Switchgear Market Trends, Size, Share and Industry Analysis 2023-2028

 IMARC Group, a leading market research company, has recently releases report titled “Switchgear Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global switchgear market trends, share, size and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How Big is the Switchgear Market?

What are Switchgear?

Switchgear represents the device that is used for controlling, regulating, switching on and off an electrical circuit, etc. It generally comprises circuit breakers, fuses, isolators, current and potential transformers, switches, indicating instruments, control panels, lightning arresters, etc. Switchgear safeguards equipment from short circuits and protects individuals by limiting the current flow via the system to safe levels. In addition to this, it is highly reliable, can be controlled manually, works with speed, enhances the energy efficiency of a facility, etc. Consequently, switchgear finds wide-ranging applications in various sectors, such as residential, commercial, industrial, etc.

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What are the growth prospects and trends in the Switchgear Industry?

The inflating demand for renewable energy sources is primarily driving the switchgear market. Additionally, the implementation of numerous stringent regulations by government bodies across the countries that mandate the use of smart grids as well as smart meters for accurate billing and reducing technical losses is further stimulating the market growth. 

Besides this, the growing adoption of gas-insulated switchgear (GIS) in confined spaces, such as roofs, city buildings, office spaces, offshore platforms, extensions, industrial and hydropower plants, etc., is acting as another significant growth-inducing factor. 

Moreover, the escalating need for replacing conventional switchgear at sub-stations is also positively influencing the global market. Apart from this, several technological advancements in the power distribution sector are anticipated to fuel the switchgear market over the forecasted period.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Voltage Type:

• Low-Voltage

•Medium-Voltage

•High-Voltage

Breakup by Insulation:

•Gas Insulated Switchgear (GIS)

•Air Insulated Switchgear (AIS)

•Others

Breakup by Installation:

•Indoor

•Outdoor

Breakup by End Use:

•Commercial

•Residential

•Industrial

Breakup by Region:

•North America: (United States, Canada)

•Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)

•Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)

•Latin America: (Brazil, Mexico, Others)

•Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including: 

• ABB Ltd.
• CG Power and Industrial Solutions Limited
• Eaton Corporation PLC
• Fuji Electric Co. Ltd.
• General Electric Company
• Havells India Limited
• Hitachi Ltd.
• Larsen & Toubro Limited
• Meidensha Corporation
• Mitsubishi Electric Corporation
• Powell Industries Inc
• Schneider Electric SE
• Siemens AG
• Toshiba Corporation

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