LONDON, Sept. 15, 2020 (GLOBE NEWSWIRE) — According to The Business Research Company’s global switchgears market report, major trends shaping the switchgear industry are related to technological advances. For example, in smart grid operations, the preferences for automated switchgear over conventional operations is gaining considerable traction in recent years. In conventional substations, controls, interlocks, and signals are hardwired and are manually recorded in the logbooks, requiring lots of effort and work for drawing comparison for troubleshooting and analysis. An automated substation with fully automated operations that use automated switchgear is more efficient and requires less manual controlling and analysis. Smart grid operations encourage energy efficiency and optimum utilization of assets, and deliver uninterrupted power flow through the smart grid.
Another technology trend gaining traction in the switchgears market is automatic switchgear solutions or smart internet of things ready switchgear solutions. The need for automatic switchgear solutions with better monitoring and control capabilities is growing with the rising integration of renewable energy into the grid. Remote monitoring and intelligence allow for centralized operational management and automation which allows to save time and money. The automatic switchgears are connected to the Internet to deliver predictive diagnostics, real-time monitoring, and better protection against errors. Smart switchgears are embedded with preprogrammed electronic devices for remote monitoring and communication of parameters such as voltage, current, errors, etc. and facilitates the automatic regulation of outgoing and incoming power, transfer of power, and opening or closing of switches during peak loads. Internet of Things (IoT) enabled switchgears can be seamlessly connected with building management, energy management, data acquisition, supervisory control, and other organization-level utility systems for achieving energy saving and control power flow. For instance, in January 2020, Schneider Electric launched its SF6-free switchgear at Elecrama 2020, India’s congregation of power ecosystem. The switchgear uses Shunt Vacuum Interruption (SVI) for switching and pure breathable air for insulation. The switches are compatible with Schneider Electric’s IoT enabled infrastructure, EcoStruxure, and allow users to use digital features to unlock the value of data. Consequently, IoT enabled or smart switchgears are gaining substantial popularity over recent years.The Business Research Company’s report titled Switchgear Market – By Type Of Product (Low Voltage, Medium Voltage, High Voltage), By End User (Industrial, Utilities, Residential, Commercial, Switchgear), Market Size, Major Players, By Region, Opportunities And Strategies – Global Forecast To 2023 covers major switchgear companies, switchgear market share by company, global switchgear market analysis, global switchgear market size, and switchgear market forecasts. The report also covers the global switchgear market and its segments. The switchgear market share is segmented by product type into low voltage, medium voltage, and high voltage. The switchgear market is segmented by end user into industrial, utilities, residential, and commercial.Request A Free Sample Of The Global Switchgear Market Report:https://www.thebusinessresearchcompany.com/sample.aspx?id=3388&type=smpThe global switchgear market is expected to grow from $96.9 billion in 2019 to $113.5 billion in 2023 at a compound annual growth rate (CAGR) of 4.0%. a major driver of market growth is the growing demand for electricity from the transportation and manufacturing industries. The electrification of railways in underdeveloped and developing countries, setting up of public transportation networks such as rapid metro transit systems, and increasing use of electric vehicles in developed countries will create significant opportunities for switchgear manufacturing companies. India, for example, has planned to complete the electrification of its rail network by 2023, while European countries such as the UK have also planned large-scale rail electrification projects in the forecast period. According to the Edison Electric Institute (EEI), the annual electric vehicle sales in the USA are expected to surpass 1.2 million by 2025 from 765,000 in 2017. These factors will contribute to the growth of the market for switchgears going forward.
Similarly, rapidly rising populations and increasing manufacturing activity, especially in developing countries such as China and India have fueled electricity demand from the manufacturing industry. Technological advances such as automation and 3D printing will also increase manufacturing activity globally. For example, the global machinery manufacturing market is expected to grow from $3,240.06 billion in 2019 to $3,761.66 billion in 2023 at a CAGR of 3.8%. Rise in manufacturing activity will drive the demand for industrial switchgears, thus contributing to the growth of the switchgear market in the forecast period.Rising investments in renewable energy are also expected to contribute to the growth of the switchgear market in the forecast period. Governments around the world are investing heavily in renewable energy sources; this is expected to drive the demand for power transmission and distribution, and control equipment such as switchgears. The global electricity generation from renewable energy is expected to grow from 5,383 TWh in 2014 to 14,271 TWh in 2040, leading to an increase in demand for renewable integration. It is estimated that about 5% ($0.4 trillion) of the global investment in transmission and distribution (T&D) will represent the investment for integration of renewables by 2040. In the European Union (EU), around 9% of T&D investment is expected to be dedicated to renewables integration.In the USA, 75% of $50 billion power projects are expected to support renewables integration by 2023, including upgradation of 13,000 miles of transmission lines. These factors are expected to contribute to the growth of the switchgears market, going forward.
Companies in the switchgear market are increasingly manufacturing digital switchgear especially in the low voltage switchgear market. Digital switchgears use the collected information to analyze the performance of current levels, temperature, operating cycles, and load levels that helps in improving the performance and reliability of switchgears. Smart switchgears allow grid optimization, improve quality, and reduce both transmission and operating losses. For instance, in April 2018, the ABB group launched SafeGear digital to its digital switchgear portfolio. SafeGear digital is based on the optimized integration of current and voltage sensors into medium voltage switchgear. It is combined with the capability of the IEC 61850 standard for communication and the latest Relion protection and control relays. Furthermore, in 2019, the ABB group introduced low-voltage digital switchgear that monitors and enables safe, flexible, and smart electrical distribution. Digital switchgear is expected to gain popularity in the low voltage switchgear market.Switchgear Market – By Type Of Product (Low Voltage, Medium Voltage, High Voltage), By End User (Industrial, Utilities, Residential, Commercial, Switchgear), Market Size, Major Players, By Region, Opportunities And Strategies – Global Forecast To 2023 is one of a series of new reports from The Business Research Company that provide switchgears market overviews, analyze and switchgears market forecast market size and growth for the whole market, switchgears market segments and geographies, switchgears market trends, switchgears market drivers, switchgears market restraints, switchgears market leading competitors’ revenues, profiles and switchgears market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modellers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.Here Is A List Of Similar Reports By The Business Research Company:High Voltage Switchgear Global Market Report 2020Medium Voltage Switchgear Global Market Report 2020-30: Covid 19 Impact And RecoveryLow Voltage Switchgear Global Market Report 2020Switchboards Global Market Report 2020Switching Equipment Global Market Report 2020-30: Covid 19 Impact And RecoveryInterested to know more about The Business Research Company?The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally it has specialist consultants in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology.The World’s Most Comprehensive DatabaseThe Business Research Company’s flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.The Business Research Company
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