Switchgears: A Global Strategic Business Report
San Jose, California (PRWEB) February 04, 2015
Follow us on LinkedIn – The increase in electricity consumption worldwide is driving a parallel increase in electricity generation, transmission, and distribution. Against this backdrop, energy utilities, both private and state-owned, are focusing on infrastructure upgrades and capacity expansions. Developing markets are expected to witness the establishment of new power plants. In developed markets such as the United States and Europe, planned expansions in fossil fuel power plants, and new establishment of renewable power generation facilities, will spur growth. Strong investments in electric utilities are therefore helping generate demand for switchgears, which are critical components in electric power systems. Government directives to achieve operational safety, security and efficacy are helping spur replacement demand. Retrofitting is growing in prominence as an important operational strategy to cope with problems such as capacity underutilization, capital constraints and power loss during transmission. The increase in plant retrofits and upgrades are expected to benefit demand for switchgears.
The focus shed on renewable energy is also helping lend significant traction to market growth. The addition of renewable energy sources such as wind and solar power typically causes ebbs and flows in current that can harm the grid, thus providing a business case for the adoption of grid protection technologies including switchgears. Against this backdrop of changing energy mixes and load profiles, demand for switchgears is poised to increase, since these products are designed for the protection of high-voltage equipment and circuits against power outages and surges. Offshore wind power projects are typically linked to HVDC (high voltage direct current) transmission lines, which necessitate use of advanced switchgears. While electric utilities represent the largest end-use market for switchgears, future growth is forecast to come from non-utility sectors such as industrial, commercial and residential. Industrial co-generation for reliable onsite power and cost savings is especially boosting demand for switchgears in the industrial sector. Steady growth in the number of educational institutions, shopping malls, R&D facilities, defence establishments and government offices, are also expected to generate demand for medium and low voltage switchgears in commercial and institutional markets. The market is also expected to benefit from technology advancements and product developments. Manufacturers of switchgears are focussing on innovations to hedge the challenges posed by the tough economic conditions, particularly in developed markets such as Europe and the United States.
As stated by the new market research report on Switchgears, Asia Pacific represents the largest and the fastest growing market worldwide with a CAGR of 6.3% over the analysis period. Growth in the region is supported by rapid energy infrastructure development, rising foreign direct investments in the renewable energy sector, and growing emphasis on rural electrification.
Key players covered in the report include ABB Ltd., Alstom SA, Bharat Heavy Electricals Limited, China Xian Electric Group, Crompton Greaves Ltd., Eaton Corporation, G&W Electric Company, General Electric Company, Hyosung, Mitsubishi Electric Corporation, Powell Industries Inc. , S&C Electric Company, Schneider Electric SA, Siemens AG, and Thomas & Betts Corporation.
The research report titled “Switchgears: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, drivers, issues, and recent industry activity of major companies worldwide. The report provides market estimates and projections for major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific (South Korea, Taiwan, Malaysia, Thailand, Vietnam and Others)), Latin America (Brazil and Rest of Latin America) and Rest of World. Product segments analyzed include LV Switchgear, MV Switchgear and HV Switchgear.
For more details about this comprehensive market research report, please click here
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes 1500+ full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
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