Demand in T&D Utilities will Account for Over 46% of Sales in Switchgear Market: Study
Global Switchgear sales are set to be valued at US$ 72.44 Bn in 2021 and is expected to have a stable long-term projection, according to latest insights from Future Market Insights (FMI), an ESOMAR-certified research and consulting firm. The report has forecast the global switchgear market to grow at nearly 6.9 % CAGR during 2021-2031. The report offers analysis of growth trajectory exhibited by the market in 20+ high-growth countries. It offers detailed insights on into factors that will be driving growth over the coming decade.
A recent market study published by FMI on the Switchgear market includes global industry a...
The demand for switchgear was moderate in the 2020 however with it had to experience a brief period of lackluster growth on account of the unprecedented COVID-19 outbreak. Supply chain disruptions witnessed by end-use sectors such as T&D utilities, commercial, industrial and residential had restrained growth to an extent. However, considering the possibility of a stimulus in many countries, the long-term outlook on the market remains positive.
As T&D utilities sector estimated to witness healthy growth rate in the forecast period. According to the report, T&D utilities are expected account for nearly 46% of switchgears sold in 2021. Besides this, the demand is expected to surge in commercial, industrial, and residential sectors enabling growth in the market.
- After a period of negative growth, the market will show impressive improvement, registering above 6% y-o-y growth in 2021
- The U.S. is expected to account for over 60% of sales in North America
- After a period of negative growth, the U.K. will exhibit above 6% y-o-y growth in 2021, emerging as a strong market for switchgears
- Expansion of the energy and utilities sector will enable growth in Germany and France
- Government initiatives are expected to support growth in Japan and South Korea
“Increase in demand for advancement in the switchgear and advent of smart grid are expected to give impetus to switchgears. The use of the voltage fluctuator is very common in the heavy as well commercial sectors. It is used in the transmission and distribution of energy to consumer and for running machineries. The need of the energy is increasing day by day, which has been aiding the overall expansion of the switchgear market. ” says FMI analyst.
Switchgear market is likely to grow at a moderate pace during 2021-2031. However, as it is a matured market, companies are expected to concentrate on research and development activities and capitalize on opportunities especially in the field of T&D Utilities. Their key focus will however remain meeting requirements of consumers. Collaboration with local players and developing new technology in the form of smart grid and advanced switchgear are key strategies adopted by the market players.
The market is fragmented, with key players accounting for approximately one fifth of the market share. These companies are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares. Some of the key players in the market are ABB Ltd., Siemens AG, Schniender Electric, Havells India Pvt. Ltd., Hyundai Electric and Energy System, Fuji Electric, Powell Industries, etc.
Valuable Insights into Switchgear Market
FMI’s report on the switchgear market is segmented into six major sections - component (power distributor switch breaker, switch disconnector, MCCB, HRC fuse, earth switch, and MCB), voltage (low voltage, medium voltage, high voltage, extra-high voltage, ultra high voltage), construction type (outdoor, indoor, and others), insulation type (air insulated, gas insulated, oil insulated, and vacuum insulated), end use (T&D utilities, commercial, residential, industrial, and commercial), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the retail automation market.
About Industrial Automation Division at Future Market Insights
The Industrial Automation & Equipment division at FMI adopts a novel approach and innovative perspective in analyzing the global machinery and industrial automation market. A range of FMI’s market research reports offer comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery used across manufacturing sector. The team also conducts distinctive analysis about installed base, consumables, replacement, and USP-feature application matrix, making us a prominent voice of authority in the industry. We are associates of choice for established as well as budding industry
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
- Global Conveyor Systems Market
- Global Lead Acid Battery Market
- Global Magnetic Separator Market
- Produced Water Treatment Market
- Global Variable Frequency Drives Market
- Global Pharmacy Automation System Market
- Global Oil Gas Terminal Automation Market
- Industrial Robotics Market
- Lead Acid Battery Market
- Heat Recovery Steam Generator Market
- Telecom Tower Power Systems Market
- Us Plastic To Fuel Market
- Heat Pumps Market
- Centrifugal Pumps Market
- Chilled Beam System Market