The global high voltage switchgear market is expected to experience significant growth in the coming years, according to a new report by market research firm, MarketsandMarkets. The report forecasts that the market will reach a value of $12.6 billion by 2025, growing at a compound annual growth rate (CAGR) of 7.12% from 2020 to 2025.
High voltage switchgear refers to equipment used to control and protect electrical power transmission and distribution systems with voltage ratings above 36kV. This type of equipment is used in power generation, transmission and distribution, and end-use industries such as oil and gas, utilities, and manufacturing.
The report identifies several factors driving the growth of the high voltage switchgear market, including the increasing demand for electricity worldwide, the need for reliable and secure power supply, and the growing investment in renewable energy sources. Additionally, the rise in smart grid initiatives and the replacement of aging infrastructure in developed countries are expected to fuel market growth.
In terms of product type, the report segments the market into air-insulated switchgear (AIS), gas-insulated switchgear (GIS), and others. The GIS segment is expected to hold the largest share of the market during the forecast period, due to its compact design, high reliability, and ability to reduce the overall size of switchgear installations.
By end-use industry, the report segments the market into utilities, industrial, commercial, and residential. The utilities segment is expected to hold the largest share of the market, as high voltage switchgear is extensively used in power generation, transmission, and distribution networks.
Geographically, the Asia Pacific region is expected to hold the largest share of the market during the forecast period, due to increasing investments in renewable energy, expansion of power transmission and distribution networks, and the presence of a large number of manufacturing facilities in the region.
Key players operating in the global high voltage switchgear market include ABB Ltd., Siemens AG, Schneider Electric SE, General Electric Company, and Eaton Corporation, among others.
Overall, the report indicates that the global high voltage switchgear market is poised for significant growth in the coming years, driven by increasing demand for electricity, the need for reliable power supply, and growing investment in renewable energy sources.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Everest Market Insights journalist was involved in the writing and production of this article.