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| Switchgear Market |
Switchgears are used in electrical systems for protection, control and isolation of electrical equipment. It minimizes the risk of electrical hazards and prevents equipment damage and loss of power supply. Increasing investments in transmission and distribution infrastructure due to growing power demand and aging grid infrastructure have boosted the demand for switchgears globally. The global Switchgear Market is estimated to be valued at US$ 110.35 Mn in 2023 and is expected to exhibit a CAGR of 30% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for safe and reliable power distribution has been a key
factor driving the growth of the switchgear market. Switchgears plays a crucial
role in protecting the electrical infrastructure and minimizing downtime. They
help maximize asset reliability by reducing faults and outages. Moreover,
growing investments in smart grid technology has accelerated the demand for
digital switchgears with advanced monitoring and control capabilities. Digital
switchgears improve grid stability and efficiency through features such as
remote monitoring and predictive maintenance.
Segment
Analysis
The global switchgear market is dominated by the high voltage segment. High
voltage switchgear solutions find widespread adoption in applications involving
high current power transmission across long distances. They exhibit high
efficiency, reliability and safety in handling massive power loads associated
with utilities and industries. The increasing investments in bulk power
transmission infrastructures as well as expansion of T&D networks drive the
demand for high-end switchgear equipment operating at medium and extra high
voltage levels.
Key Takeaways
The global Switchgear
Market Share is expected to witness high growth over the forecast
period of 2023 to 2030. The global Switchgear Market is estimated to be valued
at US$ 110.35 Mn in 2023 and is expected to exhibit a CAGR of 30% over the
forecast period 2023 to 2030.
Asia Pacific
dominates the switchgear market currently. Factors such as significant
investments in power grid modernization projects and rapid industrialization
activities in China, India and other Association of Southeast Asian Nations
(ASEAN) countries contribute to the leading share of the Asia Pacific region.
Key players focus on this region to leverage lucrative business
opportunities.North America is anticipated to register a notable CAGR during
the projected timeline. This growth can be attributed to ongoing grid
infrastructure upgrades aimed at modernizing aging assets and enhancing power
distribution systems across the U.S. and Canada. Additionally, policy support
for clean energy integration and distributed power generation would drive new
switchgear installations.
Key players operating in the switchgear market are AB Volvo, Scania AB,
Continental AG, Peloton Technology, and Daimler AG. They have been investing in
R&D to develop advanced switchgear solutions integrated with latest digital
technologies for industrial automation and smart grid applications.
Partnerships with utilities are helping them strengthen geographical presence
and customer base. The strong competitive environment is expected to boost
innovation.
For more insights, read- https://www.ukwebwire.com/switchgear-market-size-and-share-analysis/
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