Switchgear Market to grow at nearly 6.9 % CAGR during 2021-2031
Global Switchgear sales are set to be valued at US$ 72.44 Bn
in 2021 and is expected to have a stable long-term projection, according to
latest insights from Future Market Insights (FMI), an ESOMAR-certified research
and consulting firm. The report has forecast the global switchgear market to grow at nearly 6.9 % CAGR during
2021-2031. The report offers analysis of growth trajectory exhibited by the
market in 20+ high-growth countries. It offers detailed insights on into
factors that will be driving growth over the coming decade.
The demand for switchgear was moderate in the 2020 however
with it had to experience a brief period of lackluster growth on account of the
unprecedented COVID-19 outbreak. Supply chain disruptions witnessed by end-use
sectors such as T&D utilities, commercial, industrial and residential had
restrained growth to an extent. However, considering the possibility of a
stimulus in many countries, the long-term outlook on the market remains
positive.
As T&D utilities sector estimated to witness healthy
growth rate in the forecast period. According to the report, T&D utilities
are expected account for nearly 46% of switchgears sold in 2021. Besides this,
the demand is expected to surge in commercial, industrial, and residential
sectors enabling growth in the market.
To Know More@
https://www.futuremarketinsights.com/reports/switchgears-market
Key Takeaways
- After
a period of negative growth, the market will show impressive improvement,
registering above 6% y-o-y growth in 2021
- The
U.S. is expected to account for over 60% of sales in North America
- After
a period of negative growth, the U.K. will exhibit above 6% y-o-y growth
in 2021, emerging as a strong market for switchgears
- Expansion
of the energy and utilities sector will enable growth in Germany and
France
- Government
initiatives are expected to support growth in Japan and South Korea
“Increase in demand for advancement in the switchgear and
advent of smart grid are expected to give impetus to switchgears. The use of
the voltage fluctuator is very common in the heavy as well commercial sectors.
It is used in the transmission and distribution of energy to consumer and for
running machineries. The need of the energy is increasing day by day, which has
been aiding the overall expansion of the switchgear market. ” says FMI
analyst.
Switchgear market is likely to grow at a moderate pace
during 2021-2031. However, as it is a matured market, companies are expected to
concentrate on research and development activities and capitalize on
opportunities especially in the field of T&D Utilities. Their key focus
will however remain meeting requirements of consumers. Collaboration with local
players and developing new technology in the form of smart grid and advanced
switchgear are key strategies adopted by the market players.
Competitive Landscape
The market is fragmented, with key players accounting for
approximately one fifth of the market share. These companies are likely to
invest in new technology developments and expansion of their networks in order
to maintain their market shares. Some of the key players in the market are ABB
Ltd., Siemens AG, Schniender Electric, Havells India Pvt. Ltd., Hyundai
Electric and Energy System, Fuji Electric, Powell Industries, etc.
Valuable Insights into Switchgear Market
FMI’s report on the switchgear market is segmented into six
major sections - component (power distributor switch breaker, switch
disconnector, MCCB, HRC fuse, earth switch, and MCB), voltage (low voltage,
medium voltage, high voltage, extra-high voltage, ultra high voltage),
construction type (outdoor, indoor, and others), insulation type (air
insulated, gas insulated, oil insulated, and vacuum insulated), end use
(T&D utilities, commercial, residential, industrial, and commercial), and
region (North America, Latin America, Europe, East Asia, South Asia &
Pacific, and the Middle East & Africa), to help readers understand and
evaluate lucrative opportunities in the retail automation market.
Comments
Post a Comment