High Voltage Switchgear Market
English Public
Market Snapshot.
The high-voltage switchgear market size and share is projected to reach approximately USD 37 billion in 2022, growing at a CAGR of approximately 7% during the forecast period. Furthermore, according to the research analysis, the global high-voltage switchgear market is expected to reach around USD 60 billion by 2035.
Market overview.
High-voltage switchgear is a type of equipment used to control electricity distribution. They also protect and isolate power operating at voltage levels between 1 kV and 52 kV MV switchgear includes various components such as fuses, switches, circuit breakers and other protective devices. According to our research, the increasing installation of smart grids and the large investment inflow for their deployment are the main factors driving the growth of the high-voltage switchgear market. High-voltage switchgear contributes to the peak performance of smart grid networks in a number of ways, such as feeder automation with built-in communication capabilities and local intelligence. According to the International Energy Agency (IEA), global investment in smart grids is expected to more than double by 2030. Achieving a net-zero scenario will require an average annual investment of more than USD 600 billion in electricity systems by 2030.
Get a full PDF sample copy of the report: https://www.sdki.jp/sample-request-83325
Key trends in the high-voltage switchgear market
In December 2021, General Electric was awarded a three-year framework contract by SP Energy Networks to supply g3 circuit breakers. This 'High Voltage (HV) Main Plant' contract covers the majority of SP Energy Networks' 145kV SF6 free live tank circuit breaker requirements during the UK RIIO-T2 regulatory period.
In January 2019, Eaton Corporation Plc announced the acquisition of an 82.275% controlling stake in Ulusoy Elektrik Imalat Taahhut ve Ticaret AS. The company is a well-known switchgear manufacturer based in Ankara, Turkey, focusing on medium voltage solutions for industrial and utility customers.
Challenges in the high-voltage switchgear market
Various cyber security concerns are expected to be one of the factors hindering the growth of the high voltage switchgear market. Increasing digitalisation has led to an increase in switchgear interconnections. The threat of cyber security vulnerabilities is increasing. This can jeopardise the safety and reliability of the transmission network. As a result, market growth is expected to be hampered.
Other factors restricting market growth include:
1. the manufacture of switchgear has various negative impacts on the environment
2. numerous security alerts due to lack of database prioritisation
High voltage switchgear market segments
By application, the residential segment is expected to account for the largest market share by 2035. Growth in this segment is attributed to rising incomes and increasing use of energy-intensive appliances such as air conditioners, refrigerators and washing machines. Household electricity demand is highest on hot summer afternoons, when air-conditioning use increases, followed by evenings when the lights are switched on. According to statistics from the US Bureau of Labour Statistics, more than 90% of households in the USA now own a microwave oven. Consumption expenditure on microwave ovens in the US has increased over time.
Competitive landscape.
Major players in the medium voltage switchgear market are Siemens AG, Schneider Electric SE, General Electric Company, Bharat Heavy Electricals, Eaton Corporation, Mitsubishi Electric Corporation, Powell, ABB, Elatech Power Distribution Co, Tinto Group Ltd, among others. The study includes detailed competitive analysis, company profiles, recent trends and key market strategies for these key players in the global high voltage switchgear market.
For more information on the market research report, visit: https://www.sdki.jp/reports/medium-voltage-switchgear-market/83325
The high-voltage switchgear market size and share is projected to reach approximately USD 37 billion in 2022, growing at a CAGR of approximately 7% during the forecast period. Furthermore, according to the research analysis, the global high-voltage switchgear market is expected to reach around USD 60 billion by 2035.
Market overview.
High-voltage switchgear is a type of equipment used to control electricity distribution. They also protect and isolate power operating at voltage levels between 1 kV and 52 kV MV switchgear includes various components such as fuses, switches, circuit breakers and other protective devices. According to our research, the increasing installation of smart grids and the large investment inflow for their deployment are the main factors driving the growth of the high-voltage switchgear market. High-voltage switchgear contributes to the peak performance of smart grid networks in a number of ways, such as feeder automation with built-in communication capabilities and local intelligence. According to the International Energy Agency (IEA), global investment in smart grids is expected to more than double by 2030. Achieving a net-zero scenario will require an average annual investment of more than USD 600 billion in electricity systems by 2030.
Get a full PDF sample copy of the report: https://www.sdki.jp/sample-request-83325
Key trends in the high-voltage switchgear market
In December 2021, General Electric was awarded a three-year framework contract by SP Energy Networks to supply g3 circuit breakers. This 'High Voltage (HV) Main Plant' contract covers the majority of SP Energy Networks' 145kV SF6 free live tank circuit breaker requirements during the UK RIIO-T2 regulatory period.
In January 2019, Eaton Corporation Plc announced the acquisition of an 82.275% controlling stake in Ulusoy Elektrik Imalat Taahhut ve Ticaret AS. The company is a well-known switchgear manufacturer based in Ankara, Turkey, focusing on medium voltage solutions for industrial and utility customers.
Challenges in the high-voltage switchgear market
Various cyber security concerns are expected to be one of the factors hindering the growth of the high voltage switchgear market. Increasing digitalisation has led to an increase in switchgear interconnections. The threat of cyber security vulnerabilities is increasing. This can jeopardise the safety and reliability of the transmission network. As a result, market growth is expected to be hampered.
Other factors restricting market growth include:
1. the manufacture of switchgear has various negative impacts on the environment
2. numerous security alerts due to lack of database prioritisation
High voltage switchgear market segments
By application, the residential segment is expected to account for the largest market share by 2035. Growth in this segment is attributed to rising incomes and increasing use of energy-intensive appliances such as air conditioners, refrigerators and washing machines. Household electricity demand is highest on hot summer afternoons, when air-conditioning use increases, followed by evenings when the lights are switched on. According to statistics from the US Bureau of Labour Statistics, more than 90% of households in the USA now own a microwave oven. Consumption expenditure on microwave ovens in the US has increased over time.
Competitive landscape.
Major players in the medium voltage switchgear market are Siemens AG, Schneider Electric SE, General Electric Company, Bharat Heavy Electricals, Eaton Corporation, Mitsubishi Electric Corporation, Powell, ABB, Elatech Power Distribution Co, Tinto Group Ltd, among others. The study includes detailed competitive analysis, company profiles, recent trends and key market strategies for these key players in the global high voltage switchgear market.
For more information on the market research report, visit: https://www.sdki.jp/reports/medium-voltage-switchgear-market/83325
by akiariku
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