Rise in Global Demand for Electricity Boosts Switchgears Market.

2024-11-08 07:25:36 News & Society

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Designed to meter, protect, control, and regulate the generation, transmission, as well as distribution of electricity, switchgears play a vital role in the power sector. The escalating demands for electricity from all corners of the globe have resulted in the increasing requirement for transformers, which in turn, have been identified as the main factor boosting the demand for switchgears.

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Types of Switchgear and their Applications

Switchgears are used across many sectors such as industrial, power utility, commercial, and residential to enable uninterrupted transfer of electric current as well as provide protection against short circuits, current overload, and insulation failure. Switchgears also modify a load-carrying system at different levels of installations and provide safe isolation from parts driven by current.

Based on load-bearing capacity, switchgears are of three types: high-voltage switchgears, medium-voltage switchgears, and low-voltage switchgears. High-voltage switchgears are most commonly used in power utilities and classified into gas-insulated switchgear, air-insulated switchgear, vaccum-insulated switchgear, and oil-insulated switchgear. Low and medium-voltage switchgear find applications in power utilities, residential premises, and in industries such as pulp and paper and oil and gas.

Rapid Urbanization and Industrialization Fueling Growth

The global switchgear market is driven by the presence of favorable power industry reforms that are aimed at the renovation as well as expansion of the transmission and distribution sector. Rapid industrialization and urbanization have spurred the need for newer and more effective reforms and the demand for more advanced technologies. The rising adoption of smart grid technology has had quite an impressive impact on the switchgear market. In addition, the increase in expenditure on renewable sources of energy has also contributed towards the growth of the switchgear market. Analysts indicate that the proposal for long distance, high-voltage direct current (HVDC) transmission is sure to boost the market for switchgear in the coming years.

In contrast, volatile nature of raw material prices, issues pertaining to counter terrorism and cyber security, and the growing grey market that offers low-quality products at cheap prices threaten to inhibit the development of the switchgear market.

Competitive and Regional Outlook of the Switchgear Market

Geographically speaking, Asia Pacific dominates the switchgear market, surpassing North America, Europe, and the Rest of the World in terms of demand. China, in particular, emerges as the leader in the market, with growing demand for medium and high-voltage switchgears. This market is primarily fueled by the rising investment in alternative energy sources. The growing focus on renewable power generation in countries in Europe and North America is anticipated to give rise to new opportunities in the medium-voltage switchgears market.

The vendor landscape of the global switchgear market, by nature, is immensely fragmented, which presents several opportunities for consolidation. Numerous mergers and acquisitions have been taking place in the global market that is characterized by the presence of multinational companies. Some of the most promising switchgear vendors operating in this space are Siemens, OJSC Power, Schneider Electric, Alstom Grid, Crompton Greaves, ABB, Mitsubishi Electric, GE, Xian XD, BHEL, Eaton, and Hyosung Power and Industrial Systems.

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