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Switchgear Market Size, Share & Industry Analysis, By Insulation (Gas, Air, Oil, Vacuum), By Voltage (Low, Medium, High), By End-User (T&D Utility, Industrial, Commercial & Residential), By Installation (Indoor, Outdoor), and Regional Forecast 2019-2026

Region : Global | Published Date: Oct, 2019 | Report ID: FBI100815| Status : Published

 

KEY INDUSTRY INSIGHTS

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The global switchgear market size was valued at USD 98.08 Billion in 2018 is projected to reach USD 168.17 Billion by 2026, exhibiting a CAGR of 6.84% during the forecast period.


Rapidly growing electrification need for remote areas along with rising electricity generation has positively affected the demand for various electrical equipment. Progressive targets by regional governments to deliver electricity to rural zones is set to cater to the switchgear market growth.


Switchgear is an electrical apparatus used in a circuit to effectively regulate, control, and switch on or off the circuit as required. It is readily installed in different residential, commercial, industrial, and utility applications to ensure operational safety, cost-effective, and uninterrupted operations.


The current path in an electrical network is at times hindered due to break down of insulation layers leading to problematic fault or short circuit conditions. These erratic situations may lead to harmful consequences like equipment damage, fire and explosions, islanding, and other failures. Switchgears are widely installed in low, medium, and high voltage systems to deal with the abnormal operating levels in a variable voltage network between load centers and generating stations.


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Switchgears generally consist of two components, power control components to control conduction in the equipment and power switching components, to break the connection in fault incidents. It is also installed to de-energize the equipment and thereby effectively maintain and test the system to rectify fault levels. Switchgear is a combination of numerous devices like current & voltage transformers, relays, circuit breakers, fuses, isolators, switches, and other equipment for enhancing operations.


Expanding transmission & distribution (T&D) network has influenced the usage of switchgear across different regions. Asia Pacific region holds the lion’s share owing to the presence of large industrial establishments like bulk manufacturing units.


Furthermore, Europe occupies a substantial market position due to long-standing distribution network along with increasing adoption of renewable technologies. North America switchgear market is set to grow at a considerable rate owing to the expansion of existing commercial and industrial infrastructure along with the construction of new grids for renewable power.


MARKET DRIVERS


“Exponentially growing industrial infrastructure is set to boost the global switchgear market”


Increasing energy demand to support rapid urbanization and new generation mix is anticipated to propel the industry size. Switchgear equipment is primarily used in the complex electrical substations to withstand fluctuating operating voltage along with high environmental conditions. Construction of new industrial structures, including power plants for safe and reliable operations will further stimulate the market outlook.


“Positive outlook for renewable generation is projected to fuel the market growth”


Increasing investments to develop renewable energy along with favorable norms by the governments to support the new technology is anticipated to foster the industry landscape. Growing measures to curb the overall carbon emissions coupled with rising awareness among consumers to adopt renewable energy generation like solar will accelerate switchgear usage. Bulk power generation plants using onshore & offshore wind, solar, and hydro sources is set to increase the need for new T&D lines which in turn will affect the switchgear demand.


SEGMENTATION


By Insulation Analysis


“Gas-insulated switchgear (GIS) is projected to witness the highest growth during the forecast period.”


Based on the insulation, this industry is classified into gas, air, oil, and vacuum. Vacuum insulated switchgear is subjected to hold substantial share over the forecast timeline. It uses a mixture of solid, vacuum, and air instead of Sulfur hexafluoride (SF6) as an isolation layer to minimize the overall carbon footprint and easily maintain the power supply systems.


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The devices with gas as a protection agent are set to observe the highest growth rate owing to increasing setup of variable voltage substations. GIS is equipped with SF6 gas as a tight metal enclosure consisting high voltage equipment for a diverse range of applications. Air-insulated switchgear (AIS) are widely used for industrial & utility purposes and contains air to sustain the dielectric performance of the system.


By Installation Analysis


“Outdoor installation segment is anticipated to hold a dominating share over the forecast timeframe.”


By installation, this market is bifurcated into indoor and outdoor locations. Ability to withstand harsh climatic conditions along with delivering reliable and economical operations is expected to fuel the outdoor installation segment growth. Indoor installation devices are set to perceive substantial growth owing to the compact design, safe & secure working, high durability, easy maintenance, and many other operational advantages. The location criteria are predominantly decided by the functional characteristics along with weather and ventilation conditions.


By Voltage Analysis


“Medium voltage switchgear is likely to hold substantial CAGR growth during the forecast period.”


Based on the voltage, this market is broadly segmented into low, medium, and high. Low voltage switchgear is set to have a significant position across the world owing to its extensive incorporation in distribution networks along with high fault enduring capacity. These devices are generally categorized up to the rating of 1 kV and have widespread applications in residential and commercial sites. Medium voltage equipment is projected to observe largest growth in the industry dynamics. It offers a wide working range and is usually rated between 3 kV and 36 kV capacities to support building and industrial infrastructures. High voltage or HV switchgear handles electrical supplies with voltage above 36 kV and therefore are largely connected over heavy transmission lines.


By End-User Analysis


“In the global switchgear market, the T&D utility sector is expected to dominate the end-user segment.”


Based on end-user, the global switchgear market can be divided into T&D utility, industrial, and commercial & residential. Rapidly developing power distribution facilities to suffice rising energy demand and enhance efficient conveying lines to minimize losses and hazardous incidents will favor the transmission & distribution (T&D) utility segment size. These electrical devices are an integral part of various industrial plants for safe and reliable functioning of the units. The major population shift from rural to urban areas along with construction of new housing buildings as well as public spaces is set to positively affect the residential & commercial end-user growth.


REGIONAL ANALYSIS


Geographically, the global switchgear market has been analyzed across five major regions, which are North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. North America is expected to observe considerable growth owing to expanding commercial & industrial establishments. The regional government has introduced favorable directives and targets to develop a sustainable energy mix and suffice the high energy requirements. U.S. and Canada are the key countries operating in the section.


The Asia Pacific region is projected to hold a substantial portion over the forecast timeframe. Presence of huge potential to establish large industrial plants along with rapidly developing residential & commercial sectors is set to contribute to the regional growth. Emerging economies like China and India are witnessing excessive energy demand and new transmission needs owing to the electrification of distant geographical locations. Other prominent nations present in the Asia Pacific are Japan, Australia, and Southeast Asian countries.


Asia Pacific Switchgear Market Size, 2018

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Europe region is projected to observe a significant growth in the global industry size. Stringent regulations by the European Union to incorporate clean energy generation along with long-standing transmission & distribution network will favor the regional outlook. European Union has implemented energy and climate framework to achieve targets from 2021 to 2030. The objective aims to generate about 32% of the overall energy generation by clean sources by 2030. Germany, Italy, Spain, United Kingdom, France, and other union countries are set to abide by the announced objective.


Rising need for electrification along with increasing energy requirement in the gulf countries to cater widely expanding commercial & industrial infrastructure will positively favor the Middle East and Africa industry size. Inaccessibility to electricity in distant and remote locations in the region infers huge untouched aspects for the deployment of energy-efficient systems. The territory can be broadly divided in South Africa, Gulf Cooperation Countries (GCC) and other regional nations.


INDUSTRY KEY PLAYERS


“Market Players like ABB, Eaton, Schneider Electric, Hitachi, Mitsubishi Electric, would continue to shape the international industry trends”


Various regional and international participants are operating in the switchgear market. Major companies are focused on undergoing different mergers & acquisitions to strengthen their position. Recently, ABB acquired GE Industrial Solutions to expand its reach and leverage new growth opportunities in different regions.


List Of Key Companies Profiled



  • ABB

  • Schneider Electric

  • Hitachi

  • Kirloskar Electric Co. Ltd.

  • Hubbell Incorporated

  • Mitsubishi Electric

  • Siemens Energy

  • Toshiba International Corporation

  • CG Power and Industrial Solutions Limited

  • Fuji Electric Co., LTD.

  • Powell

  • L&T Electrical & Automation

  • HYUNDAI ELECTRIC & ENERGY SYSTEMS CO., LTD.

  • Hyosung Corporation

  • Lucy Electric

  • E+I Engineering


 


REPORT COVERAGE


Switchgear components include a range of devices used to control and protect the power systems operating in fluctuating voltage conditions. The electrical apparatus is readily used at different stages, starting from generating stations to transmission and distribution lines. The equipment is installed to interrupt the abnormal current & voltages and thereby helps in rectifying fault situations. Switchgear itself contains a large number of devices consisting of control panels, measuring instrument, indicating instrument, surge arresters, miniature circuit breakers, and many more.


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Along with this, the report provides an elaborative analysis of the global market dynamics and competitive landscape. Various key insights presented in the report are the recent industry developments such as mergers & acquisitions, the regulatory scenario in crucial countries, investment scenario, technological advancement, and key strategies adopted by market leaders, competitive landscape, and company profiles.


Report Scope & Segmentation


 














































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD Billion)



Segmentation



By Insulation



  • Gas

  • Air

  • Oil

  • Vacuum



By Installation



  • Indoor

  • Outdoor



By Voltage



  • Low

  • Medium

  • High



By End-User



  • T&D Utility

  • Industrial

  • Commercial & Residential



By Geography



  • North America (U.S. and Canada)

  • Europe (U.K., Germany, France, Italy, Spain, and Rest of Europe)

  • Asia Pacific (China, India, Japan, Australia, Southeast Asia, and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • Middle East & Africa (GCC, South Africa, and Rest of Middle East & Africa)






INDUSTRY DEVELOPMENT:



  • In July 2019, Eaton announced to completely acquire the U.S. based Innovative Switchgear Solutions, Inc. to enhance its medium voltage products foothold in the North America region. The acquisition aims at providing customers with compact and highly efficient solutions.

  • In June 2019, the Indian government announced to expand its renewable electricity generation target to 2030 instead of 2022. The administration declared its aim to establish 500 GW of clean energy generation capacity by 2030 in expansion to the original plan of 175 GW by 2022.

  • In April 2018, ABB launched a new product under its digital switchgear spectrum, called SafeGear Digital. The product is set to deliver innovative and reliable solutions, along with improved protection and maximum error detection features.


Frequently Asked Questions

Fortune Business Insights says that the switchgear market was valued at USD 98.08 Bn in 2018 and is projected to reach USD 168.17 Bn by 2026.

In 2018, the switchgear market was valued at USD 98.08 Bn.

Growing at a CAGR of 6.84%, the switchgear market will exhibit steady growth in the forecast period (2019-2026)

Low Voltage switchgear segment is expected to be the leading segment in the switchgear market during the forecast period.

Rapidly developing industrial infrastructure and the growing adoption of renewable power will be the key factors driving the growth of the switchgear market.

ABB, Eaton, Schneider Electric, Siemens, Mitsubishi are the top players in the switchgear market

The Asia Pacific is expected to hold the highest market share in the switchgear market.

A rising inclination for clean energy generation will result in setup of new transmission, distribution, grids, substations, and other units, which in turn will positively drive the growth of the switchgear market.

Increasing construction activities, along with the refurbishment of old structures, can create enormous opportunities for the growth of the switchgear market

Switchgear Market Size, Share and Global Industry Trend Forecast till 2026
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