Switchgear Market Statistics 2022-2030 | By Top Manufacturers

An increase in the development and rollout of advanced solutions by leading industry contenders is touted to influence switchgear market trends over the coming years. In addition, several companies are taking steps toward exhibiting their products at trade fairs and conferences.

Considering an instance, in November 2021, ABB announced plans for exhibiting its solutions at ADIPEC 2021. The products were designed for supporting the oil & gas industry in the achievement of operational excellence. The prime exhibits at the event included the PrimeGear and NeoGear switchgear solutions, which have been claimed to enhance the output efficiency and reduction of environmental footprint. Similar advancements are expected to drive industry growth across various regions.

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According to the latest report published by Global Market Insights Inc., the switchgear market size is anticipated to grow at an appreciable rate through 2030.

Some of the leading industry players comprise General Electric, Hyosung Heavy Industries, Mitsubishi Electric Corporation, Eaton, Toshiba Corporation, Chint Group, Regal Rexnord Corporation, Hyundai Electric & Energy Systems Co., Ltd., ABB, Ormazabal, Skema S.p.A., and others.

Rise in the formulation of favorable policies in Europe to expand the market prospects

Europe switchgear market is slated to register commendable growth over 2022-2030 driven by an increase in the rollout of favorable regulatory policies and initiatives. For instance, in September 2020, the European Union published a detailed report outlining a range of SF6 alternatives to be deployed in switchgear and associated equipment.

The report came under the purview of the EU’s review of the F-Gas Regulation. An increase in the rollout of such publications is estimated to generate new opportunities for business expansion in the region.

Escalation in investment initiatives

The industry has registered a rise in capital infusion steps by various market players. Citing an instance, in April 2022, Nuventura announced the participation of ADB Ventures in a second closing of the company’s seed investment round. The initiative was aimed at reducing the deployment of SF6.

Other participants of the round included IBB Ventures, Doen Participaties, Future Energy Ventures, Cycle Group, and others.

Upsurge in partnership agreements to bolster the market progression

Several companies are engaging in collaborative agreements and partnerships for the expansion of their geographical footprint and securing a competitive edge. Considering an instance, in January 2022, UK Power Networks installed the new double busbar design switchgear. The move formed part of the company’s sustainability drive for moving away from pollutants like SF6. The switchgear will be installed at the substation of the company based in Dartford, Kent.

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A rise in such initiatives by leading players is estimated to drive the overall switchgear industry landscape over the coming years.

In the coming years, the industry demand is expected to rise in developed and underdeveloped economies considering the absence of successful and sustainable electrical frameworks. This is further set to be accompanied by the rising demand for the substitution and repair of prevailing electrical frameworks. Another pivotal factor driving the switchgear market expansion is the upliftment of government strategies for the improvement of economical electrical networks for supporting power generation.

 

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