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Switchgear Global Market Report 2021: COVID 19 Impact and Recovery to 2030

·3-min read

Major players in the switchgear market are Schneider Electric, Siemens AG, ABB, General Electric, Eaton Corporation, Hyosung, CG Power, Mitsubishi, Alstom SA, and Bharat Heavy Electricals Ltd.

New York, June 11, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Switchgear Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06072070/?utm_source=GNW
The global switchgear market is expected to grow from $87.86 billion in 2020 to $94.25 billion in 2021 at a compound annual growth rate (CAGR) of 7.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $124.33 billion in 2025 at a CAGR of 7%.

The switchgear market consists of sales of switchgears and related services that are used in various applications such as in transmission and distribution utility, residential, commercial and industrial. A switchgear refers to collection of the switching devices that are used for controlling, protecting, and switching the electrical circuits and equipment.

The demand for electricity generation is projected to drive the switchgear market.The availability of electricity has become essential for economic development and poverty alleviation.

Development of industrialization, urbanization requires continuous electricity supply, and the reliability of the electrical supply depends heavily on the performance of the switchgear.Therefore, the demand for electricity generation is driving the demand for switchgear in the forecast period.

For instance, global demand for electricity rises at 2.1% per year to 2040 in the Specified Policies Scenario, double the rate of primary energy growth by 2040.

Unstable prices of raw materials are restraining the growth of the switchgear market.Price fluctuation is due to the availability of low-quality materials at cheaper prices.

The use of low-quality products increases the risk of breakdown of insulation layers or short circuit conditions and other failures.Thereby inconsistent pricing in raw materials of the switchgear is expected to hinder the market growth.

According to the survey conducted by Manufacturer’s Outlook, in 2019, within the switchgear manufacturing companies, across the globe, about 79.8% of respondents’ top concern was the cost of raw material in the manufacturing of the switchgear.

The switchgear market covered in this report is segmented by product type into high voltage, medium voltage, and low voltage and by end-user into residential, commercial and, industrial.

The last few years witnessed a rising demand for installation of electric substations to restore normal power supply as fast as possible in case of emergencies.The installation of mobile substations enables the restoration of electricity under outdoor conditions or in unforeseen circumstances and is functionally designed to provide temporary power supplies as soon as possible.

Also, these mobile substations incorporate generator, transformer, metal-clad switchgear, outdoor load break switches and breakers, which are used for network extensions, and temporary switching stations.For instance, Siemens delivered two mobile substations for national grid SA, and Aktif group delivered 10 mobile substations to the ministry of electricity Iraq.

Therefore, increasing the adoption of mobile substations is one of the latest trends that will positively impact the switchgear market.

In December 2018, Hitachi Ltd. a Japanese based multinational conglomerate company acquired an 80.1% stake of ABB power grids unit worth $11 billion. With this acquisition, Hitachi Ltd aimed to strengthen its market position in power transmission and distribution system. ABB power grid, a Switzerland based company known for power transformers, long-distance transmission systems, and designing energy storage units.
Read the full report: https://www.reportlinker.com/p06072070/?utm_source=GNW

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