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High Voltage Switchgear Global Market Report 2021: COVID 19 Impact and Recovery to 2030

High Voltage Switchgear Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • May 2021
  • 175 pages
  • ID: 6071998
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the high voltage switchgear market are ABB Ltd., General Electric, Crompton Greaves Limited, Fuji Electric, Hitachi, Hyosung Corporation, Mitsubishi Electric Corporation, Toshiba Electric Corporation, Siemens AG and Eaton Corporation.

The global high voltage switchgear market is expected to grow from $11.31 billion in 2020 to $11.85 billion in 2021 at a compound annual growth rate (CAGR) of 4.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $14.19 billion in 2025 at a CAGR of 5%.

The High Voltage Switchgear market consists of sales of high voltage switchgear and related services. The high voltage switchgear are electrical equipment used in an electrical path to deal with voltage above 36kV and are designed to perform some operations such as control, regulate, and switch on/off as needed in electric circuit.

The demand for electricity generation is projected to drive the high voltage switchgear market.Availability of electricity has become essential for the economic development and poverty allevation.

Development of industrialization, urbanization requires continuous electricity supply, and reliability of the electrical supply depends heavily on the performance of the switchgear.Therefore, electricity demand is driving the demand of high voltage switchgears in the forecast period.

For instance, according to IEA, a Paris-based autonomous intergovernmental organization, global electricity demand expected to grows at 2.1% per year to 2040, twice the rate of primary energy demand.

Unstable prices of raw materials are restraining the high voltage switchgear market.Prices fluctuate due to availability of low quality materials at cheaper prices of high voltage switchgear.

This arises the risk of breakdown of insulation layers or short circuit conditions and other failures.Thereby inconsistent pricing in raw materials of high voltage switchgear is expected to hinder the market growth.

A survey was conducted by Manufacturers’ Outlook Survey, in 2019, within the switchgear manufacturing companies, across globe. According to the survey, 79.8% of respondents consider the cost of raw material as the top concern in manufacturing of switchgears.

The high voltage switchgear market covered in this report is segmented by insulation type into gas insulated, oil insulated, air insulated. It is also segmented by application into transmission and distribution network, manufacturing & processing, infrastructure & transportation.

Electronic and Telecommunication companies are increasing the implementation of mobile substations.Installation of mobile substations enables to restore electricity under outdoor conditions or in unforeseen circumstances and are functionally designed to provide temporary power supplies as quickly as possible.

In addition, these mobile substations incorporates generator, transformer, metal clad switchgear, outdoor load break switches and breakers, which is used for network extensions, and temporary switching stations.For instance, ABB Group, a Switzerland multinational corporation designed the mobile substation for the Italian railway network.

Thereby, the use of mobile substations as per necessity energy generation is becoming latest trend in the market.

In April 2019, Eaton Corporation, an Irish based power management company acquired 82.27% majority stake in Ulusoy Elektrik Imalat Taahhut ve Ticaret A.S. Acquisition of Ulusoy Elektrik Imalat Taahhut ve Ticaret A.S was aimed to strengthen Eaton Corporation in manufacturing of electrical equipment. Ulusoy Elektrik Imalat Taahhut ve Ticaret A.S, a Turkey-based company, is in the manufacturing of switchgear, distribution transformers, substation kiosks, and medium-voltage cable connection systems.

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