NEW YORK, June 25, 2019 /PRNewswire/ --
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Summary
The global switchgears market is estimated to reach $17.9bn in 2022, growing at a compound annual growth rate (CAGR) of 4.98% between 2018 and 2022, largely underpinned by Asia-Pacific. Initiatives undertaken by countries globally to improve access to electricity and support the growing demand for power, and technology changes within the power sector are driving the switchgears market.
Asia-Pacific accounted for 59% of the global market value in 2017, due to rapid development and establishment of industries driving the demand for electricity.China and India, which accounted for 80% of the Asia-Pacific market in 2017, have development plans focused on deploying sizeable power generation assets, expanding and strengthening grid networks, reducing technical losses, and enhancing grid performance.
The large scale rural electrification plan and strong industry base will drive the demand for power, requiring the construction of transmission assets which support the switchgears market.
In the forecast period, Vietnam and Indonesia are expected to play a greater role in propelling the market, with investments made towards improving electricity access in remote regions within their countries. The abundant market opportunities for the power sector development in Asia-Pacific are expected to contribute $10.5bn to the market in 2022.
In 2017, EMEA was the second largest market for switchgears with a value of $3.97bn and is forecast the strongest growth of 5.78% between 2018 and 2022. In Europe, well-established power markets are primarily focused on replacing aging infrastructure and amalgamating to form a grid union. The Middle East and Africa are experiencing strong economic growth, driving capital investments towards developing new infrastructure. The challenges associated with power sector emissions are prompting a shift away from fossil fuels to renewables.
Proposed increase in usage of renewables and the economic diversification program will prompt grid transformation initiatives to support the transition within the Gulf.Saudi Arabia, one of the prominent oil producing countries in the Gulf, has issued a development program focused on transforming the economic structure of the country.
The Saudi Arabian market is likely to reach a market value of $0.72bn in 2022, growing at a CAGR of 6.5% over the forecast period.
Despite the higher cost, gas insulated switchgears are expected to grow at a CAGR of 10.37% between 2018 and 2022. Improved grid reliability and reduced space requirements are supporting the utilization of these switchgears in highly congested urban spaces and in areas with significant power requirements such as industrial complexes. They also offer better safety measures, lower maintenance and downtimes, when compared to air insulated switchgears. Air insulated switchgears is likely to see deployment where access to capital is limited and space constraints exists.
The growing demand for electricity is contributing to the development of power generation assets, particularly technologies with minimal environmental impacts. Until recently, the large scale development of generation assets contributed to a deficit in sufficient transmission capacity, which governments are aiming to rectify in the upcoming years.
Grid reliability and supply security have gained prominence, with power playing a greater role in the development of a country. The likely development of transmission assets to sustain the demand is expected to promote the growth of the global switchgears market.
The latest report "Switchgears for Power Transmission, Update 2018 - Global Market Size, Competitive Landscape and Key Country Analysis to 2022", offers comprehensive information and understanding of the global switchgears market. The report offers in-depth analysis of switchgears market at global, regional (Asia-Pacific, Americas, Europe, and Middle East and Africa) and key countries (the US, Canada, Brazil, India, China, Japan, Russia, Germany, Saudi Arabia, and the UK) level.
The report analyzes the market value and volume for the historical period (2013-2017) and forecast period (2018-2022).The market data is segmented based on voltage levels and switchgear type.
The report covers market drivers and restraints at global and country level.An overview of the existing policies and initiatives, tenders and contracts issued, and upcoming projects are presented.
The rankings of top switchgears market players at the country level are also presented the report.
Scope
The report analyses the switchgears utilized for power transmission.
Its scope includes -
- Analysis of the market trends at global and regional levels including Asia-Pacific, Americas, Europe, and Middle East and Africa.
- The report provides market analysis for key countries including the US, Canada, Brazil, India, China, Japan, Russia, Germany, Saudi Arabia, and the UK.
- The report offers market analysis (value and volume) for the historical period (2013-2017) and forecast period (2018-2022).
- It provides competitive landscape at country level for the year 2017 and the profiles of major players within the market.
- The policies and initiatives influencing the market, tenders and contracts issued, and upcoming projects are outlined.
Reasons to buy
The report will enhance your decision making capability in a more rapid and time sensitive manner.
It will allow you to -
- Facilitate decision-making by analyzing market data on switchgears used for power transmission
- Develop strategies based on developments in the market
- Identify key business-development avenues, based on an understanding of the trends in the market
- Respond to your competitors' business structure, strategies and prospects.
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