switchgear market is expected to grow at a CAGR of 6.8% during the forecast period. The rising demand for energy owing to the rapid urbanization is a key factor driving the growth of the global switchgear market. In an electric power system, switchgear is composed of electrical disconnect switches, fuses or circuit breakers used to control, protect and isolate electrical equipment. In June 2022, Tata Power Solar launched India’s largest floating solar power project in Kayamkulam, Kerala on a 350-acre water body, backwaters area, having an installed capacity of 101.6 Megawatt Peak. The increasing installation of new power plants for safe and reliable operation is a key factor driving the growth of the global switchgear market.
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The considerable increase in the investments to produce renewable energy along with cohesive government policies to support the new technology is further anticipated to boost the demand for switchgear. According to IEA’s World Energy Investment Report 2019, the global energy investment stabilized at over $1.8 trillion in 2018, with more spending on upstream oil and gas and coal supply, offset by lower spending on fossil-fuel-based generation and renewable power. Emerging smart technologies and digitalization is anticipated to offer lucrative opportunities for the growth of the global switchgear market. The existence of stringent environmental and safety regulations related to the switchgear may restrain the market growth.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global GIS Market Report by Segment
- Global GIS Market by Insulation Types
o SF6
o SF6 free
- Global GIS Market by Configurations
o Hybrid
o Isolated Phase
o Integrated Three Phase
o Compact GIS
- Global GIS Market by End-User
o Transmission & Distribution
o Manufacturing
o Infrastructure & Transportation
o Industries & OEM
o Commercial
o Others
Global GIS Market Report By Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global switchgear market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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