Research: Global Share of Switchgear Market Predicted to Reach USD 156.8 Billion by 2022
According to the report, the global switchgear market was valued at USD 89.9 billion in 2016 and is expected to reach USD 156.8 billion in 2022, growing at a CAGR of 9.7% between 2017 and 2022.
In modern power system network, switchgear protection plays an essential role right from generation through transmission to distribution end. In an electric power system, switchgear is the arrangement of electrical switches, fuses or circuits breakers need to control protect and isolate electrical equipment. The function of carrying, making and breaking the normal load current similar to a switch has been performed by switchgear and it also has to carry out the function of clearing the faults. The device utilized for controlling switching and protecting the equipment and electrical circuits is known as switchgear. In addition to that switchgear also has the provision of metering and regulating the various parameters of the electrical power system. This type of equipment is directly related to the reliability of the electricity supply
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Asia Pacific region dominated the global industry in the switchgear market. The Asia Pacific was the most attractive market for switchgear in 2016. In the Asia Pacific region, the improvement in the number of distribution and transmission lines and development in countries such as China and India is largely determined. The developing countries in this region are striving to strengthen power system and investing to improve their voltage level to connect remote areas in the region. Large electrical infrastructure up-gradation and new transmission and distribution lines being installed in China.
In 2016, U.S declared an investment of about USD 900 million towards the restoration of the transmission network. North America currently has a market for replacement of old installations and grid up gradation. To drive the market along with capacity improvement and saving in offshore wind farms are expected to the growth in the market. In 2015, the establishment of electrical grid infrastructure is expected in Egypt for the growth in switchgear market. In 2017, towards the development of electric infrastructure in Africa world bank declared an investment of USD 23.2 million.
UK switchgear market will observe strong growth along with adoption of the separate energy system and encouraging government initiatives towards renewable integration. In the UK, national grid announced a development of the electric grid and pipe network in the region for the growth of switchgear market.
Some of the major players involved in the global switchgear market include ABB, Crompton Greaves, Larsen and Turbo, Schneider Electric, Siemens, GE, Eaton, Mitsubishi Electric Systems, Toshiba, Schneider Electric, Bharat Heavy Electrical Limited, Hubbell Power System Inc. Rittal, Meidensha Corporation, and Ormazabal.
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