The global pad mounted switchgear market size is likely to exceed USD 6 billion by 2023.
Switchgears market size valued for over USD 75 billion in 2014 and is likely to achieve more than USD 150 billion, at a CAGR of over 13% from 2016 to 2023. Ongoing smart grid projects coupled with increasing electric power consumption is anticipated to drive the industry demand over the forecast period.
The global industry can be segmented on the basis of products which include low voltage, medium voltage and high voltage switchgears market. The industry can also be bifurcated on the basis of applications which include utilities, industries and residential. Key regions occupying significant industry share are Asia Pacific, North America, Europe, MEA and Latin America.
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The global pad mounted switchgear market size is likely to exceed USD 6 billion by 2023. These gears are mainly deployed to regulate, meter, protect and control the electric transmission, distribution and generation of equipment. The industry is likely to flourish in the coming few years owing to rising demand for medium and high voltage types of switchgears. Increasing need for transformers has lead to a rise in demand for the industry and vice versa. Some of the new technological innovations and developments in the industry include arc-resistance and magnetic actuation technology.
New technologies have been undertaken by original equipment manufacturers in order to enhance reliability and efficiency of switchgear equipment. These technological advancements are expected to add value and boost the global switchgears market over the coming few years.
Increasing adoption of smart grid technology along with growing industrialization and urbanization is likely to boost the demand. In addition, power sector reforms aiming at transmission and distribution expansions and renovation is expected to surge the industry growth over the coming few years. Price volatility of raw materials and cyber security and counter terrorism are anticipated to challenge the demand growth for this industry. Moreover, high-voltage direct current (HVDC) transmission proposed methods for long distance transmission are likely to offer significant growth opportunity over the forecast period.
Huge investments in the substitute source of energy are anticipated to drive demand of low and medium voltage switchgears which are mainly used for general protection and switching. In addition, this is also expected to trigger the demand for molded case circuit breaker (MCCB) and miniature circuit breakers (MCB) from 2016 to 2023.