PUNE,
India, July 19, 2024 /PRNewswire/ -- Switchgear
describes a wide variety of switching devices that all fulfill a
common need of controlling, protecting, and isolating power
systems. There is a growing demand for high-performance
motorcycles, which has increased the need for advanced switchgear.
Additionally, customization has become increasingly popular among
motorcycle enthusiasts, driving the market.
Maximize Market Research, an Energy & Power business
research firm has published a report on the "Global Switch Gear
Market". The total market size for the Switch Gear Market was
USD 93.1 Bn in 2023 and is expected
to grow at 5.2 percent CAGR through the forecast period by reaching
nearly USD 97.94 Bn by 2030.
The Switch Gear Market research provides in-depth details on
important variables such as motivating factors and obstacles that
are expected to determine the market's future growth. Along with a
thorough analysis of the competitive landscape, the report also
includes available opportunities for stakeholders to invest in the
Switch Gear Market. Both qualitative and quantitative
characteristics of the industry have also been covered in the
report. The scope of the MMR report includes a thorough analysis of
regional markets for the Switch Gear Market. The data from primary
and secondary sources are combined to create a report that provides
information on the conditions required for higher growth.
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https://www.maximizemarketresearch.com/request-sample/1237/
Market Size in
2023
|
USD 93.1 Bn
|
Market Size in
2030
|
USD 97.94 Bn
|
CAGR
|
5.2 Percent
|
Forecast
Period
|
2024-2030
|
Base
Year
|
2023
|
Number of
Pages
|
225
|
No. of
Tables
|
142
|
No. of Charts and
Figures
|
198
|
Segment
Covered
|
By Insulation Type,
Voltage, and End User
|
Regional
Scope
|
North America, Europe,
Asia Pacific, Middle East and Africa, South America
|
Report
Coverage
|
Market Share, Size, and
Forecast by Revenue | 2024−2030, Market Dynamics, Growth Drivers,
Restraints, Investment Opportunities, and Key Trends, Competitive
Landscape, Key Players Benchmarking, Competitive Analysis, MMR
Competition Matrix, Competitive Leadership Mapping, Global Key
Players' Market Ranking Analysis.
|
Highlights of the Report
- The shift towards renewable energy sources like wind and solar
is significantly boosting demand for switchgear, as it's essential
for integrating these sources into the grid and managing power
fluctuations.
- The market faces challenges including regulatory uncertainty,
high upfront costs, and supply chain disruptions. Additionally, the
presence of legacy infrastructure poses challenges for
modernization efforts.
- The advent of smart grid technologies, enabled by
digitalization, IoT, and AI, is driving the adoption of
intelligent switchgear solutions with enhanced monitoring, control,
and predictive maintenance capabilities.
For a detailed analysis of regions and their contributions
Request For Free Sample Report:
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Key Player Offerings
- SAEL Ltd, an Indian renewable energy company, is preparing to
launch its first-ever dollar-denominated bonds, targeting a
substantial USD 500 million. Focusing
on sustainable energy projects, with a specific emphasis on
building solar plants, SAEL intends to introduce this bond issuance
by the conclusion of June, highlighting the positive market outlook
in the area.
- Eaton has announced a significant investment of over
$500 million to improve its
manufacturing facilities for switchgear and switchboards. This move
is a key part of the company's overall strategy to address the
increasing need for electrical solutions in the utility,
commercial, healthcare, industrial, and residential sectors.
- Shanghai Electric introduced a new line of environmental
protection gas-insulated switchgear. This product is designed to
enhance operational efficiency while minimizing environmental
impact, aligning with global sustainability goals.
Asia Pacific Switch Gear Market to be Largest
With over 40% of the global switchgear demand, Asia Pacific is the largest market in the
switchgear industry. The region's growing energy and infrastructure
projects have also made significant contributions. For instance,
Japan's switchgear market
capitalizes on its advanced technological landscape and rigorous
safety standards, creating robust opportunities in smart grid
development. The country reported a 5% annual increase in
switchgear exports, highlighting its role as a key player in the
global market. Additionally, India
is witnessing a surge in demand fueled by its ambitious rural
electrification initiatives and substantial investments in
renewable energy. The Indian government allocated over $44 billion to modernize its power grid,
significantly boosting the local switchgear market. The United States switchgear market generates
substantial revenue, driven by ongoing upgrades to aging electrical
infrastructure and the integration of renewable energy sources. The
U.S. market recorded a 4.8% increase in annual revenue, reflecting
a growing emphasis on energy efficiency and sustainability. Profit
margins in the U.S. switchgear sector remain strong, supported by
consistent demand from both residential and commercial
segments.
Switch Gear Market Segmentation
Gas-insulated switchgear (GIS) is becoming more common because
of its high voltage capabilities and small size, particularly in
metropolitan locations where space is limited. In comparison to
air-insulated switchgear, GIS technology uses sulfur hexafluoride
(SF6) gas for insulation and electrical current interruption,
resulting in a substantially smaller footprint. Gas-insulated
switchgear (GIS) is becoming more common because of its high
voltage capabilities and small size, particularly in metropolitan
locations where space is limited. In comparison to air-insulated
switchgear, GIS technology uses sulfur hexafluoride (SF6) gas for
insulation and electrical current interruption, resulting in a
substantially smaller footprint. With up to 90% less space needed
than with traditional switchgear, this smaller size relates to a
significant reduction in space needs, enabling more effective use
of urban property. Reduced maintenance costs and increased
dependability have led to a notable increase in profitability for
the GIS sector. Significant savings in operating costs have
resulted from the extension of maintenance intervals to 25 years.
Additionally, utility businesses benefit from higher income streams
because of the improved dependability and lower failure rates. For
example, GIS systems have yearly failure rates of as little as
0.5%, whereas traditional systems have failure rates of around
2.5%. The sales of GIS are also supported by regulatory
developments that promote reducing the environmental footprints of
urban infrastructure. For instance, the European Union's stringent
emissions regulations drive the adoption of technologies that
minimize SF6 leakage, strengthening GIS as the preferred
choice.
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By
Voltage
- Low Voltage
- Medium Voltage
- High Voltage
By End-User
- Transmission & Distribution Utilities
- Industrial
- Commercial & Residential
- Other
Switch Gear Market Key Players
- ABB - Zurich, Switzerland
- Siemens AG - Munich,
Germany
- Schneider Electric SE - Rueil-Malmaison, France
- Hyundai Electric & Energy Systems Co., Ltd. - Seoul, South Korea
- Toshiba Corporation - Tokyo,
Japan
- General Electric Company (GE)
- Others
Key questions answered in the Switch Gear
Market are:
- What is Switch Gear?
- What is the current growth rate of the Switch Gear
market?
- Who are the key players in the Switch Gear Market?
- What are the factors affecting growth in the Switch Gear
Market?
- Who held the largest market share in the Switch Gear
Market?
- What is the demand pattern for the Switch Gear Market?
- What are the key trends in the Switch Gear Market?
- What are the growth prospects in developing countries for the
Switch Gear Market?
- Which segment is expected to witness the fastest growth and why
in the Switch Gear Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment |
2024−2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities,
and Key Trends by Region
- Market Segmentation – A detailed analysis by Insulation Type,
Voltage, End User, and Region.
- Competitive Landscape – Profiles of selected key players by
region in a strategic perspective
- Competitive landscape – Market Leaders, Market Followers,
Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER's analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
Maximize Market Research is leading Energy & Power
research firm, has also published the following reports:
Circuit Monitoring Market: The market size
was valued at USD 696 Million in
2023, and the total Circuit Monitoring Market is expected to grow
at a CAGR of 5.3% from 2024 to 2030, nearly reaching USD 1001.9 Million in 2030.
Switch Cabinet Market: The market is
projected to grow from USD 2.14 Bn.
in 2023 to USD 2.81 Bn. by 2030, at a
CAGR of 4.08% during the forecast period.
Electrical Services Market: The market size
was valued at USD 122.17 in 2023 and
the total Electrical Services Market revenue is expected to grow at
a CAGR of 6.2% from 2024 to 2030, reaching nearly USD 186.14 Billion.
DC Switchgear Market: The market was valued at
US$ 10.91 Bn. in 2023. Global DC
Switchgear Market size is expected to grow at a CAGR of 6.1 %
through the forecast period.
Industrial Gearbox Market: The market was
valued at US$ 43.57 Bn. in 2030 and
is expected to grow at a CAGR of 4.36% over the forecast
period.
Switchgear Market size was valued at USD 93.1 Billion in 2023 and the Switchgear
Market revenue is expected to reach USD
97.94 Billion by 2030, at a CAGR of 5.2 % over the forecast
period.
Gas Insulated Switchgear Market size was US$ 29.89 Bn in 2023 and is expected to reach
US$ 48.64 Bn by 2030, at a CAGR of
7.2 % during the forecast period.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and
consulting company with professionals from several industries. Some
of the industries we cover include medical devices, pharmaceutical
manufacturers, science and engineering, electronic components,
industrial equipment, technology and communication, cars and
automobiles, chemical products and substances, general merchandise,
beverages, personal care, and automated systems. We provide
market-verified industry estimations, technical trend analysis,
crucial market research, strategic advice, competition analysis,
production and demand analysis, and client impact studies.
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