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| Switchgear Market |
The global Switchgear Market is estimated to be valued at US$ 110.35 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Switchgear encompasses components like circuit breakers, fuses, and isolators
that are used to control, protect and isolate electrical equipment. Switchgear
controls the power flow and prevents faults and accidents. It is essential for
reliable power transmission and distribution in smart homes, commercial
buildings and industries.
Market key trends:
One key trend in the switchgear market is the rising adoption of smart
switches. With the growth of smart homes and buildings, there is an increasing
demand for switchgears that can be remotely operated and monitored through
mobile applications and automation systems. Smart switches have in-built
sensors and connectivity that allow remote ON/OFF operations, energy monitoring
and integration with other smart devices. This enables remote surveillance and
management of electrical systems for improved safety, efficiency and
convenience in smart infrastructure.
Segment Analysis
The global switchgear market can be segmented by product, voltage, application,
insulation, and geography. Based on product, the switchgear market is segmented
into low voltage switchgear and high voltage switchgear. High voltage
switchgear is dominating the market as it finds wide applications in the
utilities sector where high current is dispatched over long distances. The
utilities sector includes power generation, transmission, and distribution that
require heavy duty high voltage switchgear for safe, reliable, and efficient
power transfer.
Key Takeaways
The global Switchgear
Market Share is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period,
due to increasing investments in renewable energy projects and grid
infrastructure modernization.
Regional analysis: Asia Pacific region is fastest growing as well as dominating
region in the switchgear market. The growth can be attributed to high
investments in transmission and distribution networks to meet the rising power
demand in emerging economies like China and India.
Key players: Key players operating in the switchgear market are ABB Ltd., Fuji
Electric Co. Ltd., Havells India Ltd., Powell Industries, Mitsubishi Electric
Corporation, CG Power and Industrial Solutions Limited, Schneider Electric,
Hitachi Ltd., Siemens AG, Meidensha Corporation, Eaton Corporation PLC, and
Toshiba International Corporation. The market is highly competitive with
well-established global players offering comprehensive product portfolio for
various voltage and application requirements.
Read More,
https://www.ukwebwire.com/switchgear-market-trends-size-and-share-analysis/
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