WiseGuyReports.com adds “Global Switchgear Market Research Report 2020 Analysis and Forecast 2027” reports to its database.
PUNE, MAHARASTRA, INDIA, September 18, 2020 /EINPresswire.com/ — Switchgear Market:
Global Switchgear Market is valued approximately USD 64 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 5.5% over the forecast period 2020-2027. Switchgears are electrical devices made of fuses, circuit breaker and electrical disconnector switches used to control and isolate electrical equipment. Switchgear allows the smooth flow of current load by clearing the electrical fault. It is used for various applications including residential, commercial, utilities and industrial customers across low, medium and high voltage. The global Switchgear market is facing challenges due to the coronavirus pandemic as various companies in the power sector across regions have to shut down their manufacturing facilities and services as countries practiced partial or full lockdown strategy to deal with the pandemic. However, aging power infrastructure, growing investments in renewable energy and reviving investments in construction sector are the few factors responsible for growth of the market over the forecast period. Furthermore, the expansion, introduction of product and other strategic alliance by market key players will create a lucrative demand for this market. For instance: in October 2019, ABB launched NeoGear, a low-voltage switchgear, safer, smarter and more sustainable, maximizing efficiency and reducing costs for digitalized industries. Whereas, harsh environmental conditions and increase in competition from unorganized sector is the major factor restraining the growth of global Switchgear market during the forecast period.
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The regional analysis of global Switchgear market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia Pacific is the leading/significant region across the world owing to the the installation of a new substation, along with the upgrade of existing electrical infrastructure.
Major market player included in this report are:
CG Power and Industrial Solutions
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Air Insulated Switchgear (AIS)
Gas-insulated switchgear (GIS)
Commercial & Residential
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Switchgear Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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Source: EIN Presswire