Revolutionizing the Global Switchgears Market: Unveiling Key Trends, Forecasts, and Strategic Insights in the Definitive Industry Report of 2023
The Global Switchgear Market is projected to reach a valuation of US$ 7,685.3 million by 2033, displaying a robust Compound Annual Growth Rate (CAGR) of nearly 5.3% from the estimated US$ 4,828.4 million in 2023. These insights stem from the latest findings of Future Market Insights (FMI), a research and consulting firm certified by ESOMAR.
The report provides a comprehensive analysis of the market’s growth trajectory across more than 20 high-growth countries. It delves into intricate details concerning the driving forces behind the anticipated growth over the next decade.
Although the demand for switchgear witnessed a moderate trend in 2020, it experienced a temporary period of subdued growth due to the unprecedented impact of the COVID-19 outbreak. Disruptions in the supply chain, particularly affecting end-use sectors like T&D utilities, commercial, industrial, and residential, played a role in constraining growth to some extent. However, considering the potential for stimulus measures in numerous countries, the market’s long-term prospects remain optimistic.
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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.
“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 2023-2033. 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.
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Switchgear Market By Category
By Component Type
By Voltage Type
By Construction Type
By Insulation Type
By End User
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About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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