The switchgear market is projected to grow at a CAGR of 5.5%

NEW YORK, July 29, 2020 /PRNewswire/ --

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The switchgear market size will grow to USD 88.5 billion by 2025 (forecast year) from USD 67.5 billion in 2020 (estimated year), at a post COVID-19 CAGR of 5.5% during the forecast period. Replacement of aging infrastructure in North America, along with upgradation of existing substations due to rising electricity demand in Europe and Asia Pacific are the driving factors for the switchgear market, globally.

The >36 kV segment, by voltage, is expected to be the largest switchgear market during the forecast period
The >36 kV segment is considered in the medium to high voltage range and primarily used in T&D sub-stations, heavy industries, mining, railway, and commercial infrastructure.The equipment used in the >36 kV switchgear segment includes medium and high voltage circuit breakers, AIS, and hybrid switchgears.

The switchgears in this voltage range are also used in renewable power transmission as well as in medium voltage sub-stations and with the growth in renewable sector is expected to enhance the demand for this segment.

The outdoor segment, by installation, is expected to be the fastest growing market from 2020 to 2025
Outdoor gas-insulated switchgears are designed to be installed in an open environment, unlike indoor gas-insulated switchgears.The outdoor gas-insulated switchgear is constructed in such a way that all the apparatus can be protected against harsh environmental conditions, including windstorms or sandstorms, which include possible contamination.

Outdoor gas-insulated switchgears are expected to have a larger share of the market than indoor types due to their vast implementation area. APAC presents promising opportunities for the outdoor-type gas-insulated switchgear market.

Asia Pacific: The largest growing region in the switchgear market.

Asia Pacific is expected to dominate the global switchgear market between 2020 and 2025.As per the Indian Electrical and Electronics Manufacturer Association (IEEMA), the electricity generation capacity is expected to increase from 200 GW in 2010 to over 800 GW by 2032 to fulfill the increasing demand of customers.

Thus, there is a need for a huge investment of approximately USD 300 billion in the next 3–4 years which is expected to boost the switchgear market during the forecast period.

Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
• By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%
• By Designation: C-Level- 30%, Director Level- 25%, and Others- 45%

By Region: Asia Pacific- 25%, Middle East & africa– 35%, Europe- 18%, North America- 13%, and South America- 9%
Note: Others includes sales managers, marketing managers, product managers, and product engineers.

The tier of the companies is defined based on their total revenue as of 2017. Tier 1: USD 1 billion and above, Tier 2: From USD 500 million to USD 1 billion, and Tier 3:

The switchgear market is dominated by a few major players that have a wide regional presence. The leading players in the switchgear market are ABB (Switzerland), Siemens (Germany), Schneider Electric (France), GE (US), and Eaton (Ireland)

Study Coverage:
The report defines, describes, and forecasts the switchgear market, by service, intervention insulation, installation, voltage, end-user, and region.It also offers a detailed qualitative and quantitative analysis of the market.

The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market, which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the switchgear market.

Key Benefits of Buying the Report
1. The report identifies and addresses the key markets for switchgear operations and services, which would help equipment manufacturers and service providers review the growth in demand.
2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.

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