The global switchgear manufacturing market will grow from $85.4 billion in 2017 to $118.7 billion by2022 with a compound annual growth rate (CAGR) of 6.8% for the period of 2017-2022
NEW YORK, Feb. 19, 2018 /PRNewswire/ -- • The global switchgear manufacturing market will grow from $85.4 billion in 2017 to $118.7 billion by2022 with a compound annual growth rate (CAGR) of 6.8% for the period of 2017-2022.
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• Asia-Pacific switchgear manufacturing market will grow from $37.5 billion in 2017 to $59.6 billion by 2022 with a CAGR of 9.7%.
• Western Europe switchgear manufacturing market will grow from $24.8 billion in 2017 to $26.4 billion by 2022 with a CAGR of 1.3%.
Chapter 1: Introduction
BCC Research's goal in performing this study was to determine the global market and future demand growth for switchgear manufacturing over the five-year period from 2017 through 2022. Of particular focus was characterizing and quantifying the potential of the market for switchgears by geography, and product (i.e., Low voltage switchgear, medium voltage switchgear, and high voltage switchgear).
The report also evaluates the market across each geography. Opportunities in each type of geography have been discussed.
Factors that affect the market such as drivers, restraints, and trends have been discussed. The key objective was to present a comprehensive discussion of where the state-of-the-art is in switchgear market and forecast the future commercial potential for the key market segments.
This discussion provides a basis for companies to make strategic choices about developing new products and markets or deciding which applications are needed in their organizations. The study will benefit switchgear manufacturers, providers of raw materials, users of switchgears, governments around the world and others.
Study Goals and Objectives
• To sum up the global switchgear manufacturing market size.
• To estimate the growth rate of the global switchgear market.
• To segment the market in the deepest possible way.
• To provide market numbers and growth rates at geographically.
• To identify major drivers and restraints.
• To identify key trends and technology updates in the field.
Reasons for Doing This Study
Political support in form of tax waivers and subsidies offered by national and state governments for power generation, transmission and distribution has led to an increase in the demand for switchgears globally. Global industry leaders and large organizations see an expanded role for product development, investment in IoT and sensor technology in the switchgears manufacturing industry.
The global switchgears manufacturing market is growing due to increased demand for advanced switchgears from power generation and distribution companies and manufacturing companies. These factors along with technological advances such as smart grids and IoT technologies is expected to drive the switchgear manufacturing industry.
The market for switchgear manufacturing is marginally consolidated with a few large players, dominating the market. Major players in the market include Schneider Electric, Siemens, Toshiba Corporation and others.
Scope of Report
This research report categorizes the switchgear manufacturing market by type. Product type include low voltage switchgear, medium voltage switchgear and high voltage switchgear.
Information Sources
• Public information via annual reports to shareholders as well as other government reports that are available for public review.
• Company marketing information, advertising, company press releases, state and local news sources, and subscription-based information.
• Online research including third-party references.
• Trade associations, directories and publications.
• Telephone interviews with both current customers and prospects.
• Various private industry sources.
Methodology
Research methodology followed in this report is a top-down approach. Various sources were used to arrive at the total market figure, which was broken down into various applications and sub markets based on primary and secondary data.
Both a quantitative and qualitative approaches were used to derive the market size and growth rates. Many secondary sources were reviewed and extensive primary research was conducted with key opinion leaders, marketing managers, product managers and end users.
Market numbers have been calculated in constant U.S. dollars.
Currencies $ stands for US Dollar € stands for Euro All other currencies are given with ISO currency codes.
Geographic Breakdown
In this report, the geographic regions considered for market analysis include, and only include:
• Asia Pacific
• North America
• South America
• Western Europe
• Eastern Europe
• Middle East
• Africa
Switchgears Manufacturing Market, by Segment
Low Voltage Switchgear
Medium Voltage Switchgear
High Voltage Switchgear
Switchgears Manufacturing, by Region
Asia Pacific
North America
Western Europe
South America
Eastern Europe
Middle East Africa
Chapter 2: Summary and Highlights
Global switchgears market is registering strong growth due to increasing access to electricity in developing countries and rising investments in smart grid networks in developed economies. At the same time, emerging market growth, low interest rate environment, rapid urbanization, rising population, improving technology, growth in manufacturing industry and growth in renewable energy generation is driving the demand for switchgear products.
The market for switchgears manufacturing reached a value of nearly $85.4 billion in 2017 and is expected to grow at a compound annual growth rate (CAGR) of 6.8% to nearly $118.0 billion by 2022.
The market for switchgears manufacturing is concentrated with a few large players dominating the market. Major players in the market are Schneider Electric, Siemens AG Toshiba Corporation, Mitsubishi Electric Corporation, ABB and others.
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