Vacuum insulated switchgear market to garner commendable gains over 2017-2024, shifting trends toward clean and green energy will enhance industry growth
Switchgear market is likely to witness an appreciable growth map over the years ahead, with the substantial contribution of the industry players. Recently, ABB, the world’s largest builder of electricity grids outlined a plan to expand the company’s capacity by opening a new 2,200 square meter facility in Southern Africa. This facility is likely to fulfil the requirement of low & high voltage switchgears and medium voltage products over the years ahead. In addition to this, ABB is willing to launch distribution transformers in the South African marketplace. The installation of this new facility will also prove to be useful for neighbor countries such as Zambia and Angola. ABB’s widespread experience in automation and power technologies will help in the development of enhanced power grids across Africa, thereby creating an impact on the global switchgear market.
Russia Switchgear Market Size, By Insulation, 2016 (USD Billion)
Many other switchgear industry players such as Mitsubishi Electric, GE, Siemens AG, Powell Industries, Schneider Electric, EATON, Hitachi Ltd., Larson & Turbo, Bharat Heavy Electricals Ltd., Fuji Electric, Ormazabal, Toshiba, Meidensha Corporation, Hubbell power systems inc., ILJIN ELECTRIC Co Ltd., Hyundai Ideal Electric Co., Crompton Greaves, and Rittal are also contributing significantly toward the growth of the market. Most of the companies are focusing on new developments in switchgear technologies to increase the service life of the equipment. Mitsubishi Electric, in fact, was the world’s first company to develop environment friendly, low pressure dry air insulation technology.
Reports suggest that in 2016, vacuum insulated switchgear industry covered more than 50% of the overall revenue share. The increasing need to maintain safety in power networks is slated to stimulate switchgear market. Implementation of switchgears in power networks helps to provide cost-effective and reliable distribution & transmission of electric energy. The ever growing demand for electricity has fueled the need for electric system installations on a large scale. The governments of various countries are investing heavily to enhance the current energy grid capacity, which will influence switchgear industry share positively. To avoid the chances of short circuits, there is huge requirement for interrupting breakers, high capacity transformers, and switchgear ratings as well, which will serve to augment the business expansion. As per estimates, in 2016, Switchgear Market collected a revenue of USD 90 billion.
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Various international financial institutions such as the World Bank, International Finance Corporation (IFC), and Asian Development Bank (ADB) have taken initiatives to expand the electricity access across the remote regions of the world, which may impact the economic and social growth of the region. As per a recent news onboard, ADB invested USD 57.7 million in Southeast Asia to utilize renewable energy on large scale. Shifting focus toward the development of renewable energy and rural electrification projects is expected to propel switchgear market share over the coming timeframe. Apart from rural electrification, growing industrialization and urbanization are also fueling the demand for continuous electricity supply. Statistics declare that the demand for switchgears across commercial and residential applications covered 20% of the overall switchgear market revenue in 2016.
To promote the development and innovation of electricity networks across the Europe, the European Electricity Grid Initiative (EEGI) suggested the implementation of the European research, development, and demonstration (RD&D) program. The main objective of this program is the production of completely decarbonized electricity production by 2050 and the distribution & transfer of 35% of the electricity demand from renewable energy sources by 2020, which will make a profound impact on Europe switchgear industry. Various companies across Europe are engaging in strategic alliances to develop low carbon energy technologies. According to Global Market Insights, Inc., “Worldwide switchgear market will surpass a revenue collection of USD 160 billion by the end of 2024 with an annual growth rate of more than 7% over the coming seven years.”
Author Name : Sunil Hebbalkar