Global Switchgear Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026) – Yahoo Finance

The global switchgear market was valued at USD 93. 38 billion in 2020 and is expected to reach a value of USD 127. 40 billion by 2026, registering a CAGR of 5. 24% during the forecast period. Electrical switchgear depicts a centralized collection of circuit breakers, switches, and fuses (circuit protection devices) that are intended to control, protect, and isolate electrical equipment.
New York, Oct. 25, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report "Global Switchgear Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)" – https://www.reportlinker.com/p06177387/?utm_source=GNW
The circuit protection devices in switchgear are mounted on metal structures. A collection of one or more of these systems is called a switchgear assembly or line-up.

Key Highlights
Switchgear equipment is primarily used in complex electrical substations to function under fluctuating operating voltage in volatile environmental conditions. The development of new industrial infrastructure, including power plants for reliable and safe operations, is further anticipated to drive the growth of the market. Increasing investments to develop renewable energy and favorable regulations by the governments to support new technologies are expected to foster the industry landscape.
The low-voltage type switchgear dominated the market landscape, with a revenue of USD 51.49 billion in 2020 with a market share of 55.14%. Moreover, It is expected to witness the fastest growth, registering a CAGR of 5.35% during 2021-2026. By end-user, the industrial sector held the largest share, with 52.75% share in 2020. The residential sector is expected to witness the highest CAGR of 5.56% over the forecast period.
According to the IEA’s World Energy Investment Report (2020), multiple support policies and maturing technologies are enabling cheap access to capital in leading markets. Sharp cost reductions over the past decade led solar PV to be cheaper than new coal- or gas-fired power plants. Renewables are expected to meet 80% of the growth in global electricity demand by 2030, with hydropower emerging as the largest renewable source of electricity.
The growing competition from the unorganized sector and the lack of standardization and design parameters have been negatively impacting the quality of products and the overall growth of the industry. The market studied has also been witnessing the increasing trend of customization, which has been hampering the development of the switchgear market. Low-quality products are the reason behind several fire incidents that happen due to short circuits. This trend has been occurring primarily in developing countries like India.
The switchgear market was significantly impacted by the COVID-19 pandemic, as the major suppliers of raw materials and end products were heavily affected. The industry faced decreased production, disruptions in the supply chain, and price fluctuations. The market was also affected by the impact of the COVID-19 on the energy sector, as the economic shock caused by the pandemic negatively impacted investments in this sector. According to the International Energy Agency’s estimates, due to the COVID-19 pandemic, 2020 was expected to witness the largest decline in energy investment, with a year-on-year reduction of 20%, or around USD 400 billion, in capital spending.

Key Market Trends

Switchgear Market Segment by Type Voltage

A rapid boost in the data center construction increases the need for low voltage switch gears to optimize colocation spaces with low voltage and ensure backup generators such as the de-centralized generators are set at low voltage levels. For instance, according to commercial real estate services, the construction of data centers power supply in the United States improved in 2020, accounting for 457.8 megawatts compared to 274.8 megawatts in 2019. This indicates the growing need for low voltage switch gears for datacenters.
A low-voltage switchgear is a three-phase power distribution product that is designed to supply electric power to current up to 6,000 amps and voltage up to 1,000 volts and is typically used for low voltage switchboards, low-voltage motor control centers, and other feeder circuits. Some end-users who use low voltage switchgear are mining and metals, manufacturing, heavy industry, petrochemical, utility, water treatment plants, data center, healthcare, pulp, and paper industries.
Further focusing on environmental factors, manufacturers are developing eco-friendly components to manufacture medium voltage switchgear. For instance, in December 2020, ABB released an eco-friendly medium voltage switchgear with a load brake that uses an alternative to SF6 gas. The load break switches are widely used in medium voltage secondary switchgear, and ABB manufactured the switches with Airplus, which is a fluoroketone-based gas mixture having 99.9 percent lower GWP compared to SF6. Thus, ensuring safety and abiding by the circular economy.
The medium voltage switchgear is also being widely used in mining sectors to increase protection during direct medium voltage supply. For instance, mining projects in Brazil, such as the Eurasian Resources Group’s iron ore mining project in December 2020, to extract at least 2 million mt/year, drives the demand and investment for medium voltage switchgear as it increases the need to protect operators and equipment from internal short circuits.
High voltage switch gears, also called HV switchgear, deals with a voltage capacity above 36 kilovolts. Therefore, the arching produced by these switch gears is also high and is primarily used in industries like power grids, mining, oil and gas industries, heavy industry, petrochemical, utility, water treatment plants, data center, healthcare, pulp, and paper industries.
Moreover, smart city projects and investments are also fueling the growth of high voltage switchgear. For instance, in April 2021, Eaton corporation purchased a 50% stake in Jiangsu YiNengElectric’s busway business. This increases the demand for HV switchgear as the busway transports connect to electrical gears with HV switchgear.

Switchgear Market Demand in Asia Pacific

The Asia Pacific dominated the market landscape with a 40.84% share. The region generated a revenue of USD 38.13 billion in 2020. Asia Pacific is also projected to record the fastest CAGR of 6.01% over the forecast period.

The growing demand for renewable sources of energy has led to the increase in power generation capabilities, currently at 14 MW, and is expected to reach 20 MW by 2030. For instance, the first 66 kV offshore wind farm, Huadian Yuhuan Phase 1, is expected to supply 770 million kilowatt-hours (kWh) of electricity to power approximately 240,000 households in the Zhejiang province per annum by the end of 2021.
The presence of several rural areas in India and the accent on providing power to these areas by the government of India are the factors expected to contribute to the demand for switchgear in Asia-Pacific. The rise in the application of switchgears is also reflected in developments in product design and an increase in the overall power grid efficiency.
Apart from China and India, Japan and South Korea are the leading promoters of the switchgear market, with dominant industrial advancement due to Industry 4.0. According to World Bank, in 2020, the industrial sector of Japan contributed 29.07% of the country’s GDP whereas, In South Korea, the industry sector contributed 32.8% of the country’s GDP.
According to World Bank, in 2020, the industrial sector generated almost 30.8% of China’s GDP. Furthermore, with emphasis on factory automation, leading players, such as FANUC, have been investing USD 240 million to expand its Shanghai plant. Similarly, several other companies are making huge investments in industry upgradation following industry 4.0. Such investments are expected to increase the demand for industry switchgears in the industry.
Moreover, the allied end users of the market studied; namely, power utilities, industrial sites, and related service and infrastructure sectors, with the ongoing network extensions and are gradually leading to the integration of renewable energy installations.

Competitive Landscape

The innovations in technology drive the adoption of the solutions and influence the buyers’ decisions. In recent years, the suppliers have been trying to capture more value by charging higher prices, regulating the supply of materials, and passing costs to product manufacturers.

Jun 2020 – ABB has announced a partnership with an Italian switchgear designer for a significant water purification plant to provide technology for the expansion of a cooperative water purification plant in Northern Italy. This project is fundamental for protecting water quality in the rivers and lakes of one of the most industrialized areas of the Po Valley.
Apr 2021 – Havells launches an anti-bacterial switch range to promote a safe lifestyle with Viruzsafe technology under the brand name Crabtree switches and electrical wiring devices. This has been innovated keeping in mind the consumers’ health, safety, and hygiene needs.
Jun 2021 – Siemens Energy and Mitsubishi Electric signed a memorandum of understanding (MoU) to conduct a feasibility study on the joint development of high-voltage switching solutions with zero global-warming potential (GWP) that substitute greenhouse gases with clean air for insulation.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06177387/?utm_source=GNW

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.

__________________________

The most recent examples are the explosive upward moves by shares of Donald Trump's social media-associated stocks, Digital World Acquisition (NASDAQ: DWAC) and Phunware (NASDAQ: PHUN). Last week, Digital World Acquisition's shares rose by as much as 1,500%. Mergers and acquisitions have been the name of the game for biotech investors this year.
The Dow Jones gained as Disney stock rose. Tesla stock joined the $1 trillion club, while the Donald Trump SPAC took a plummeted.
It's been an amazing 10-year ride for Tesla investors — literally better than any other stock. The wealth created is hard to fathom.
Shares of Exela Technologies (NASDAQ: XELA), a business process automation company, skyrocketed Monday after the company announced a new business relationship with one of the largest franchisors in the world. Exela said that the unnamed franchisor will use its digital mailroom (DMR) service to allow remote employees to access company data securely and quickly. According to Exela, its DMR is a user-configurable document management system that digitizes mail and other documents, making them easily shareable, searchable, and secure.
Shares of Nvidia (NASDAQ: NVDA) rose 2% on Monday following bullish analyst commentary. Piper Sandler analyst Harsh Kumar reiterated his overweight rating on Nvidia's stock. Nvidia's stock is a buy, according to analysts at Piper Sandler.
Here are companies with market caps below $5 billion that are expected to grow their free cash flow in the coming quarter more than peers.
The electric vehicle sector is in focus for investors today, and that has the American depositary shares of Chinese EV maker Nio (NYSE: NIO) surging. As of 11:50 a.m. EDT, Nio shares were at session highs up almost 5%. Over the weekend, Chinese competitor XPeng made some announcements about its autonomous technology that got investors excited.
(Bloomberg) — Elon Musk’s personal fortune jumped by $36.2 billion Monday after Hertz Global Holdings Inc. placed an order for 100,000 Teslas and filings showed a fresh tranche of options in his moonshot pay package vested. Most Read from BloombergCities' Answer to Sprawl? Go Wild.Hamburg Is at the Heart of Germany’s Growing Dilemma Over ChinaWhy Americans and Britons Are Rushing to Buy Idyllic Homes in ItalyOne of California’s Wealthiest Counties Could Run Out of Water Next SummerThe Top Money
Shares of cloud-computing company Fastly (NYSE: FSLY), telehealth specialist Teladoc Health (NYSE: TDOC), and innovative insurer Lemonade (NYSE: LMND) all surged higher on Monday. The share-price moves were likely due to broader market momentum for tech stocks — particularly growth tech stocks like these three names. Finally, many growth tech stocks were up several percentage points or more.
(Bloomberg) — U.S. natural gas prices soared the most in more than a year, erasing much of a recent decline, as end-of-month trading boosted volatility and forecasts for chillier weather revived concerns about tight supplies.Most Read from BloombergCities' Answer to Sprawl? Go Wild.Hamburg Is at the Heart of Germany’s Growing Dilemma Over ChinaWhy Americans and Britons Are Rushing to Buy Idyllic Homes in ItalyOne of California’s Wealthiest Counties Could Run Out of Water Next SummerThe Top Mone
Shares of Carnival (NYSE: CCL) (NYSE: CUK) fell 2% as of 1:39 a.m. EDT Monday after the cruise company got hit with a downgrade from analysts at Citigroup. Citi cut its rating on Carnival stock from buy to neutral and slashed its price target to $24.50. Citi's price target cut implies there's still about 12% upside in Carnival stock — that's the good news.
In this article, we discuss the 10 stocks to consider in the portfolio of Mark Cuban. You can skip our comprehensive analysis of Mark Cuban’s history investment philosophy, and hedge fund performance, and go directly to Mark Cuban Stock Portfolio: 5 Stocks To Consider. Mark Cuban is an angel investor and billionaire who first rose […]
Shares of Marqeta (NASDAQ: MQ) were up 11.9% as of 2:47 p.m. EDT on Monday after the modern card issuing platform announced a partnership with Branch and Uber Technologies (NYSE: UBER) to handle payments for carriers that use Uber Freight. The partnership with Uber Freight is a new market opportunity for Marqeta in transportation, where Uber has already emerged as one of the leading digital freight brokers globally outside of China. Marqeta, which completed its initial public offering in June, has already benefited from enormous momentum lately.
In this article, we discuss the 10 best gas stocks to buy now. If you want to skip our detailed analysis of these companies and the outlook for the gas sector, go directly to 5 Best Gas Stocks To Buy Now. Natural gas has been the biggest source of power generation in the United States […]
Shares of XPeng (NYSE: XPEV) were gaining altitude on Monday, surging as much as 12.2%, though they ended the trading day up 11.5%. The Chinese electric vehicle company plans to roll out a flying car that is also roadworthy, but it also made a few down-to-earth announcements. HT Aero, an affiliate backed by XPeng and its founder He Xiaopeng, showcased a flying car at XPeng's annual Tech Day event on Sunday.
Alger, an investment management firm, published its “Alger Mid Cap Focus Fund” third quarter 2021 investor letter – a copy of which can be downloaded here. During the third quarter, the largest portfolio sector weightings were Information Technology and Health Care. The largest sector overweight was Industrials. The portfolio had no exposure to the Utilities or […]
The automotive industry is as big as ever, even while going through some rapid and significant changes.
Ford Motor Company (NYSE: F) will report its third-quarter results after the U.S. markets close on Wednesday, Oct. 27. Wall Street analysts polled by Thomson Reuters expect Ford to report adjusted earnings per share of $0.26 on automotive revenue of $33.04 billion. Sales of Ford's F-Series pickups fell 22% in the third quarter, despite high demand, as chip supplies limited production.
IBM's (NYSE: IBM) stock tumbled nearly 10% to a seven-month low on Oct. 21 after the tech giant posted a weak third-quarter report. IBM's revenue rose just 0.3% year-over-year to $17.6 billion, which missed estimates by $190 million.
(Bloomberg) — If you were wondering which junk-rated company would be the first to reach a trillion-dollar market capitalization, your wait is over. It’s Tesla Inc. Most Read from BloombergCities' Answer to Sprawl? Go Wild.Hamburg Is at the Heart of Germany’s Growing Dilemma Over ChinaWhy Americans and Britons Are Rushing to Buy Idyllic Homes in ItalyOne of California’s Wealthiest Counties Could Run Out of Water Next SummerThe Top Money Maker at Deutsche Bank Reaps Billions From SingaporeThe au

source