Switchgear Market: Overview
Switchgear solutions are becoming increasingly crucial in primary and secondary distribution of conventional and modern power systems. Switchgears comprise a wide range of elements notably including circuit breakers, fuses, lightning arrestors, electrical disconnect switches, and relays. Over the years, utility providers have used various products in the switchgear market in electric power systems to protect the circuit and ensure uninterrupted services. They are also used for protecting operating devices in commercial, residential, and industrial applications.
The automated feature of switchgear market makes it a useful component in preventing short-circuits. Further, in recent years, switchgear has helped utility providers utilize the components for connecting the supply and distribution lines to multiple power feeds. The devices in the switchgear market are used in low-, medium-, and high-voltage power distribution and transmission units.
The study on the switchgear market strives to make an in-depth assessment of key growth dynamics, key regulatory frameworks in various countries, new product development avenues, and impediments for players. The analysis on the competitive landscape takes a closer look at the recent research and development avenues and strategies adopted by emerging and established players.
Switchgear Market: Competitive Analysis and Key Developments
Increasing integration of renewable power in the overall power mix has opened up new vistas of capitalization for players in the switchgear market. In coming years, this will be supported by ramping investments by governments to expand the power infrastructure.
Companies domiciled in developed regions are getting into deals and agreements to meet the needs of switchgear solutions for wind and solar energy projects in emerging economies. A case in point is the purchase deal between MHI Vestas Offshore and Wind Mitsubishi Electric Europe. The former has recently clinched a deal to source switchgear from latter for meeting the needs of its upcoming offshore wind projects. The company will source high-voltage switchgear locally from Taiwan. More such deals will take place to get access to high-end solutions for strengthening alternative, renewable energy solutions, thereby opening vast avenue in the switchgear market.
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Switchgear Market: Key Trends
Strides being made by construction of new residential and commercial buildings has spurred the demand for power distribution and transmission lines. The trend has imparted a strong fillip to the adoption of standard products in the switchgear market. Further, the efforts in modernizing power systems in developed economies of the world have underpinned the demand for new technologies in switchgear solutions. In developing countries, the demand for switchgears has prospered on the back of massive efforts being made by some governments in electrification of rural areas, such as in India. The demand has also benefitted from inclination to meet local standards in these markets.
A large impetus to the growth of the switchgear market has come from the rise in adoption of renewable energy sources by utility providers. A general expansion of power grids in urban and suburban areas in developing countries has bolstered the prospects of the switchgear market. Further, the growing focus of utilities to ensure safety and reliability of power supply has boosted the adoption of switchgear solutions for numerous applications. Need for higher power safety elements in developed and developed economies has fueled the adoption further.
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Switchgear Market: Regional Analysis
Rise in smart city infrastructures in developing regions have kept them at the forefront of rapidly emerging markets in recent years, thereby expanding the horizon in the global switchgear market. This is because there has been a proliferation of demand for switchgear in modernizing power systems. These trends are prominently observes in Asia Pacific economies. As a result, the overall opportunities in the Asia Pacific switchgear market is expected to rise at remarkably striking pace during the forecast period.
North America and Europe have been substantially lucrative for providers of switchgear solutions and equipment vendors. The growth in these regional markets has been fueled increasingly by the implementation of regulations for the safety of power distribution and also to ensure a reliable supply of power to consumers.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.