Global High-Voltage Switchgear Market - Snapshot
The high-voltage switchgear market is going through a diverse phase in different regions of the world. North America and Europe are mature regions of the market due to the presence of high-voltage power distribution grids in the regions. On the other hand, developing countries in Asia Pacific and Middle East & Africa that are undergoing grid modernization to reform electricity transmission and distribution network and are seeing an increase in demand for next-generation renewable power infrastructure are driving the global high-voltage switchgear market. The high-voltage switchgear market is projected to expand at a CAGR of 5.0% during the forecast period and reach US$ 18,898.7 Mn by 2026.
Increase in government initiatives for the renewal of existing transmission and distribution networks and grid modernization is expected to propel demand for high-voltage switchgear during the forecast period. According to the Office of Electricity Delivery and Energy Reliability (OE), the U.S. accounts for 4% of the global population and is responsible for 25% of its greenhouse gas emissions. Moreover, half of its electricity is produced by burning coal, which is a major contributor to global warming. Hence, stringent government policies and regulations to adopt renewable energy sources and upgrade existing fossil fuel power grids are expected to boost the high-voltage switchgear market during the forecast period.
However, the high-voltage switchgear market faces serious challenges from the extensive copying and counterfeiting of electrical products. Illegal manufacturers are reproducing copies of original technology at very cheap prices as compared to OEMs. This is expected to hamper demand for electrical products, including high-voltage switchgear. The use of such fake products is risky in nature and can cause serious hazards and accidents in industries. Thus, the illegal switchgear market is expected to inhibit the growth of the original switchgear market.
Gas-insulated switchgear is expected to be the most preferred type of switchgear across the world. It is expected to have an edge over air-insulated switchgear. The physical size and design of gas-insulated switchgear offer higher reliability and flexibility than other solutions. Due to the gas-enclosed design, gas-insulated switchgear is the most suitable solution for indoor and underground substations. The maintenance cost of gas-insulated switchgear is also minimal, because the busbars and switching units are both completely sealed, thus limiting the need for insulation cleaning and user intervention.
The usage of sulfur hexachloride (SF6) gas is expected to drive the market since this gas has high dielectric properties compared to air and acts as an insulating medium for high-voltage or extra high-voltage switchgear equipment. SF6 is a greenhouse gas with an extremely significant impact on global warming. It is one of the six gases listed in the 1997 Kyoto Protocol designed to lower greenhouse gas emissions worldwide.
Attracted by this expanding market and underlying latent demand, several players are expanding their business through strategic mergers and acquisitions and partnerships with several industries. In 2017, ABB expanded its footprint in Indonesia with a high-voltage switchgear unit in order to support the country’s efforts to strengthen its power transmission infrastructure, enhance grid reliability, and help meet the rising demand for electricity, benefitting millions of consumers. Some of the prominent players as identified in the high-voltage switchgear market include ABB Ltd., Eaton Corporation, Fuji Electric Co. Ltd, General Electric, Mitsubishi Electric Corporation., Schneider Electric SE, Siemens AG, Crompton Greaves Ltd., Hyosung Corporation, and Toshiba Corporation. Companies are focusing on expanding their business through strategic acquisitions and partnerships with several end-use industries.
Global High-Voltage Switchgear Market - Overview
This comprehensive report by Transparency Market Research analyzes the high voltage switchgear market at the global and regional level. The report provides an analysis for the period 2016–2026, where 2017 is considered to be the base year and 2018 to 2026 is the forecast period. An in-depth and unbiased market assessment has been made to offer readers in-depth and accurate analysis. The report analyzes all the major trends likely to influence the growth of the global high voltage switchgear market from 2018 to 2026. It also analyzes drivers, restraints, and opportunities in the market. The study provides a perspective of the high voltage switchgear market in terms of value and volume (US$ Mn and Units) across five regions: Asia Pacific, South America, North America, Middle East & Africa, and Europe.
The report includes a detailed value chain analysis, which provides an extensive view of the global high voltage switchgear market. Porter’s Five Forces analysis is also provided in the report to understand the competitive scenario in the global high voltage switchgear market. The study incorporates market attractiveness analysis, wherein the product standard, component, insulation type, and application segments are benchmarked based on size, growth rate, and attractiveness. The report also includes attractiveness analysis for each region in order to provide the overall competitive scenario in the high voltage switchgear market.
The overview section in the report analyzes the market trends and dynamics that include drivers, restraints, and opportunities for the current and future high voltage switchgear market. A market outlook analysis has also been provided in the report. Additionally, the report offers analysis of business strategies adopted by the key players in the high voltage switchgear market. The introduction chapter provides a snapshot of different trends and services related to high voltage switchgears.
Global High-Voltage Switchgear Market: Scope of the Report
In terms of product standard, the global high voltage switchgear market has been segmented into IEC, ANSI, and others. Based on component, the global market has been classified into circuit breakers, relays, and others. In terms of insulation, the global high voltage switchgear market has been categorized into air-insulated switchgears (AIS), gas-insulated switchgears (GIS), and others (oil and vacuum). Based on application, the global market has been divided into power generation, oil & gas, utility sector, and industrial. The report provides region-wise breakdown of the high voltage switchgear market and categorizes it at various levels, thereby providing valuable insights at micro and macro levels.
The report also highlights the competitive scenario in the global high voltage switchgear market, ranking the major players according to key developments and geographic presence. The insights for the global market are the result of extensive primary interviews, secondary research, and in-house expert panel reviews. These market estimates have been analyzed by considering the impact of different economic, political, social, legal, and technological factors.
In terms of country, the market in North America has been classified into the U.S., Canada, and Rest of North America. Europe has been analyzed for Germany, France, the U.K. and Rest of Europe. Asia Pacific has also been segmented into China, Japan, India, Australia, and Rest of Asia Pacific. Middle East & Africa covers GCC, South Africa, and Rest of Middle East &Africa. South America comprises Brazil and Rest of South America. This report provides all the strategic information required to understand the high voltage switchgear market along with its products, components, and applications. Additionally, the report provides insights related to the components and different applications for the regions mentioned above.
Global High-Voltage Switchgear Market: Research Methodology
The research methodology is a combination of primary research, secondary research, and expert panel reviews. Secondary sources include annual reports, company websites, SEC filings and investor presentations, national government documents, internal and external proprietary databases, statistical databases, relevant patent and regulatory databases, market reports, government publications, and statistical databases.
Primary research involves telephonic interviews, e-mail interactions, and face-to-face interviews for detailed and unbiased reviews on the high voltage switchgear market, across regions. Primary interviews are usually conducted on an ongoing basis with industry experts and participants in order to get latest market insights and validate the existing data and analysis. Primary interviews offer new and fresh information on important factors such as market trends, market size, competitive landscape, and growth trends. These factors help to validate and strengthen secondary research findings. Moreover, the data collected and analyzed from secondary and primary research is discussed and examined by our expert panel.
Global High-Voltage Switchgear Market: Competitive Dynamics
The research study includes profiles of leading companies operating in the global high voltage switchgear market. Market players have been profiled in terms of attributes such as company overview, financial overview, SWOT analysis, business strategies, and recent developments. Key players in the global high voltage switchgear market are ABB Ltd., Eaton Corporation, Fuji Electric Co. Ltd., General Electric, Mitsubishi Electric Corporation, Schneider Electric SE, Siemens AG, Crompton Greaves Ltd., Hyosung Corporation, and Toshiba Corporation, among others. These companies focus on expanding business through strategic acquisitions and partnerships with several end-use industries.
The global high voltage switchgear market has been segmented as follows:
Global High-Voltage Switchgear Market
By Product Standard
- IEC Standard
- ANSI Standard
- Circuit Breakers
- Air-insulated Switchgears
- Non SF6
- Gas-insulated Switchgears
- Non SF6
- Others (oil & vacuum)
- Power Generation
- Oil & Gas
- Utilities Sector
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East &Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America