According to a new market report published by Lucintel, the future of the
switchgear market looks attractive with opportunities in the utilities, industrial, residential, and commercial sectors. The global switchgear market is expected to decline in 2020 due to global economic recession led by COVID-19. However, market will witness recovery in the year 2021 and it is expected to reach an estimated $116.7 billion by 2025 with a CAGR of 3% to 5% from 2020 to 2025. The major growth drivers for this market are increasing demand for electricity, growing implementation of smart grid technology, and continuing investment in upgrading transmission and distribution systems.
Browse 81 market data tables and 98 figures spread through 168 pages and in-depth TOC on “Switchgear Market"
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In this market, low voltage, medium voltage, and high voltage switchgear are used to control and protect electric power systems. Lucintel forecasts that the low voltage switchgear is expected to remain the largest segment and is expected to experience the highest growth during the forecast period due to increasing construction activities and renewable energy installations.
Within the switchgear market, utilities will remain the largest end use market due to the continuous expansion in electrical infrastructure to fulfill growing electricity demand. Switchgear for the residential end use is expected to witness the highest growth in the forecast period supported by growing urbanization and rapid electrification.
Asia Pacific is expected to remain the largest market and is also expected to witness the highest growth over the forecast period. Increasing electricity demand due to growing population, economic expansion, urbanization, industrialization, and rural electrification projects, particularly in India and China, are leading the demand for switchgear.
Emerging trends, which have a direct impact on the dynamics of the industry, include the development of digital switchgear and growing focus on eco-efficient switchgear. ABB, General Electric, Schneider Electric, Mitsubishi, Siemens AG, Eaton, Hitachi, and CG Power and Industrial Solutions are the major suppliers of switchgear.
Lucintel, a leading global strategic consulting and
market research firm, has analyzed growth opportunities in the switchgear market by voltage, product, end use, and region and has come up with a comprehensive research report entitled “
Growth Opportunities in the Switchgear Market 2020-2025: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the switchgear market by voltage, product, end use, and region as follows:
By Voltage Type [$B shipment analysis from 2014 to 2025]: