Apr 6, 2020   SOURCE: BusinessWire

Global Switchgears Markets, 2015-2030: World Projected to Reach $88.43 Billion by 2023 - ResearchAndMarkets.com

The "Switchgears Global Market Report 2020" report has been added to ResearchAndMarkets.com's offering.

The global switchgears market was worth $57.9 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 11.1% and reach $88.43 billion by 2023. Asia-Pacific was the largest region in the switchgear market in 2019.

This report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider switchgear market, and compares it with other markets.

The last few years witnessed a rising demand for installation of electric substations to restore normal power supply as fast as possible in case of emergencies. The installation of mobile substations enables the restoration of electricity under outdoor conditions or in unforeseen circumstances and is functionally designed to provide temporary power supplies as soon as possible.

Also, these mobile substations incorporate generator, transformer, metal-clad switchgear, outdoor load break switches and breakers, which are used for network extensions, and temporary switching stations. For instance, in 2017, Siemens delivered two mobile substations for national grid SA, and in the same year Aktif group delivered 10 mobile substations to the ministry of electricity Iraq. Therefore, increasing the adoption of mobile substations is one of the latest trends that will positively impact the switchgear market.

The demand for electricity generation is projected to drive the switchgear market. The availability of electricity has become essential for economic development and poverty alleviation. Development of industrialization, urbanization requires continuous electricity supply, and the reliability of the electrical supply depends heavily on the performance of the switchgear. Therefore, the demand for electricity generation is driving the demand for switchgear in the forecast period. For instance, in 2017, Japan allocated the US$ 16.7 million to war-affected nation Iraq for the reinstallation of transmission and distribution electricity networks to promote stabilization and rehabilitation for refugees.

In December 2018, Hitachi Ltd. a Japanese based multinational conglomerate company acquired an 80.1% stake of ABB power grids unit worth $11 billion. With this acquisition, Hitachi Ltd aimed to strengthen its market position in power transmission and distribution system. ABB power grid, a Switzerland based company known for power transformers, long-distance transmission systems, and designing energy storage units.

Major players in the market are Schneider Electric, Siemens AG, ABB, General Electric, Eaton Corporation, Hyosung, CG Power, Mitsubishi, Alstom SA, and Bharat Heavy Electricals Ltd.

Key Topics Covered

1. Executive Summary

2. Switchgears Market Characteristics

3. Switchgears Market Size and Growth

3.1. Global Switchgears Historic Market, 2015-2019, $ Billion

3.1.1. Drivers of the Market

3.1.2. Restraints on the Market

3.2. Global Switchgears Forecast Market, 2019-2023F, 2025F, 2030F, $ Billion

3.2.1. Drivers of the Market

3.2.2. Restraints on the Market

4. Switchgears Market Segmentation

4.1. Global Switchgears Market, Segmentation by Product Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

  • High Voltage
  • Medium Voltage
  • Low Voltage

4.2. Global Switchgears Market, Segmentation by End-User, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

  • Residential
  • Commercial
  • industrial

5. Switchgears Market Regional and Country Analysis

Companies Mentioned

  • ABB
  • Alstom SA
  • Bharat Heavy Electricals Ltd.
  • CG Power & Industrial Solutions Limited
  • Crompton Greaves Ltd.
  • E+I Engineering
  • Eaton Corporation
  • Elektrobudowa
  • Fuji Electric
  • General Electric
  • Havells India Limited
  • Hitachi
  • Hubbell
  • Hyosung
  • Hyundai
  • Kirloskar Electric Co. Ltd.
  • Larsen & Toubro
  • Lucy Electric
  • Mitsubishi
  • OJSC Power Machines
  • Powell
  • Schneider Electric
  • SEL
  • Siemens AG
  • Toshiba
  • Xian XD Switch Gear Electric Co. Ltd.

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