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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https://www.reportlinker.com/p05786527/?utm_source=PRN
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