Switchgear Market to hit USD 242 Bn by 2030: Global Market Insights Inc.

The high-voltage switchgear market is predicted to attain a 6% growth rate till 2030 owing to the rapid industrialization across emerging economies and ongoing investments in offshore grid infrastructure.

Selbyville, Delaware, June 06, 2022 (GLOBE NEWSWIRE) —

The global switchgear market size is expected to record a valuation of USD 242 billion by 2030, according to latest research study by Global Market Insights Inc.

The industry growth is credited to the increasing tendencies toward sustainable power reconciliations across transmission & distribution networks coupled with the substitution of existing electrical components. Favorable government measures toward the expansion of sustainable technologies along with tax rebates and subsidies to integrate productive power networks and financial incentives will augment the business landscape.

Request a sample of this report @ https://www.gminsights.com/request-sample/detail/317

The high-voltage switchgear market is anticipated to grow at a CAGR of 6% through 2030 due to the rapid industrialization across emerging economies and ongoing investments in offshore grid infrastructure. Increasing investments in the advancement of high-voltage direct current systems will stimulate the market statistics. Powerful interconnection support for AC circuits will additionally propel the market outlook. The broad applications of the product including the integration of power generation units to grids, power transmissions, and rail lines will positively sway the business scenario.

The Europe switchgear market is estimated to register a CAGR of above 8% through 2030. Technological advancements combined with the rising demand for smart grid network solutions will complement the market share expansion across the region. The introduction of environment-friendly energy solutions by the European Union for producing & innovating sustainable energy solutions will substantially boost regional market. Moreover, increasing funding from legislative financial institutions including IFC, the World Bank, Asian Development Bank, and various private institutions will bolster market size.

Canada has been focusing on advancements in electric grid infrastructure together with arranging new T&D networks; this will encourage the switchgear market revenues. However, revamping and rebuilding of existing transmission grid networks and expanding investments in solar & wind farms to cater to the increasing sustainable energy demand will garner the market expansion. In addition, expanding crossline electricity trade agreements merged with government efforts to offer viable power transmission will lead customers toward advanced electrical components.

Major participants operating across the switchgear market include Mitsubishi Electric Corporation, Powell Industries, Hyosung Heavy Industries, Schneider Electric, General Electric, Ormazabal, Siemens, Bharat Heavy Electricals Limited, Toshiba Corporation, CG Power and Industrial Solutions Limited, ABB, Chint Group, Eaton, Lucy Group Ltd., Hitachi Ltd., E + I Engineering, Skema S.p.A., Regal Rexnord Corporation, Fuji Electric Co., Ltd., and Hyundai Electric & Energy Systems Co., Ltd.

Request for customization of this research report @ https://www.gminsights.com/roc/317

Some of the major findings of the global switchgear market report include:

• Integration of smart systems and the adoption of innovative technological solutions will fuel the market growth.
• Ongoing investments in research & development by major players to impact material density, tensile strength, and durability will foster product penetration.
• Increasing electricity demand across urban & rural areas in line with rising population growth & urbanization will flourish the industry landscape.

Table of Contents (ToC) of the report

Chapter 3   Global Switchgear Market Insights
3.1    Industry ecosystem analysis
3.2    Innovations
3.3    Regulatory landscape
3.4    COVID- 19 impact on the industry outlook
3.5    Industry impact forces
3.5.1    Growth drivers
3.5.1.1    North America & Europe
3.5.1.1.1    Expansion of smart grid networks
3.5.1.1.2    Refurbishment & retrofit of the existing grid infrastructure
3.5.1.2    Asia Pacific
3.5.1.2.1    Rising peak load demand
3.5.1.2.2    Expansion of micro-grid networks
3.5.1.2.3    Grid stability & security of supply concerns
3.5.1.3    MEA, & Latin America
3.5.1.3.1    Increasing electricity demand
3.5.1.3.2    Integration of a sustainable energy infrastructure
3.5.2    Industry pitfalls & challenges
3.5.2.1    Slow paced technological evolution across developing regions
3.5.2.2    High dependency on imports
3.6    Growth potential analysis
3.7    Porter’s Analysis
3.8    Competitive landscape, 2021
3.9    PESTLE Analysis 

Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/switchgears-market

About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

CONTACT: Contact Us: Arun Hegde Corporate Sales, USA Global Market Insights Inc. Phone: 1-302-846-7766 Toll Free: 1-888-689-0688 Email: [email protected]

Disclaimer: This content is distributed by The GlobeNewswire