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High voltage switchgear is a device that serves the purpose of controlling the flow of large quantities of electric power and is an integral part of electric substations. To keep up with the market requirements, electricity providers worldwide are becoming more reliant on supplements of remote energy sources, enabling the industry to cover the distance between supply and demand. This in turn has put more emphasis on using high voltage current transmissions.
Based on the type, the market is segmented into gas-insulated switchgear (GIS), oil-insulated switchgear (OIS), and air-insulated switchgear (AIS) The gas-insulated equipment dominates the high voltage switchgear market as it requires less space and increases the setup of variable voltage. The other advantage of gas-insulated switchgear is the presence of only one functional element enclosed in a single metal breaker which enables quick assembly in a plant. Based on these factors, the market for gas-insulated switchgear is anticipated to grow during the forecast period.
Based on the application, the market is segmented into power generation, industrial, oil & gas, and others. The power generation application is anticipated to dominate the market due to the increasing power demand across various locations, resulting in the need for power distribution and transmission equipment, directly impacting the switchgear industry.
One of the major drivers for the global switchgear market is the rising power demand across every sector which directly boosts the demand for high voltage switchgear. The replacement of the aging power infrastructure also holds opportunities for deployment of high voltage switchgear. Further, the rising penetration of renewable sources holds immense deployment opportunities for this switchgear.
The volatility in raw material prices is one of the main factors which can hinder the high voltage switchgear market growth. Also, the high initial investment along with a well-equipped protection system can affect the market growth in the long run.
Key Market Driver -
The increasing power demand along with rise in investments of renewable energy sources.
Key Market Restraint -
The volatility in price of raw material hinders the market growth.
The high voltage switchgear market has been studied across North America, Europe, Asia Pacific, Latin America, the Middle East & Africa. The Asia Pacific is expected to hold a significant market in terms of demand for switchgear due to the higher electric power demand in nations like India, China, and Indonesia. Following Asia-Pacific, North America and Europe have implemented stringent laws to reduce emissions & are more focused on renewable energy projects and energy-efficient sectors. This has led to new transmission & distribution lines being set up along with new production units. Further, the rise in commercial and industrial development has led to the expansion of power distribution networks across the region, enhancing the market landscape of switchgear positively.
The Latin American switchgear market is anticipated to grow in the coming years due to foreign investment in infrastructure and expansion plans for the electric network. This will drive the power grids installation to support electrification transportation across the region. In the Middle East and Africa, the expenditure on renewable energy infrastructure, and the replacement of power infrastructure are expected to be significant drivers for the high voltage switchgear market.
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