Switchgear Market: Analysis and In-depth Research on Industry Size, Trends, Emerging Growth Factors and Regional Forecasts to 2024
Market Study Report adds global Switchgear market report that gives meticulous investigation of current scenario of the market size, share, demand, growth, trends, companies active in the industry and forecasts for the coming years.
Switchgear Market Research Report for the period of 2018-2024 that shows the growth of the market is rising at a 6% CAGR to 2024.
Switchgear Market will surpass USD 140 billion by 2024. Rising investments toward the infrastructure expansion across developing nations will enhance the industry growth. Increasing demand for advanced monitoring units and control distribution systems coupled with replacement and modernization of ageing power networks will further stimulate the business landscape. The Government of Serbia in collaboration with the Government of China entered into a strategic partnership to upgrade its existing electrical grid infrastructure.
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Growing demand for restoration of existing infrastructure along with robust deployment of modern distribution networks will positively influence the U.S. switchgear market share. Rising investments in the projects pertaining to railroad infrastructure supported by government-assisted peninsula grid project will propel the industry dynamics. The U.S. Federal Administration, in 2017, announced to allocate USD 100 million toward the development of rail networks in San Carlos within the Peninsula Corridor Project.
China switchgear market is set to surpass USD 20 billion by 2024. Government initiatives pertaining to substitution of conventional energy sources with clean and sustainable energy resources will complement the industry landscape. The National Energy Administration, in 2017, announced to strengthen the sustainable power generation technologies across China with an expenditure worth USD 326.40 billion by 2020.
Paradigm shift toward energy conservation and strict environmental regulations will boost the growth of the global switchgear market. Rapid technological advancements in smart grid and growing focus toward energy efficient environment will further boost the product penetration. In 2017, Western European nations including France, UK, Germany, Sweden and Italy together, declared a cumulative funding worth USD 133.7 billion for the expansion of smart grid network.
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vacuum insulation accounted for over half of the global switchgear market share, attributable toward the rising demand for HVDC transmission & distribution networks across industrial sector. In comparison to its counterparts, the effective di-electric strength and high insulation along with fierce installation costs will further fuel the product trade. Toshiba estimated USD 30 million of investment toward the expansion of its transformers and switchgear manufacturing units in 2017 across India.
Eminent players in the switchgear market include ABB, Siemens, GE, EATON, Mitsubishi Electric Systems, Schneider Electric, Toshiba, BHEL, Hitachi, Crompton Greaves, Powell Industries, Hubbell power systems, Hyosung, Fuji Electric, Rittal, Larson & Toubro, Hyundai Ideal Electric, Iljin Electric and Ormazabal.
Table of Content:
Chapter 1 Methodology & Scope
Chapter 2 Executive Summary
Chapter 3 Switchgear Industry Insights
Chapter 4 Switchgear Market, By Voltage
Chapter 5 Switchgear Market, By Insulation
Chapter 6 Switchgear Market, By Installation
Chapter 7 Switchgear Market, By Current
Chapter 8 Switchgear Market, By Application
Chapter 9 Switchgear Market, By Region
Chapter 10 Company Profiles
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Related Report:
Global High Voltage Switchgear Market 2018 by Manufacturers, Regions, Type and Application, Forecast to 2023
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https://www.marketstudyreport.com/reports/global-high-voltage-switchgear-market-2018-by-manufacturers-regions-type-and-application-forecast-to-2023/?utm_source=RR-AN
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