High-Voltage Switchgear Market was valued 6.14 Bn in 2018, and expected to reach 14.2 Bn in 2026 at a CAGR of XX % during the forecast period.
Rise in spending toward infrastructural development along with regulatory measures for the expansion of the power grid in rural areas will enhance the market size. Re-installation of transmission and distribution networks across war-affected nations in the Middle East will further propel the product demand.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
The increasing electricity generation and consumption, along with the changing power generation industry dynamics, are expected to be the major drivers for transmission and distribution network growth, which, in turn, is expected to drive the high voltage switchgear market during the forecast period. The growth in developed countries is expected to be driven mainly by the transmission network renovation rather than expansion.
In terms of product segment, the high-voltage switchgear market is classified into ANSI and two more segments. The ANSI segment is projected to account for the largest market share during the forecast period. The segment is driven by a rise in the adoption of ANSI standard electrical equipment. ANSI standard specifies sheet metal thickness, paint color, barriers, and other features to ensure consistency of equipment from various manufacturers.
Based on the component, the demand for circuit breakers in developed as well as developing countries is driven by increasing electrification in countries in the Asia Pacific and Africa. Circuit breakers are expected to be the largest segment during the forecast period.
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Region-wise, the high-voltage switchgear market in the Asia Pacific dominated, with China accounting for a majority share of 30.2%.
The region’s dominance of the global market is attributed to the large population, increase in industrialization and urbanization, and growth in the utility sector. In terms of country, India is projected to lead the high-voltage switchgear market in the Asia Pacific during the forecast period. This is primarily due to an increase in non-renewable grid modernization and a rise in investment in renewable energy. India is the second most attractive market for renewable energy investment. Countries such as China, Japan, and Australia are also expected to be significant markets for high-voltage switch gears.
The objective of the report is to present a comprehensive analysis of the Global High-Voltage Switchgear Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by Region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by Region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
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