Global Pad-mounted Switchgear Market to reach USD 9.01 billion at CAGR of 10.2% During 2019 To 2024, Global Pad Mounted Switchgear Industry Share, Growth, Trends, Demand, Competitive Analysis and Report Segmented By Type, Voltage, End-Use and Geography



Pad-mounted Switchgear Market Analysis

Market Research Future (MRFR) has conducted a detailed study on the pad mounted switchgear market. The study states that the pad mounted switchgear market is likely to attain USD 9.01 billion by 2024 and is estimated to develop at 10.2% CAGR during the forecast period 2019 to 2024. The major drivers of pad mounted switchgear market are increasing power generation capacity additions, surged consistency of underground distribution systems, and growing investments in distribution sector & transmission. The pad mounted switchgear is used for underground electricity distribution systems. Air insulation and gas insulation are the primarily used types of pad mounted switchgear. Such switchgears are used for feeder sectionalizing, load switching, utility distribution, fault interruption, and circuit protection applications, which makes them, a preferred solution in industrial and commercial applications. Furthermore, the pad mounted switchgear are tamper-resistant and highly reliable. Due to such advantages, the demand for pad mounted switchgear tends to increase during the forecast period.

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Worldwide transmission and distribution (T&D) investment is anticipated to generate USD 351 billion per year, up to 2026, owing to developing power demand, aging power infrastructure, and addition of new power generation capacity. India and China will be the economies with the largest T&D investments throughout the decade. Underground systems are a dependable way of power supply to all the final users. Such aspects are going to propel the pad mounted switchgear market to a considerable extent. However, the forces such as high cost related with pad-mounted switches and operator safety might restrict the market. The trend of setting electrical lines underground in emerging economies is projected to be a lucrative opportunity to the market.

Market Segmentation

Pad-mounted switchgear market is segmented based on voltage, end-use, and type.

Based on voltage, the market is categorized as up-to-15 kV, 16 kV-25 kV, and above 25 kV. Under the voltage segment, 16 kV-25 kV is likely to hold the major share on account of their usage in medium voltage secondary dispersal.

Based on end-use, the market is segmented into commercial, residential, and industrial. Industrial segment is likely to rule the global pad mounted switchgear market owing to the increased need for reliable power supply for incessant operations.

Based on type, the market is segmented as gas insulated, air insulated, and others. Among these, air insulated segment is likely to rule the market as these switchgears are fit and cost-effective for deployment in non-premium settings.

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Prominent Players

The key players of the global pad mounted switchgear market are ABB Ltd. (Switzerland), Schneider Electric SE (France), General Electric (US), Siemens AG (Germany), Larsen & Toubro Limited (India), Eaton Corporation, PLC (Ireland),G&W Electric (US), Toshiba Corporation (Japan), Federal Pacific (US), Crompton Greaves, Ltd. (India), C&S Electric (India), Ormazabal (Brazil), TEPCO Group (Japan), Lucy Electric (UK), and Alfanar Group (Saudi Arabia).

Europe held the largest share of the Global Pad Mounted Switchgear Market.

Region wise, Europe held the largest share of the global pad mounted switchgear market in 2018 owing to rising investments in the upgrade of electrical infrastructure and focus on addition of power generation capacities. The global pad mounted switchgear market in Europe is dominated by the UK due to the rising transmission & distribution investments in the country. Furthermore, Asia-Pacific is expected to be the fastest growing market during the forecast period, mainly due to the rising investments into power generation capacity additions and transmission and distribution infrastructure.

Also Read: https://www.marketwatch.com/press-release/pad-mounted-switchgear-market-2019-top-manufacturers-company-profile-growth-opportunities-applications-drivers-and-demand-by-forecast-to-2024-2019-10-18

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