The switchgear market across the globe is anticipated to grow over the years owing to an increase in new consumption centers and development of various renewable energy sources. Governments across the glove have been focusing on improving their internal electricity boards as per new infrastructure regulations. There is also deeper penetration and addition of rural electrification which is also giving rise to an increase in demand for global switchgear. According to experts, the market for switchgear is expected to grow by a considerably good margin in the coming decade.
General Overview of the Switchgear Market and Factors Influencing It
Switchgear manufactured across the globe are increasingly resulting in more reliable and safe operations and best interlocking arrangement between various components. This is being achieved through unique designs & construction and easily replacement. All these upgradations and structural improvements are few of the many indispensable features which are boosting the products demand for switchgear. There is also a rise in the operational strategies curbing short circuits, fire hazards and electricity supply fault. This has additionally led to an expansion of the industry.
Other factors which are directly impacting the growth of this industry is an apparent rise in demand for electricity coupled with a rise in the need for a robust T&D control system. Further, rising concerns linked to the health sector, faults in the electricity supply sector, fire and other related hazard due to small of efficient electrically network wide APAC regions is also expected to boost and directly impact the switchgear industry landscape. There is a need for easy installation which is cost-effective and has safe and reliable operations because of which the need for better designed and futuristic switchgear is governing the switchgear market across the globe.
How Growth Factors Have Affected The Industry
Governments have set up voltage ratings which have now proven to be devised as SIP for the installation of switch gears unit which must match the installation site’s parameters. The end-usage sites include large scale industries, utilities, and domestic peripherals. The market for switchgear is witnessing a growth owing to refurbishment and retrofitting of small scale industries & large scale commercially establishment.
There is a rising demands for renewable electricity among the consumer markets in developed and developing country’s which is further expected to complement the manufacturing of switchgear. Product versatility, diversification in the application, and aesthetic proximity are newly factor governing the demands for switchgear equipment which is indirectly dependant on the market of switches and disconnectors, circuit breaker. A general upliftment in the global demand for switchgear due to rise in urbanization and industrialization is being observed by switchgear manufacturers such as Lucy Electric, Hyosung, Chint Group, Toshiba, Crompton Greaves, Eaton, Hyundai Heavy Industries, and Powell.
The demand for switchgear is observed to have risen due to its improved design which aids in protecting, controlling, and regulating the generation and transmission of power. Switchgear also helps in the protection of various different motor control systems which finds applications in end-use segments. According to opinion leaders across the globe, the main purpose of switchgear has been identified as to de-energize the equipment and allow work of maintenance in electrical settings.