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According to the latest report released by Markets and Markets, the global switchgear market demand is expected to be $102.
6 billion in 2019 and is expected to reach $143.
5 billion by 2024, with a compound annual growth rate of 6.
9%
during the period.
The steady growth in demand for this market is stimulated by the growth
of investment in renewable energy and the increasing demand for safe and reliable power distribution systems.
In terms of insulation type, switchgear is mainly divided into GIS (gas insulated) and AIS (air insulated) types, and GIS types will dominate during the forecast period
.
They are mainly used in the industrial sector to meet high energy demands
through space-saving and low-cost designs.
GIS is deployed in various industries to meet the different needs
of different voltage levels.
From an end-user perspective, utilities sectors such as transmission and distribution will grow
at the fastest pace during the forecast period.
Increasing demand for stable transmission and supply of power in areas such as power generation, transmission and transmission, and increasing legal and regulatory support, especially in Europe and the United States, are driving the development of the switch market
.
From the perspective of market region, Asia Pacific will become the largest regional market during the forecast period, especially developing countries such as China and India are undertaking large-scale smart grid and substation projects to meet the growing energy demand
.
From the perspective of the major players in the market, Schneider Electric (France), Siemens AG (Germany), ABB (Switzerland), General Electric (USA), Eaton Corporation (Ireland), Hyosung, Hyundai (South Korea), CG Power (India), Hitachi (Japan), Toshiba (Japan), Mitsubishi (Japan), Powell (USA), Larsen & Toubro (India), Elektrobudowa (Poland), Hubbell (USA), Lucy Electric (UK), SEL (Italy) and Fuji Electric (Japan) will become the world's leading switchgear suppliers
.
According to the latest report released by Markets and Markets, the global switchgear market demand is expected to be $102.
6 billion in 2019 and is expected to reach $143.
5 billion by 2024, with a compound annual growth rate of 6.
9%
during the period.
The steady growth in demand for this market is stimulated by the growth
of investment in renewable energy and the increasing demand for safe and reliable power distribution systems.
In terms of insulation type, switchgear is mainly divided into GIS (gas insulated) and AIS (air insulated) types, and GIS types will dominate during the forecast period
.
They are mainly used in the industrial sector to meet high energy demands
through space-saving and low-cost designs.
GIS is deployed in various industries to meet the different needs
of different voltage levels.
From an end-user perspective, utilities sectors such as transmission and distribution will grow
at the fastest pace during the forecast period.
Increasing demand for stable transmission and supply of power in areas such as power generation, transmission and transmission, and increasing legal and regulatory support, especially in Europe and the United States, are driving the development of the switch market
.
From the perspective of market region, Asia Pacific will become the largest regional market during the forecast period, especially developing countries such as China and India are undertaking large-scale smart grid and substation projects to meet the growing energy demand
.
From the perspective of the major players in the market, Schneider Electric (France), Siemens AG (Germany), ABB (Switzerland), General Electric (USA), Eaton Corporation (Ireland), Hyosung, Hyundai (South Korea), CG Power (India), Hitachi (Japan), Toshiba (Japan), Mitsubishi (Japan), Powell (USA), Larsen & Toubro (India), Elektrobudowa (Poland), Hubbell (USA), Lucy Electric (UK), SEL (Italy) and Fuji Electric (Japan) will become the world's leading switchgear suppliers
.
