Switchgear solutions are becoming increasingly crucial in primary and secondary distribution of conventional and modern power systems. Switchgears comprise a wide range of elements notably including circuit breakers, fuses, lightning arrestors, electrical disconnect switches, and relays. Over the years, utility providers have used various products in the switchgear market in electric power systems to protect the circuit and ensure uninterrupted services. They are also used for protecting operating devices in commercial, residential, and industrial applications.
The automated feature of switchgear market makes it a useful component in preventing short-circuits. Further, in recent years, switchgear has helped utility providers utilize the components for connecting the supply and distribution lines to multiple power feeds. The devices in the switchgear market are used in low-, medium-, and high-voltage power distribution and transmission units.
The study on the switchgear market strives to make an in-depth assessment of key growth dynamics, key regulatory frameworks in various countries, new product development avenues, and impediments for players. The analysis on the competitive landscape takes a closer look at the recent research and development avenues and strategies adopted by emerging and established players.
Switchgear Market: Competitive Analysis and Key Developments
Increasing integration of renewable power in the overall power mix has opened up new vistas of capitalization for players in the switchgear market. In coming years, this will be supported by ramping investments by governments to expand the power infrastructure.
Companies domiciled in developed regions are getting into deals and agreements to meet the needs of switchgear solutions for wind and solar energy projects in emerging economies. A case in point is the purchase deal between MHI Vestas Offshore and Wind Mitsubishi Electric Europe. The former has recently clinched a deal to source switchgear from latter for meeting the needs of its upcoming offshore wind projects. The company will source high-voltage switchgear locally from Taiwan. More such deals will take place to get access to high-end solutions for strengthening alternative, renewable energy solutions, thereby opening vast avenue in the switchgear market.
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Switchgear Market: Key Trends
Strides being made by construction of new residential and commercial buildings has spurred the demand for power distribution and transmission lines. The trend has imparted a strong fillip to the adoption of standard products in the switchgear market. Further, the efforts in modernizing power systems in developed economies of the world have underpinned the demand for new technologies in switchgear solutions. In developing countries, the demand for switchgears has prospered on the back of massive efforts being made by some governments in electrification of rural areas, such as in India. The demand has also benefitted from inclination to meet local standards in these markets.
A large impetus to the growth of the switchgear market has come from the rise in adoption of renewable energy sources by utility providers. A general expansion of power grids in urban and suburban areas in developing countries has bolstered the prospects of the switchgear market. Further, the growing focus of utilities to ensure safety and reliability of power supply has boosted the adoption of switchgear solutions for numerous applications. Need for higher power safety elements in developed and developed economies has fueled the adoption further.
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Switchgear Market: Regional Analysis
Rise in smart city infrastructures in developing regions have kept them at the forefront of rapidly emerging markets in recent years, thereby expanding the horizon in the global switchgear market. This is because there has been a proliferation of demand for switchgear in modernizing power systems. These trends are prominently observes in Asia Pacific economies. As a result, the overall opportunities in the Asia Pacific switchgear market is expected to rise at remarkably striking pace during the forecast period.
North America and Europe have been substantially lucrative for providers of switchgear solutions and equipment vendors. The growth in these regional markets has been fueled increasingly by the implementation of regulations for the safety of power distribution and also to ensure a reliable supply of power to consumers.