The global switchgear market is projected to reach $149 billion by 2028, at a CAGR of 4.3% during 2023-2028. The growth of switchgear market is driven by increasing demand for electricity, growing implementation of smart grid technology, and continuing investment in upgrading transmission and distribution systems.
Some of the key questions answered in this exclusive report are:
Q.1 What are some of the
most promising, high-growth opportunities for the switchgear market by voltage
(high voltage, medium voltage, and low voltage), product (other low voltage
switchgear, metal enclosed & metal clad, MCCB, fuse, power circuit breaker,
and other medium & high voltage switchgear), end use (utilities,
industrial, commercial and residential) and 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 What are the
business risks and threats to the switchgear market?
Q.4 What are some
changing demands of customers in the switchgear market?
Q.5 What are the new
developments in the switchgear market? Which companies are leading these
developments?
Q.6 What strategic
initiatives are being implemented by key players for business growth?
Q.7 What are some of the
competitive products and processes in this switchgear area and how big of a
threat do they pose for loss of market share via product substitution?
Q.8 What M&A
activity has occurred in the last 5 years in this switchgear market?
Emerging trends, which
have a direct impact on the dynamics of the industry, include development of
digital switchgear and growing focus on eco-efficient switchgear.
Market Segmentation:
Based on product type, the switchgear market is segmented into
other low voltage switchgear, metal enclosed & metal clad, MCCB, fuse,
power circuit breaker, and other medium & high voltage switchgear. The low
voltage switchgear segment accounted for the largest share of the market in
2021 and is expected to register the highest CAGR during the forecast period,
due to increasing construction activities and renewable energy installations.
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.
Download sample by clicking on switchgear market.
Key Players in the
switchgear market are ABB Ltd., General Electric, CG Power and Industrial
Solutions Limited, Siemens AG, Eaton, Alstom SA, Schneider Electric, Havells
India Ltd., Mitsubishi Electric Corporation, and Bharat Heavy Electricals Ltd.
The report helps stakeholders understand the
pulse of the market and provides them with information on key drivers,
restraints, challenges, and opportunities for market growth. It would also help
to understand the competitors better and gain more insights to improve their
position in the business.
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.
Contact:
Roy Almaguer
Lucintel
Dallas, Texas, USA
Email: roy.almaguer@lucintel.com
Tel. 972.636.5056
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