Switchgear Market – Global Trends and Forecasts to 2019
Switchgear Market by Type (High, Medium, and Low Voltage) and by Application (Industries, Utilities, Transportation and Power Generation) – Global Trends and Forecasts to 2019
Switchgear is an integral part of the electric power system. The power sector offers a promising future, with growing demands for electricity following increasing urbanization in the developing nations.
Switchgear forms a crucial part in the sector across various segments including power generation, transmission and distribution, and equipment protection. Switchgear is employed to minimize electric failures and mitigate aftereffects of fault currents that flow through the circuit. These high-intensity fault currents can damage equipment or devices in the circuit.
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The market is segmented on the basis of the application, in which the utilities are estimated to dominate the market, while other categories taken into consideration contribute considerable value to the market. Switchgear are preferred more over its substitute fuses as they do not provide re-closure function, which is very important in setting up the circuit in its normal functions. Moreover, there is no need of replacing the switchgear after every disconnection of the circuit due to faults, which is unavoidable in fuses.
Leading players in this industry with their recent developments and other strategic industry activities have been profiled in the report. These companies include ABB Ltd. (Switzerland), Eaton Corporation (Ireland), GE (U.S.), Schneider Electric SE (France), and Mitsubishi Electric Corporation (Japan). Lucrative market for switchgear with estimated value of $136.71 billion by 2019 and major share for this is contributed by the Asia-Pacific region.
The market is projected to be promising for utilities owing to upgrades in transmission and distribution utilities in developed regions. Industries are second most growing application for switchgear. Residential and other applications, which include transportation and power generation, have a considerable combined share in the market.
The switchgear market is also analyzed with respect to Porter’s Five Force model. Analysis of the sector’s value chain and the various factors affecting the stages of the chain has been tracked to assess and evaluate Five Forces of the Porter’s model. The report also describes the competitive landscape of major market players that includes new product developments, mergers and acquisition, facility expansion, agreements and collaborations, and contracts signed.
Key developments have been mapped against the market players involved to determine the growth strategies implemented by the leaders within the segment. The report also classifies and defines the value of switchgear and circuit protection industry; the parent market segment for the switchgear. The study provides a comprehensive review of major market drivers, restraints, opportunities, winning imperatives, and key burning issues in the switchgear market.
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