In a recent published report, Kenneth Research has updated the market report for Switchgear Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Switchgear Market products.
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A report on Switchgear Market has been added by Kenneth Research into its market research repository. The report provides an extensive analysis of the market by determining the relationship between the dependent and independent variables through correlation and regression for the forecast period, i.e., 2021 2025. The report on Switchgear Market further provides the supply and demand risks associated with the growth of the market, and consists of macro-economic indicators that are contributing to the market growth. The market is thriving on account of the growing trade on fuel worldwide, backed by the rising demand for energy from the end-users. According to the statistics by the World Bank, exports of fuel increased from 12.91% of merchandise exports in 2001 to 14.25% of merchandise exports in 2018.
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Additionally, imports of fuel registered a growth by 1.28x between the years 2001 and 2018. In 2001, the import of fuel was 10.30% of merchandise exports whereas in 2018, it was 13.19% of merchandise exports. On the other hand, the increasing focus of the players in the energy and power industry to lower their cost of operations so as to enhance their profitability, is also anticipated to contribute to the market growth. The natural gas rents, which is defined as the difference between the total cost of production of natural gas and the production value at world prices, decreased significantly from 0.40% of GDP in 2001 to 0.18% of GDP in 2017. Alternatively, the oil rents, which increased from 1.09% of GDP in 2001 to 1.30% of GDP in 2019, portrays the need amongst the players to enhance their focus in reducing the cost of production of oil.
The Global Switchgear Market was valued at USD 84.21 billion in 2016 and is projected to reach USD 157.18 billion by 2025, growing at a CAGR of 7.18% from 2017 to 2025.
Switchgear is the combination of electrical disconnects switches, fuses or circuit breakers used to control, protect and isolate electrical equipment. Switchgears are used to de-energize equipment to allow work to be done and to clear faults downstream. Benefits of using switchgear include – safety, reliability, flexibility, longevity, environmentally responsible, quick operation, and provision for manual control.
Sample Infographics:
Market Dynamics:
1. Market Drivers
1.1 Emergence of smart cities
1.2 Growth of construction & developmental activities
1.3 Rising access to electricity in developing countries
1.4 Aging power infrastructure
1.5 HVDC transmission
2. Market Restraints
2.1 Poor cyber security
2.2 Changing prices of raw materials
2.3 Poor environmental & safety regulations for Sf6 switchgears
Market Segmentation:
The Global Switchgear Market is segmented on the equipment, voltage, end user, and region.
1. Equipment:
1.1 Circuit breakers
1.2 Gas insulated switchgear
1.3 Air Insulated switchgear
2. By Voltage:
2.1 < 1 kV
2.2 1–36 kV
2.3 36–72.5 kV
2.4 > 72.5
3. By End User:
3.1 Manufacturing and Process Industries
3.2 Commercial and Residential Infrastructure
3.3 Transmission and Distribution Utilities
4. By Region:
4.1 North America (U.S., Canada, Mexico)
4.2 Europe (Germany, UK, France, Rest of Europe)
4.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
4.4 Latin America (Brazil, Argentina, Rest of Latin America)
4.5 Middle East & Africa
Competitive Landscape:
The major players in the market are as follows:
1. CG Power and Industrial Solutions Limited
2. ABB Ltd.
3. Hyundai Heavy Industries Co., Ltd.
4. Hyosung Corporation
5. Hitachi Ltd.
6. Siemens AG
7. Schneider Electric SE
8. Toshiba Corporation
9. General Electric Company
10. TE Connectivity Ltd.
11. Larsen & Toubro Limited
12. Powell Industries, Inc.
13. Eaton Corporation PLC
14. Mitsubishi Electric Corporation
15. Alstom SA
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Global Switchgear Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
To know more about the research methodology of verified market research and other aspects of the research study, kindly get in touch with our sales team.
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