High Voltage Switchgear Market to value USD 4.5 Billion by 2032: Global Market Insights Inc.
Major high voltage switchgear market participants include Toshiba CORPORATION, Siemens Energy, GE, Mitsubishi Electric Corporation, Hitachi Energy Ltd., Hyundai Electric & Energy Systems Co, Bharat Heavy Electricals Ltd., Group, Powell Industries, Ltd., among others.
Selbyville, Delaware, Nov. 28, 2022 (GLOBE NEWSWIRE) --
The high voltage switchgear market is expected to record a valuation of USD 4.5 billion by 2032, according to a new research report by Global Market Insights Inc.
The rapid adoption of smart transmission and distribution technologies is prompting ongoing measures to replace the traditional grid infrastructure, which is boosting investments and streamlining operational performance in the high-voltage switchgear business. The incorporation of sustainable energy infrastructure is slated to increase product demand. The industry dynamics are also likely to be influenced by the lack of effective grid networks across Africa and growing investments from public and private organizations to improve the domestic power sector.
The 36 kV high voltage switchgear market size is estimated to attain nearly 7% CAGR between 2023 and 2032. According to the report, the revenue share of 36 kV rated units is projected to be stimulated by the rising energy demand as well as supportive governmental initiatives geared toward establishing sustainable electricity networks.
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High voltage switchgear market from the outdoor installation segment is slated to record over 7% growth rate through 2032. The need for outside installations is rising as a result of the mounting presence of renewables in the overall electricity mix. This has prompted the installation of smart grids and the repair of outdated infrastructure in order to achieve greater efficiency and remote monitoring, which is set to bolster segment development.
The 25 kA breaking capacity segment is poised to witness more than 7.5% gains through 2032. The report cites that the demand for 25 kA capacity systems is set to be positively impacted by versatile product applications and expanding technical portfolios.
High voltage switchgear market from the 600 A current segment is predicted to observe nearly 8.5% growth rate till 2032. The industry dynamics are primed to be stimulated by continuous investments in offshore electricity networks and ongoing advancements in 600 A systems, which are impelling their usage across small, medium, and large power applications.
The dead tank product segment is anticipated to depict over 8% CAGR through 2032 due to the integration of decentralized micro-grid infrastructure and grid-connected renewable networks, which have surged the need for technologically advanced circuitry components to support varied frequency network integrations. In addition, the rising need for decarbonization to address climate change through the implementation of contemporary switchgear with enhanced dead tank technology by enterprises is foreseen to supplement product utilization in the future.
Asia Pacific high voltage switchgear market revenue is projected to cross more than USD 2 billion by 2032. A significant rise in energy consumption induced by the increasing population index across cities, as well as favorable electrification policies in grid-isolated areas, is speculated to complement regional industry growth. Furthermore, the adoption and promotion of green technologies across the Asia Pacific nations in attempts to minimize dependency on non-renewable energy sources and cut emissions, in keeping with various policies targeted at long-term economic development is speculated to amplify regional business expansion.
Leading players operating in the high voltage switchgear market are Toshiba CORPORATION, Siemens Energy, GE, Mitsubishi Electric Corporation, Hitachi Energy Ltd., Hyundai Electric & Energy Systems Co, Bharat Heavy Electricals Ltd., Group, Powell Industries, Ltd., Hyosung Heavy Industries, BRUSH, CHEM, Schneider Electric, and others. These leaders are employing varied expansion tactics to enhance their market standing. In November 2021, energy technology company Siemens Energy invested over USD 60 million in its new production facility in Berlin. The company intended to manufacture vacuum interrupters at the 6,200-square-foot new switchgear factory.
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Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 High voltage switchgear industry 3600 synopsis, 2019 - 2032
2.1.1 Business trends
2.1.2 Voltage trends
2.1.3 Installation trends
2.1.4 Breaking capacity trends
2.1.5 Current trends
2.1.6 Product trends
2.1.7 Regional trends
Chapter 3 High Voltage Switchgear Market Insights
3.1 Industry ecosystem analysis
3.2 Price trend analysis
3.3 Regulatory landscape
3.4 COVID- 19 impact on the industry outlook
3.4.1 Top 10 countries impacted by COVID- 19
3.4.2 Overall scenario
3.5 Industry impact forces
3.5.1 Growth drivers
3.6 Growth potential analysis
3.7 Porter's Analysis
3.8 PESTEL Analysis
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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.
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