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The padmounted switchgear market is projected to reach USD 7.2 billion by 2024, at a CAGR of 5.4% from 2019 to 2024
The global padmounted switchgear market is projected to reach USD 7.2 billion by 2024 from an estimated market size of USD 5.5 billion in 2019, at a CAGR of 5.4% during the forecast period. The growing investments in underground distribution to increase the reliability and stability of supply in developed countries are expected to drive the demand for padmounted switchgears. The functional and aesthetic advantages of underground distribution, along with improved reliability and decreased downtime, would further aid the growth of this market. The high installation cost of padmounted swtichgears is a restraint for the growth of the padmounted switchgear market.
The IEC segment is expected to dominate the padmounted switchgear market in 2019
The IEC segment is expected to dominate the padmounted switchgear market in 2019, owing to the increasing installation of padmounted switchgears in various countries across the globe. The widespread adoption of IEC standard equipment in Europe is responsible for the dominance of the IEC standard in the padmounted switchgear market. Europe is one of the largest markets for padmounted switchgears. The increasing adoption of IEC as a standard for all the padmount switchgears installed in the region is leading to the market growth of the IEC standard padmounted switchgears.
The padmounted switchgear, solid dielectric type is expected to grow at the highest rate during the forecast period
The solid dielectric segment is estimated to grow at the fastest rate of all segments during the forecast period. This growth can be attributed to the restrictions on sulfur hexafluoride SF6. SF6 has the worst global warming potential of all gases and is largely emitted from the power sector. Increased restrictions on SF6 is expected to slow down the growth of gas insulated switchgears and drive the market for SF6 alternatives. Solid dielectric is a better alternative to SF6, as the insulating medium is epoxy, which is inert and environmentally safe.
Europe is expected to lead the global padmounted switchgear market in terms of market size
Europe is currently the largest padmounted switchgear market, followed by North America and Asia Pacific. Many utilities in Europe adopt underground distribution, given the advantages of underground distribution, especially in densely populated areas and hazardous locations. Many countries in Europe, such as the Netherlands, have a 100% underground distribution system. Europe is expected to be the biggest market for padmounted switchgears during the forecast period.
Breakdown of Primaries:
Indepth interviews have been conducted with various key industry participants, subjectmatter experts, Clevel executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier I: 60%, Tier II: 20%, and Tier III: 20%
By Designation: CLevel: 55%, Director Level: 30%, and Others: 15%
By Region: Asia Pacific: 30%, North America: 25%, Europe: 20%, South America: 15%, and the Rest of the World: 10%
Note: Others includes sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue, as of 2017; Tier 1: USD 1 billion, Tier 2: USD 500 million1 billion, and Tier 3:
The global padmounted switchgear market is dominated by a few major players that have an extensive global and regional presence. The leading players in the padmounted switchgear market are Eaton Ireland, Hubbell US, Federal Pacific US, SC Electric US, GW Electric US, ABB Switzerland, and AZZ US.
The report defines, describes, and forecasts the global padmounted switchgear market by standard, type, voltage, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the padmounted switchgear market.
Original Article: PadMounted Switchgear Market by Type Air, Gas, Solid Dielectric, Voltage Up to 15 kV, 1525 kV, 2538 kV, Application Industrial, Commercial, Residential, Standard IEC, IEEE, and Region Global Forecast to 2024 [Published by MarketsandMarkets] Prices fromNEXT ARTICLE
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