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Switchgear Market to Reach USD 170.40 Billion by 2027; High Demand for Reliable Transmission and Distribution Network to Aid Growth, says Fortune Business Insights™

September 07, 2020 | Energy & Power

The global switchgear market size is projected to reach USD 170.40 billion by 2027. It is expected to gain impetus from the high demand for energy worldwide. It is further resulting in an urgent need for a stable and reliable transmission and distribution (T&D) network. Fortune Business Insights™ gave this information in its latest study, titled, Switchgear Market Size, Share & COVID-19 Impact Analysis, By Insulation (Gas, Air, Oil, and Vacuum), By Installation (Indoor and Outdoor), By Voltage (Low, Medium, and High), By End-User, and Regional Forecast, 2020-2027.” The study further mentions that the market stood at USD 105.43 billion in 2019. But, it is set to exhibit a CAGR of 6.6% during the forecast period between 2020 to 2027.


Siemens Receives Order of Electrical Service Equipment from Semco Maritime


In June 2020, Semco Maritime, a supplier of engineering, procurement, construction and installation (EPCI) solutions and service headquartered in Denmark hired Siemens, the German tech giant to deliver its primary high-voltage electrical service equipment. It will be utilized in the 1.6-GW Mayflower Wind project off the coast of Massachusetts. Siemens’ product will consist of SCADA and protection systems, three 275 kV MV gas insulated switchgear (GIS) systems, integrated conditioning monitoring systems, a 72 kV HV GIS, and three 275 kV / 265 MVAr shunt reactors. The company will deliver the product by the end of 2022.


As per the CEO of the Transmission division at Siemens, “This is a great opportunity for us to bring our expertise in offshore transmission. The Mayflower project will pave the way for surging the share of renewable and clean energy in the U.S. The system solution was developed by the Center of Competence in Denmark. It would help in lowering the weight and size of the platform, as well as eliminate the need to use steel for constructing. These factors would make the platform cost-effective.”


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/switchgear-market-100815


Increasing Investments to Develop Renewable Energy will Drive Growth


The demand for switchgears is set to skyrocket exponentially because of the increasing investments by regulatory bodies in developing renewable energy. Also, the presence of favourable government policies and subsidy in various countries to support innovative technologies would drive growth.


The European Union (EU), for instance, is planning to achieve its 2020 goal by producing approximately 20% renewable energy. It has further augmented numerous countries to plan out the installation of renewable energy, as well as rollouts. Besides, new T&D lines are likely to be constructed owing to the rising number of bulk power generation plants. Coupled with this, the increasing awareness programs to educate consumers about the adoption of renewable energy would propel the switchgear market growth in the near future. However, switch gear equipment includes a complex and expensive solution, which, in turn, may hamper growth.


Key Players Focus on Acquisitions & Bagging New Orders to Intensify Competition


The market houses a large number of companies of all sizes. The prominent ones are engaging in mergers & acquisitions strategy with the local companies to gain a competitive edge. Some of the others are striving to gain new orders for their in-house products.


Fortune Business Insights™ lists out the names of all the renowned switchgear manufacturers operating in the global market. They are as follows:



  • ABB (Zurich, Switzerland)

  • Schneider Electric (Rueil, Malmaison, France)

  • Hitachi (Tokyo, Japan)

  • Kirloskar Electric Co. Ltd. (Pune, India)

  • Hubbell Incorporated (Connecticut, United States)

  • Mitsubishi Electric (Tokyo, Japan)

  • Siemens Energy (Munich, Germany)

  • Toshiba International Corporation (Texas, United States)

  • CG Power and Industrial Solutions Limited (Mumbai, India)

  • Fuji Electric Co., LTD. (Tokyo, Japan)

  • Powell (Texas, United States)

  • L&T Electrical & Automation (Mumbai, India)

  • HYUNDAI ELECTRIC & ENERGY SYSTEMS CO., LTD. (South Korea)

  • Hyosung Corporation (Seoul, South Korea)

  • Lucy Electric (Oxford, UK)

  • E+I Engineering (Donegal, Ireland)


Significant Industry Developments-



  • August 2019: A conditional agreement was signed between Shihlin Electric Co., Mitsubishi Electric Europe B.V., and MHI Vestas. The agreement meets all the requirements of local production provided by Taiwan’s government. It would help MHI Vestas to advance its industrial plans in the market.

  • July 2019: Eaton acquired Switchgear Solutions, Inc., a provider of medium-voltage electrical equipment based in North America. This new deal would help the former to strengthen its existing product portfolio.


Further Report Findings-



  • In 2019, Asia Pacific held USD 45.98 billion in terms of revenue owing to the rapid development of the commercial and residential sectors. Also, the presence of a large number of industrial plants will bode well for the market in this region.

  • North America is anticipated to exhibit a considerable growth in the market on account of the increasing government initiatives to develop sustainable energy.

  • Based on insulation, the gas segment generated 24.6% in terms of market share in 2019. This growth is attributable to the rising setups of variable voltage substations.  


The global market can be segmented in the following way:














































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Billion)



Segmentation



By Insulation



  • Gas

  • Air

  • Oil

  • Vacuum



By Voltage



  • Low

  • Medium

  • High



By Installation



  • Indoor

  • Outdoor



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

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

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


Switchgear Market
  • PDF
  • 2019
  • 2016-2018
  • 190

    CHOOSE LICENSE TYPE

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    8850

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