Pune, April 26, 2022 (GLOBE NEWSWIRE) — The appliance market increased due to electrification of rural areas, increased power generation and increased investment. The switchgear market is expected to rise in response to the growing demand for energy due to rapid urbanization and greater awareness among the younger population. Switchgear is used in commercial, residential and industrial settings and at every switching point in the electrical power system. Additionally, as renewable energy production increases, switchgear is playing a more important role than ever in synchronizing networks and reducing the risk of outages. Electric utilities install switchgear to meet today’s business requirements, such as security and reliability of power supply and business continuity. Advancements in switchgear technology have changed the business, and manufacturers are always looking for innovative ways to build small, reliable, and environmentally friendly switchgears that are simple to install and commission.
Between 2022 and 2030, the global electrical equipment market is expected to grow at a compound annual growth rate (CAGR) of approximately 6.4% and reach a value of USD 174.9 billion.
The global electrical switchgear market has been divided into four categories: voltage type, insulation, installation, end user and region. The switchgear market is classified into three categories based on the type of voltage: high voltage, medium voltage and low voltage. Due to its usefulness in utility and industrial installations, the low voltage category dominates the global switchgear market. Low voltage switchgear is general electrical equipment rated up to 1000 volts. Switches, circuit breakers, fuses, insulators, circuit breakers, miniature and molded case circuit breakers are all examples of low voltage switchgear. Short-circuit currents can produce thermal and mechanical stresses, which low-voltage switchgear can help prevent. This protects the rest of the system from harmful currents and incorrect switching.
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List of major companies covered in this report
The major industry players in the switchgear market are ABB Ltd. (Switzerland), General Electric (United States), CG Power and Industrial Solutions Limited (India), Eaton (Ireland), Alstom SA (France), Schneider Electric (France), Havells India Ltd. (India), Mitsubishi Electric Corporation (Japan), Bharat Heavy Electricals Ltd. (India), HYUNDAI ELECTRIC & ENERGY SYSTEMS CO., LTD. (South Korea), Fuji Electric Co., LTD. (Japan), Hitachi (Japan), Hubbell Incorporated (USA), Toshiba International Corporation (USA), Powell (USA), L&T Electrical & Automation (India) and Hyosung Corporation (South Korea)
The vendor assessment includes an in-depth analysis of how the vendors meet the demand in the switch market. The MDC Competetive Scape model was used to assess the qualitative and quantitative information for this assessment. MDC’s Competitive Scape is a structured method to identify key players and describe their strengths, relevant characteristics and outreach strategy. MDC’s Competitive Scape enables organizations to analyze the environmental factors that influence their business, set goals and identify new marketing strategies. MDC Research analysts conduct in-depth investigation into solutions, services, programs, marketing, organization size, geographic focus, organization type, and vendor strategies.
Technology has a huge impact on business productivity, growth and efficiency. Technologies can help companies develop competitive advantages, but choosing them can be one of the most demanding decisions for companies. Technology assessment helps organizations understand their current technology situation and offers them a roadmap towards which they might want to evolve and grow their business. A well-defined process for evaluating and selecting technology solutions can help organizations reduce risk, achieve their goals, identify the problem, and fix it the right way. Technology assessment can help companies identify which technologies to invest in, meet industry standards, and compete with competitors.
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Business ecosystem analysis
Advances in technology and digitalization have changed the way companies do business; the business ecosystem concept helps companies understand how to thrive in this changing environment. Business ecosystems offer organizations the opportunity to integrate technology into their day-to-day business operations and improve their research and business skills. The business ecosystem comprises a network of interconnected businesses that compete and cooperate to increase sales, improve profitability, and succeed in their markets. An ecosystem analysis is a business network analysis that includes the relationships between suppliers, distributors, and end users in the delivery of a product or service.
Regions and countries covered
North America (US, Canada), Europe (Germany, UK, France, Spain, Italy and Rest of Europe), Asia-Pacific (Japan, China, Australia, India, Rest of Asia- Pacific) and Rest of the World (Row)
Switches Market Dynamics, Impact of Covid-19 on the Switches Market, Vendor Profiles, Vendor Assessment, Strategies, Technology Assessment, Product Mapping, Industry Outlook, Economic Analysis, Segmental Analysis, Market Sizing Switches Market, Analysis Charts
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Supplier Profiles Covered
All major Tier 1, 2 and 3 companies are covered in this Switchgear Market report (25 Vendor Profiles)
Answers to key questions in this report:
- What is the potential of the switchgear market?
- What is the impact of COVID-19 on the global electrical switchgear market?
- What are the major strategies adopted by companies in the Switchgear market?
- What are the challenges faced by SMEs and major vendors in the Switchgear Market?
- Which region has the highest investments in the switchgear market?
- What is the latest research and activity for the Switchgear market?
- Who are the key players in the Switch market?
- What is the potential of the switchgear market?
Additional vendor profiles can be added based on customer business needs
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