“Switchgear is an integral part of the electric power system. The power sector offers a promising future, with growing demands for electricity following increasing urbanization in the developing nations. Switchgear forms a crucial part in the sector across various segments including power generation, transmission and distribution, and equipment protection. Switchgear is employed to minimize electric failures and mitigate aftereffects of fault currents that flow through the circuit. These high-intensity fault currents can damage equipment or devices in the circuit.
The market is segmented on the basis of the application, in which the utilities are estimated to dominate the market, while other categories taken into consideration contribute considerable value to the market.
Switchgear are preferred more over its substitute fuses as they do not provide re-closure function, which is very important in setting up the circuit in its normal functions. Moreover, there is no need of replacing the switchgear after every disconnection of the circuit due to faults, which is unavoidable in fuses.
Leading players in this industry with their recent developments and other strategic industry activities have been profiled in the report. These companies include ABB Ltd. (Switzerland), Eaton Corporation (Ireland), GE (U.S.), Schneider Electric SE (France), and Mitsubishi Electric Corporation (Japan).
Lucrative market for switchgear with estimated value of $136.71 billion by 2019 and major share for this is contributed by the Asia-Pacific region.
The market is projected to be promising for utilities owing to upgrades in transmission and distribution utilities in developed regions. Industries are second most growing application for switchgear. Residential and other applications, which include transportation and power generation, have a considerable combined share in the market.
The switchgear market is also analyzed with respect to Porter’s Five Force model. Analysis of...