The switchgear market is a rapidly growing industry, driven by the increasing demand for power distribution and transmission infrastructure. According to a report by MarketsandMarkets, the switchgear market is expected to grow from $90.9 billion in 2022 to $120.1 billion by 2027, at a CAGR of 5.7% during the forecast period.
Switchgear is a type of electrical equipment used in power systems to control, safeguard, and isolate electrical equipment. It is a necessary component of any electrical infrastructure, from residential to industrial. The growing demand for energy, combined with the necessity for dependable and efficient power distribution and transmission infrastructure, is propelling the switchgear industry forward.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1162268
The growing need for renewable energy sources such as wind and solar power is one of the primary drivers of the switchgear market. In order to integrate renewable energy sources into the power grid, sophisticated switchgear systems that can tolerate the intermittent nature of these energy sources must be developed. According to MarketsandMarkets, the Asia Pacific region would dominate the switchgear market during the forecast period, owing to rising demand for renewable energy sources in countries such as China and India.
The growing demand for electrical safety in residential, commercial, and industrial applications is also driving the switchgear market. The expansion of the switchgear market is being driven by the development of innovative switchgear systems that can give greater protection against electrical faults and failures. Furthermore, the growing demand for smart grid infrastructure is driving the development of innovative switchgear solutions capable of accommodating the power grid’s rising complexity.
Ask Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=1162268
The switchgear market is a highly competitive industry, have a wide regional presence and dominate the switchgear market. The leading players in the switchgear market include ABB (Switzerland), General Electric (US), Siemens (Germany), Schneider Electric (France), Eaton (Ireland). These companies are focusing on product innovation and development to stay ahead of the competition.
Recent Developments
- In January 2022, ABB partnered with Samsung Electronics to provide jointly developed technologies for energy savings, energy management, and smart Internet of Things (IoT) connections for both residential and commercial buildings.
- GE and Hitachi-ABB Power Grids signed a non-exclusive cross-licensing agreement in April 2021 that will enable them to expand their high-voltage equipment line by adopting a game-changing gas alternative to sulfur hexafluoride (SF6). SF6 is an insulating and switching gas commonly used in high-voltage electrical equipment. It is a potent greenhouse gas.
- GE Renewable Energy’s Grid Solutions business was awarded USD 2.6 million in July 2021 through the European Commission’s life climate action program to help fund the development of a sulfur hexafluoride (SF6)-free 245-kilovolt (kV) g3 live tank circuit breaker. The new circuit breaker will use GE’s g3 gas technology to achieve the same high-performance and small-dimensional footprint as a typical SF6 circuit breaker.
Browse Related Reports
DC Switchgear Market – Global Forecast to 2026
