Global switchgear market to reach US$ 143,266.68 Mn by 2025: Report

The Asia-Pacific is expected to hold the largest switchgear market share during the forecast period. This dominance of Asia-Pacific is attributed to the growth in urbanization, especially in China and India.

The global switchgear market size is expected to grow from USD 102,484.56 million in 2019 to USD 143,266.68 million 2025 at a CAGR of 5.74%, according to a report published on Valuates Reports. As per the report, major factors driving the global switchgear market’s growth are replacing aging power infrastructure and upgrading existing substations, and increasing investment in renewable energy.

The study includes a global and regional forecast for the switchgear industry. The study includes switchgear market drivers and constraints along with the effect they have on the demand over the forecast period. The report also provides an analysis of the possibilities available on a global level in the switchgear industry.

Trends influencing the switchgear market size
The need for a safe and efficient transmission and distribution network has resulted in rising energy demand. Only through a device capable of managing sudden power spikes and drops can uninterrupted power be assured. With the aid of monitoring solutions, switchgear warns the maintenance team when aging and over-used equipment is on the verge of failure and helps them make better choices by offering real-time information to uncover concerns and opportunities for change. This advantage offered by the switchgear is one of the factors that will drive the switchgear market size during the forecast period.

Several government bodies have introduced a reliability component to performance-based revenue regulations. There is a financial reward framework for these regulations. Such incentive programs, above and beyond monitoring performance against expectations, provide clear oversight for regulators. These systems will push the use of switchgear and thereby fuel the growth of the switchgear market size.

Switchgear market share analysis
Based on type, the air-insulated switchgear is expected to hold the largest Switchgear market share during the forecast period. Air-insulated switchgear is reasonably cost-effective, pollution-free, simple to install, and easy to maintain. They are used in transmission & distribution, manufacturing & refining, transportation and infrastructure, oil & gas, and other industries.

The Asia Pacific is expected to hold the largest switchgear market share during the forecast period. This dominance of Asia-pacific is attributed to the growth in urbanization, especially in China and India. In addition, the construction of a new substation and the upgrading of existing electrical infrastructure is expected to propel the demand in the area during the forecast period.