According to the report, the global high voltage switchgear market was valued at approximately USD 11.47 billion in 2017 and is expected to reach approximately USD 16.66 billion by 2024, growing at a CAGR of around 5.48% between 2018 and 2024.
New York, NY, Dec. 05, 2018 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “High Voltage Switchgear Market By Type (Air Insulated, Gas Insulated, and Others),By Component (Circuit Breaker, Relays, Measuring Instruments, Transformers, and Others),and By Application (Power Generation, Transmission & Distribution, Infrastructure Development, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2024”. According to the report, the global high voltage switchgear market was valued at approximately USD 11.47 billion in 2017 and is expected to reach approximately USD 16.66 billion by 2024, growing at a CAGR of around 5.48% between 2018 and 2024.
High voltage switchgear is an essential part of power systems, i.e., from power generation to distribution and transmission. The primary work of switchgear is to switch off the electric circuit and equipment in a power system during emergencies and faults. Circuit breaker, current transformer, protection relay, measuring instrument, voltage transformer, surge arrestor, miniature circuit breaker, electrical isolator, and other connected equipment are the components of s switchgear.
Browse through 66 Tables & 32 Figures spread over 159 Pages and in-depth TOC on “Global High Voltage Switchgear Market: Industry Type, Size, Share, Trends and Forecast, 2018–2024”.
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The power transmission and distribution losses account for more than 8% of the generated electricity, globally. Therefore, growing necessity to reduce the distribution and transmission losses in the electric power systems is expected to drive the global high voltage switchgear market across the globe. High voltage switchgear increases the efficiency of power system components and reduces the distribution and transmission of power loss. Increasing adoption of smart grid technology by various countries and a growing focus on renovation and expansion of distribution and transmission network are further projected to boost the demand for high voltage switchgear in the upcoming years. Moreover, rising initiatives of adopting renewable energy sources both by developed and developing countries are among the major factors contributing toward the development of the high voltage switchgear market globally. However, high installation costs might restrain the expansion of the global high voltage switchgear market.
The high voltage switchgear market is classified based on type, component, and application. By type, the global high voltage switchgear market is divided into air insulated, gas insulated, and others. By component, this market is divided into a circuit breaker, relays, measuring instruments, transformers, and others. By application, this market includes power generation, transmission and distribution, infrastructure development, and others.
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North America is projected to hold the largest share in the high voltage switchgear market, due to the presence of local utilities who own the electricity distribution networks. Many power grid agencies in the U.S., Canada, and a part of Mexico power their grids by purchasing electricity from local power-generating utilities and other independent power producers. This process consumes a huge amount of power distribution and transmission on a daily basis. This, in turn, is driving the development of the high voltage switchgear demand in North America
Europe is anticipated to witness moderate growth in the high voltage switchgear market due to the high adoption of smart grid technology in the European Union. According to the Third European Energy Liberalization Package agreement, 80% of households should have the intelligent metering system installed across the European Union by 2020. This factor is primarily likely to boost the demand for high voltage switchgear in Europe.
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Asia Pacific is likely to have the highest growth rate in the global high voltage switchgear market. Several energy companies in the Asia Pacific region have shifted their focus toward joint ventures and acquisitions. These companies are looking forward to tapping the significant opportunities related to the expansion of transmission and distribution and renewable integration projects, which is primarily contributing to the development of high voltage switchgear market in this region. Furthermore, due to the sizable expansion of installed capacity base in this region, there are ample growth opportunities in renewable energy projects, which, in turn, is likely to escalate the demand for high-voltage switchgear in Asia Pacific. Moreover, growing implementation of smart city projects in Singapore and Japan is anticipated to fuel the high voltage switchgear market across the region.
Latin America is expected to witness moderate growth in the high voltage switchgear market in the forecast timeframe. Increasing investments made in renewable energy projects in Latin America have propelled the expansion of the high voltage switchgear market in the region. From 2012 to 2015, the total renewable energy project investments were around USD 54 Billion in Latin America, with major investments in Brazil, Chile, and Mexico. Furthermore, increasing need for reliable power supply and growing concerns to avoid water wastage are the major factors contributing toward the development of the high voltage switchgear market in the Middle Eastern and African region.
Browse the full “High Voltage Switchgear Market By Type (Air Insulated, Gas Insulated, and Others),By Component (Circuit Breaker, Relays, Measuring Instruments, Transformers, and Others),and By Application (Power Generation, Transmission & Distribution, Infrastructure Development, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2024” report at https://www.zionmarketresearch.com/report/high-voltage-switchgear-market
The key players profiled in the global high voltage switchgear market report are ABB Ltd., Fuji Electric Co. Ltd., Eaton Corporation, Mitsubishi Electric Corporation, Crompton Greaves Ltd., Hyosung Corporation, Siemens AG, Schneider Electric SE, Toshiba Corporation, and General Electric, among others.
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This report segments the high voltage switchgear market as follows:
Global High Voltage Switchgear Market: Type Segment Analysis
- Air Insulated
- Gas Insulated
- Others
Global High Voltage Switchgear Market: Component Segment Analysis
- Circuit Breaker
- Relays
- Measuring Instruments
- Transformers
- Others
Global High Voltage Switchgear Market: Application Segment Analysis
- Power Generation
- Transmission & Distribution
- Infrastructure Development
- Others
Global High Voltage Switchgear Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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