According to
a new market report published by Lucintel, the future of the switchgear market
looks attractive with opportunities in the utilities, industrial, residential,
and commercial sectors. The global switchgear market is expected to reach an
estimated $110.7 billion by 2023 and is forecast to grow at a CAGR of 4.7% from
2018 to 2023. The major growth drivers
for this market are increasing demand for electricity, growing implementation
of smart grid technology, and continuing investment in upgrading transmission
and distribution systems.
In this
market, low voltage, medium voltage, and
high voltage switchgear are used to control
and protect electric power systems. Lucintel forecasts that the low voltage switchgear is expected to remain the largest segment
and is expected to experience the highest
growth during the forecast period due to
increasing construction activities and renewable energy installations.
Within the switchgear market, utilities will
remain the largest end use market due to the continuous expansion in electrical
infrastructure to fulfill growing electricity demand. Switchgear for the
residential end use is expected to witness the highest growth in the forecast
period supported by growing urbanization and rapid electrification.
Asia Pacific is expected to
remain the largest market and is also expected to witness the highest growth
over the forecast period. Increasing electricity demand due to growing population,
economic expansion,
urbanization, industrialization, and rural electrification projects,
particularly in India and China, are leading the demand for switchgear.
Emerging trends, which have a direct impact on
the dynamics of the industry, include the development
of digital switchgear and growing focus on eco-efficient switchgear. ABB, General Electric, Schneider
Electric, Mitsubishi, Siemens AG, Eaton, Hitachi, and CG Power and Industrial
Solutions are the major suppliers of switchgear.
Lucintel, a leading global strategic
consulting and market research firm, has analyzed growth opportunities in the global switchgear market by
voltage, product, end use, and region and has come up with a comprehensive
research report entitled “Growth Opportunities in the Global Switchgear Market
2018-2023: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy as it
provides a comprehensive data and analysis on trends, key drivers, and
directions. The study includes a forecast for the global switchgear market by voltage,
product, end use, and region as follows:
By Voltage Type [$B shipment analysis from 2012 to 2023]:
·
High Voltage
·
Medium Voltage
·
Low Voltage
By Product
Type [$B shipment analysis from 2012 to 2023]:
·
Other Low Voltage Switchgear
·
Metal Enclosed
& Metal Clad
·
MCCB
·
Fuse
·
Power Circuit Breaker
·
Other Medium & High Voltage Switchgear
By End Use Industry [$B
shipment analysis from 2012 to 2023]:
·
Utilities
·
Industrial
·
Residential
·
Commercial
By Region [$B shipment analysis for 2012 –
2023]:
·
North America
– United
States
– Canada
– Mexico
·
Europe
– United
Kingdom
– Germany
– France
– Italy
·
Asia Pacific
– Japan
– China
– India
– South
Korea
·
The Rest of the World
– Saudi
Arabia
– Brazil
– South
Africa
This
168-page research report will enable you to make confident business decisions
in this globally competitive marketplace. For a detailed table of contents,
contact Lucintel at +1-972-636-5056 or helpdesk@lucintel.com. Lucintel offerings include energy
market report, energy
industry, commercial due diligence
report, business
strategy consulting and market
research reports online.
About
Lucintel
Lucintel,
the premier global management consulting and market research firm, creates winning strategies for growth. It
offers market assessments, competitive analysis, opportunity analysis, growth
consulting, M&A, and due diligence services to executives and key
decision-makers in a variety of industries. For further information, visit
www.lucintel.com.
This
report answers following 11 key
questions:
Q.1.
What are
some of the most promising,
high-growth opportunities for the global switchgear market by voltage (high
voltage, medium voltage, and low voltage), by product (other low voltage
switchgear, metal enclosed & metal clad, MCCB, fuse, power circuit breaker,
and other medium & high voltage switchgear), by end use (utilities, industrial,
commercial and residential) and by region (North America, Europe,
Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace
and why?
Q.3. Which region will grow at a faster pace and
why?
Q.4. What are the key factors affecting market
dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive
threats in this market?
Q.6.
What are the emerging trends in this
market and the reasons behind them?
Q.7.
What are some of the changing demands
of customers in the market?
Q.8. What are the new developments in the market?
Which companies are leading these developments?
Q.9. Who are the major players in this market?
What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in
this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last
5 years and what has its impact been on
the industry?
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