Switchgear Market Worth $143.5 Billion by 2024 - Exclusive Report by MarketsandMarkets™

CHICAGO, May 28, 2019 /PRNewswire/ -- According to the new market research report "Switchgear Market by Insulation (GIS and AIS), Installation (Indoor and Outdoor), End User (T&D Utilities, Industries, Commercial and Residential), Voltage (Low, Medium, and High), and Geography – Global Forecast to 2024", published by MarketsandMarkets™, the Switchgear Market is projected to reach USD 143.5 billion by 2024 from an estimated USD 102.6 billion in 2019, at a CAGR of 6.9%. As the global demand for electricity is increasing at a very high rate, to meet the rising power demands, new power plants are being installed at a rapid pace. This would drive the demand for switchgears.

The high voltage segment is expected to hold the largest share of the Switchgear Market, by voltage, during the forecast period.

The high voltage segment is estimated to dominate the Switchgear Market in 2019 and is projected to have the largest market share during the forecast period. This is mainly due to the fact that high voltage switchgears are primarily used in power transmission over long distances. In the case of critical substations and switchyards of large power generation plants, switchgears are used for reliability and protection of the grid infrastructure.

Browse in-depth TOC on "Switchgear Market"

95 – Tables

34 – Figures  

137 – Pages  

Ask for PDF Brochure:

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1162268

The outdoor segment is expected to be the fastest growing segment of the Switchgear Market, by installation, during the forecast period.

High voltage switchgear is majorly installed outdoor. These switchgear helps to enhance the transfer of electricity over long distances and for larger loads, thereby providing reliable switching operations. So, outdoor switchgear finds its application in transmission and sub-transmission sector. Increasing requirements of these equipment for high load transmission is expected to drive the outdoor Switchgear Market.

Asia Pacific: The leading market for switchgear.

In this report, the Switchgear Market has been analyzed with respect to 5 regions, namely, North America, South America, Europe, Asia Pacific, and the Middle East & Africa. As per the Indian Electrical and Electronics Manufacturers Association (IEEMA), the electricity generation capacity is expected to increase from 200 GW in 2010 to over 800 GW by 2032 to fulfil the increasing demand. Thus, there is a need for a huge investment of approximately USD 300 billion in the next 3–4 years. Also, India is undertaking a lot of smart grid and substation projects to fulfill the growing demand for energy. This would create demand for the switchgear in the region.

Speak to Analyst:

https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=1162268

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Switchgear Market. Some of the key players are Schneider Electric (France), Siemens AG (Germany), ABB (Switzerland), General Electric (US), and Eaton (Ireland). The leading players are adopting various strategies to increase their shares in the Switchgear Market.

Please Explore Relevant Reports:

Switchgear Monitoring System Market by Switchgear Type (GIS, AIS), Component (Hardware, Software) End-User (Utilities, Industries, Commercial, Others), Voltage (Medium, High), Monitoring Type (Temperature, PD, Others), and Region - Global Forecast to 2023

Gas Insulated Switchgear Market by Type, Voltage (medium, high, extra high, ultra-high), Installation, End-User (Transmission Utilities, Distribution Utilities, Generation Utilities, Transportation, Industry & OEMs) and Region - Global Forecast to 2023

Browse Adjacent Markets: Energy and Power Market Research Reports & Consulting

About MarketsandMarkets™ 

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/switchgear-market.asp 
Visit Our Website: https://www.marketsandmarkets.com

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg