The global high voltage switchgear market is witnessing significant growth due to the increasing demand for reliable and efficient power transmission, according to a recent market research report by Transparency Market Research. The report forecasts that the market will expand at a CAGR of 6.5% from 2019 to 2027, and reach a value of US$ 16.6 billion by 2027.
High voltage switchgear is essential equipment used to control and protect power transmission and distribution systems with voltage ratings above 36kV. It helps to ensure that electricity is transmitted safely and efficiently across long distances and delivered to end-users without disruption.
The report highlights 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 rapid expansion of power transmission and distribution networks in developing countries. In addition, the rising adoption of renewable energy sources such as wind and solar power is expected to create new opportunities for market growth.
The report also notes that the replacement of aging infrastructure in developed countries and the implementation of smart grid initiatives are expected to drive demand for high voltage switchgear in the coming years.
Based on product type, the market is segmented into air-insulated switchgear (AIS), gas-insulated switchgear (GIS), and others. The GIS segment is expected to dominate the market during the forecast period, due to its ability to reduce the overall size of switchgear installations and improve reliability.
By application, the market is segmented into power transmission, power distribution, and others. The power transmission segment is expected to hold the largest share of the market, due to the increasing demand for electricity and the expansion of power transmission networks across the globe.
Geographically, Asia Pacific is expected to hold the largest share of the market during the forecast period, driven by the rapid industrialization and urbanization in emerging economies such as China and India, and the increasing investment in power transmission and distribution infrastructure.
Key players operating in the high voltage switchgear market include ABB Ltd., Siemens AG, Schneider Electric SE, General Electric Company, Eaton Corporation, and Mitsubishi Electric Corporation, among others.
Overall, the report suggests that the increasing demand for reliable and efficient power transmission, along with the expansion of power transmission and distribution networks and the adoption of renewable energy sources, is driving the growth of the global high voltage switchgear market.
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