The Business Research Company’s Switchgear Global Market Report 2021: COVID 19 Impact And Recovery To 2030
LONDON, GREATER LONDON , UK, August 18, 2021 /EINPresswire.com/ — According to the new market research report ‘Switchgear Global Market Report 2021: COVID-19 Impact And Recovery To 2030’ published by The Business Research Company, the switchgear market is expected to grow from $87.86 billion in 2020 to $94.25 billion in 2021 at a compound annual growth rate (CAGR) of 7.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $124.33 billion in 2025 at a CAGR of 7%. The demand for electricity generation is projected to drive the switchgear market.
The switchgear market consists of sales of switchgears and related services that are used in various applications such as in transmission and distribution utility, residential, commercial and industrial. A switchgear refers to collection of the switching devices that are used for controlling, protecting, and switching the electrical circuits and equipment.
Trends In The Global Switchgear Market
The last few years witnessed a rising demand for installation of electric substations to restore normal power supply as fast as possible in case of emergencies. The installation of mobile substations enables the restoration of electricity under outdoor conditions or in unforeseen circumstances and is functionally designed to provide temporary power supplies as soon as possible. Also, these mobile substations incorporate generator, transformer, metal-clad switchgear, outdoor load break switches and breakers, which are used for network extensions, and temporary switching stations. For instance, Siemens delivered two mobile substations for national grid SA, and Aktif group delivered 10 mobile substations to the ministry of electricity Iraq. Therefore, increasing the adoption of mobile substations is one of the latest trends that will positively impact the switchgear market.
Global Switchgear Market Segments:
The global switchgear market is further segmented based on product type, end-user, installation and geography.
By Product Type: High Voltage, Medium Voltage, Low Voltage
By End-User: Residential, Commercial, Industrial
By Insulation: Gas Insulated Switchgear (GIS), Air Insulated Switchgear (AIS), Others
By Installation: Indoor, Outdoor
By Geography: The global switchgear market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Post time: Aug-27-2021