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High Voltage Industrial Switchgear Market Trends

  • Report ID: GMI10699
  • Published Date: Aug 2024
  • Report Format: PDF

High Voltage Industrial Switchgear Market Trends

Innovations such as gas-insulated switchgear (GIS) are gaining popularity due to their compact size, high reliability, and low maintenance requirements. GIS is particularly useful in urban areas where space is limited, and in industries where environmental conditions are challenging. Additionally, the development of solid-state switchgear is an emerging trend, offering benefits like faster switching times and reduced arc faults, enhancing overall safety and performance. Another significant trend is the increasing focus on sustainability and energy efficiency.
 

Industries, with rising global initiatives aimed at reducing carbon footprints, are shifting towards environmentally friendly technologies. This shift includes the adoption of switchgear that supports the integration of renewable energy sources like wind and solar power. These systems require specialized switchgear to handle variable power inputs and ensure stable grid operation. Regulatory standards and safety requirements are becoming increasingly stringent, pushing manufacturers to develop switchgear that meets high safety and performance standards. This trend is driving the adoption of advanced materials and manufacturing techniques to enhance the durability and operational life of switchgear.
 

Authors: Ankit Gupta, Utkarsh Mahajan

Frequently Asked Questions (FAQ) :

The market size of high voltage industrial switchgear was worth over USD 15.4 billion in 2023 and will record 7.6% CAGR from 2024 to 2032, due to increasing industrialization and urbanization.

The AC segment is projected to surpass USD 25.5 billion by 2032, driven by the widespread use of AC systems in power transmission and industrial and commercial applications.

Asia Pacific high voltage industrial switchgear market value is set to exceed USD 15.7 billion by 2032, driven by rapid industrialization and urbanization, increasing electricity demand and infrastructure needs.

ABB, Chint Group, E + I Engineering, Eaton Corporation, Fuji Electric Co., Ltd., Hitachi Ltd., Hyosung Corporation, Hyundai Electric & Energy Systems Co., Ltd., Lucy Group Ltd., Mitsubishi Electric Corporation, Powell Industries, Regal Rexnord Corporation, Schneider Electric, Siemens, and Skema S.p.A.

High Voltage Industrial Switchgear Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 14
  • Tables & Figures: 15
  • Countries covered: 23
  • Pages: 110
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