Switchgear Market is Expected to Grow with a CAGR 5.2% from 2022 to 2028
As stated in our extensive report; providing insights Key Drivers, Key Restraints, Segments (i.e., Insulation, Voltage, End-User and Region); the Global Switchgear Market accounted for USD 68.3 Billion in the 2021.
“Key Factors Likely to Drive Growth of Switchgear Market
Switchgear is made up of electrical switches, fuses, or circuit breakers used to control, turn on or off the electrical circuit, and control the power system. It provides security tools from short circuits and errors and protects individuals by limiting the current flow of the system to safe levels. As a result, globally in various fields such as residential, commercial, and industrialized. It is used to disassemble the toolkit for testing and repair and debugging.
The growing demand for energy due to global population growth represents one of the most important factors driving the market. In addition, switchgear ensures seamless communication and a high volume of productive channels. It also separates the faulty parts of the circuit in the event of a malfunction. In addition, switchgear improves system access by allowing more than one source to load. It is used in confined spaces, such as roofs, city buildings, office areas, coastal platforms, extensions, industrial plants, and hydroelectric power plants. In addition, the growing investment in the energy sector provides lucrative growth opportunities for market players.
The high cost of these exchange tools is a major challenge in this market. Power consumers use switchgear to protect electrical equipment from abnormal operation. Because of these features, the cost of this switchgear is high. The price factor can act as a barrier to market growth.
Asia Pacific held the largest market share in 2021. A key factor contributing to governance in the region is the development of older electricity infrastructure and increased demand for electricity in the region.
Some of the key players in the Global Switchgear Market include- ABB (Switzerland), Siemens (Germany), Schneider Electric (France), GE (US), Eaton (Ireland) and others.