Global Switchgear market will grow from an estimated $XX billion in 2015 to $XX billion by 2021 with a CAGR of XX% from 2016 to 2021. Growth in switchgears will also be sustained by government directives to replace older redundant systems to achieve operational safety, and security in industrial establishments.

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On the basis of product types, switchgear market is broadly categorized as conventional switchgear and modular/integrated switchgear. The conventional switchgear comprises of various components such as transformers, circuit breakers and dis connectors, but is expensive when compared to modular switchgear.

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The global switchgear market is classified on the basis of component as Circuit Breaker, Fuses, bus bars, relays and others. The circuit breakers basically refer to the medium in which the breaker opens and closes. A relay is an electrically operated switch.  Relays are used where it is necessary to control a circuit by a low-power signal or where several circuits must be controlled by one signal. Fuses are selected to allow passage of normal current plus a marginal percentage and to allow excessive current only for short periods.

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Switchgear Market

Asia-Pacific holds major market share followed by North America & Europe. The highest demand for switchgear comes from the Asia Pacific region, owing to the increasing requirement for high and medium voltage switchgears in this region. This region is expected to grow at a fast pace throughout the forecast period. China alone holds more than XX% of the global Switchgear market. The Europe and North America switchgear markets are estimated to witness significant growth in the medium-voltage switchgear segment due to the growing demand for renewable power generation.

Sample Companies Profiled in this Report are:

Siemens AG (Germany)

Mitsubishi Electric Corporation (Japan)

Eaton Corporation (Ireland), GE (U.S.)

ABB Ltd. (Switzerland)

Schneider Electric SA (France)

10+.

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