DUBLIN, June 13, 2019 /PRNewswire/ -- The "Switchgear Market by Insulation (GIS and AIS), Installation (Indoor and Outdoor), End User (T&D Utilities, Industries, Commercial and Residential), Voltage (Low, Medium, and High), and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The switchgear market is projected to reach USD 143.5 billion by 2024 from an estimated USD 102.6 billion in 2019, at a CAGR of 6.9%.
Growing investments in renewable energy and demand for safe and secure electrical distribution systems have increased the demand for switchgear. However, the high cost of equipment and stringent regulations for SF6 switchgears could act as a restraint for the market.
The gas insulated switchgear segment, by insulation, is expected to be the fastest growing market from 2019 to 2024
The Gas Insulated Switchgear (GIS) segment is expected to hold the largest market share in 2019 and is projected to be the fastest growing segment during the forecast period. They are mainly used in industrial areas to fulfill high-energy demands through a space-saving design of minimum cost. The gas insulated switchgears are deployed in various industries, serving different needs at varying voltage levels. Many developed countries have also started improving their T&D network to ensure safety and security with the help of switchgears.
The indoor segment, by installation, is expected to be the largest market from 2018 to 2023
The hardware segment is expected to hold the largest market share during the forecast period because of its vast implementation. The renewable sector is also assisting the growth of the indoor switchgear market, with many solar and wind power plant projects deploying indoor switchgear as an integral part of their power generation and distribution network. Asia Pacific is expected to hold the largest market for indoor with rapid adoption in countries such as China and India.
Rapid expansion of power plants and transmission lines to meet the growing electricity requirements is expected to drive the T&D utilities segment between 2019 and 2024
The T&D utilities segment, by end user, held the largest market share in 2018 and is estimated to be the fastest growing segment during the forecast period because the utilities segment is responsible for the generation, transmission, and distribution of electricity. Electric utilities include investor-owned and publicly-owned cooperatives and nationalized entities, which are the major providers of electricity in most of the countries, worldwide.
Europe: The second fastest growing market for switchgear
The European region is expected to be the second fastest growing market for switchgear by 2024. The European power generation, transmission, and distribution systems are comparatively mature. Therefore, the EU is focusing on upgrading its aging infrastructure, integrating renewable energy sources such as solar and wind power, and building interconnections to enable more efficient power and energy trading. This would also require additions and replacement of old switchgear.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Aging Power Infrastructure
5.2.1.2 Revival of Investments in the Construction Sector
5.2.1.3 Growing Investments In Renewable Energy
5.2.2 Restraints
5.2.2.1 Harsh Environmental Conditions
5.2.2.2 Increasing Competition From the Unorganized Sector of the Switchgear Market
5.2.3 Opportunities
5.2.3.2 Execution of Performance-Based Incentive Schemes and Definite Service Programs to Provide Continuous and Hassle-Free Electricity to The End Users
5.2.3.3 Adoption of Hvdc Technology
5.2.4 Challenges
5.2.4.1 High Cost of Switchgear
5.2.4.2 Stringent Environmental and Safety Regulations for Sf6 Switchgears
6 Switchgear Market, By Insulation
6.1 Introduction
6.2 GIS
6.2.1 Asia Pacific Holds the Largest Region for GIS Switchgear Market
6.3 AIS
6.3.1 Asia Pacific is Expected to Grow at the Fastest CAGR From 2019-2024
7 Switchgear Market, By Installation
7.1 Introduction
7.2 Indoor
7.2.1 Europe is the Second Largest Market for Indoor Segment
7.3 Outdoor
7.3.1 Asia Pacific is the Largest Market for Outdoor Segment
8 Switchgear Market, By End-User
8.1 Introduction
8.2 T&D Utilites
8.2.1 Rising Investments in T&D Networks is Expected to Drive the T&D Utilities Segment
8.3 Industries
8.3.1 Reduced Industrial Downtime and Improved Efficiency are Major Factors Driving Growth of Switchgear in Industries Segment
8.4 Commercial & Residential
8.4.1 Asia Pacific Holds the Largest Market for Switchgear in Commercial & Residential Segment
8.5 Others
9 Switchgear Market, By Voltage
9.1 Introduction
9.2 Low Voltage
9.2.1 Asia Pacific is the Largest Market for Low Voltage Switchgear
9.2 Medium Voltage
9.2.1 Aeurope is the Second Largest Market for Medium Voltage Switchgear
9.3 High Voltage
9.3.1 Asia Pacific is Expected to Grow at the Fastest CAGR During the Forecast Period
10 Switchgear Market, By Region
11 Competitive Landscape
11.1 Overview
11.2 Competitive Leadership Mapping (Overall Market)
11.3.1 New Product Development Dynamic Differentiators
11.3.2 Innovators
11.3.3 Visionary Leaders
11.3.3 Emerging Companies
11.3 Competitive Scenario
11.3.1 New Product Development
11.3.2 Mergers & Acquisitions
11.3.3 Contracts & Agreements
12 Company Profiles
- ABB
- C&S Electric
- CG Power
- Eaton
- Fuji Electric
- General Electric
- Hitachi
- Hubbell
- Hyosung
- Hyundai
- Larsen & Toubro
- Lucy Electric
- Mitsubishi Electric Corporation
- Powell Industries
- Schneider Electric
- SEL
- Siemens AG
- Toshiba
For more information about this report visit https://www.researchandmarkets.com/r/hay16j
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