The switchgear market Despite the fact that many end users in areas like East Asia and South Asia Pacific are expected to be negatively impacted, FMI anticipates that the global switchgear market will grow at a 6.9% CAGR through 2031.
The switchgear market has been witnessing moderate growth since the last few years. This growth is projected to continue due to the increase in demand for energy. A switchgear controls the voltage fluctuations of a building and prevents sudden supply breakdown.
Switchgears are used across diverse applications including T&D utilities, commercial, industrial and residential sectors. Switchgear is a combination of component that are found in the grid, used for controlling fluctuation.
In its new study, ESOMAR-certified market research and consulting firm, FMI (FMI), offers insights about key factors fueling the demand for Switchgear. The report tracks the global sales of Switchgear in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the building and construction industry in general, and Switchgear in particular.
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.
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.
Key Takeaways
- 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.
Competitive Landscape
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.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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