Switchgear Market Size to Grow by $ 53.23 Billion till 2024

Technavio has been monitoring the switchgear market and it is expected to grow by $ 53.23 bn, accelerating at a CAGR of almost 8% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking View Free Sample Report

Switchgear Market: APAC to lead market growth during the forecast period

• 48% of the market growth will originate from APAC during the forecast period.
• Increasing renewable power generation will be a key trend that will influence market growth significantly.
• The Growing construction activities will be a significant factor in driving the growth of the switchgear market.

Switchgear Market: Key Competitors

The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. ABB Ltd., Eaton Corporation Plc, Fuji Electric Co. Ltd., Hitachi Ltd., Hyosung Corp., Larsen and Toubro Ltd., Mitsubishi Electric Corp., Schneider Electric SE, Siemens AG, and Toshiba Corp. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

For more insights on this market: Download a Free Sample Report

Switchgear Market: Key Highlights of the Report for 2020-2024

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive switchgear market growth during the next five years
• Precise estimation of the switchgear market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the industry across APAC, Europe, North America, MEA, and South America
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of switchgear market vendors

Technavio has been monitoring the global switchgear market and it is expected to grow by USD 53.23 billion accelerating at a CAGR of over 8% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking. Download latest version with COVID-19 analysis Free Sample Report

This report provides a detailed analysis of the switchgear market by Geography (APAC, Europe, North America, MEA, and South America), Voltage level (low and medium voltage and high voltage), and Type (AIS and GIS), and the Segment Forecasts, 2020-2024. The report also provides a detailed analysis of around 25 vendors operating in the switchgear market. 

Switchgear Market: Segmentation by Geography

During 2019, the APAC accounted for the major share of the Switchgear Market. The increasing focus on renewable power generation will significantly influence switchgear market growth in this region. APAC is expected to contribute 48% of the market’s growth during the forecast period. China and India are the key markets for switchgear in APAC. This report provides an accurate prediction of the contribution of all segments to the growth of the switchgear market size.

The report also offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment. 

Switchgear Market: Vendor Analysis

The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. ABB Ltd., Eaton Corporation Plc and Fuji Electric Co. Ltd. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

Technavio offers custom research reports with detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will help clients keep up with new product launches in direct & indirect COVID-19 related markets. It will also provide insights on upcoming developments along with pipeline analysis of vendor operations and the impact of government regulations.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19 Download a Free Sample Report