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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.”
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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:
Significant Industry Developments-
Further Report Findings-
The global market can be segmented in the following way:
Value (USD Billion)