The high voltage switchgear is electrical equipment utilized in an electrical path to covenant with voltage beyond 36kV and is designed to function some operations such as control, regulate, and switch on/off as desirable in the electric circuit.
According to the report analysis, ‘High Voltage Switchgear Market Global Market Report 2020’ states that in the high voltage switchgear the market there are several corporates which presently operating more progressively for leading the highest market growth and dominating the great value of market share around the globe during the upcoming years such as ABB Ltd., General Electric, Company Crompton Greaves Limited, Fuji Electric, Hitachi, Hyosung Corporation, Mitsubishi Electric Corporation, Toshiba Electric Corporation, Siemens AG, Eaton Corporation, and several others. In addition, the worldwide high voltage switchgear market (above 36kv) market was valued USD 13.37 billion in 2019. It is projected to grow at a compound annual growth rate (CAGR) of 7% and reach USD 16.88 billion by 2023.
The requirement for electricity generation is predicted to propel the high voltage switchgear market. Obtainability of electricity has become indispensable for the economic enlargement and poverty alleviation. Advancement of industrialization, urbanization demands continuous electricity supply, and consistency of the electrical supply depends profoundly on the performance of the switchgear. Therefore, is propelling the requirement of high voltage switchgear in predict period. For instance, during 2017, Japan allocated the US USD 16.7 million to war-affected nation Iraq for the reestablishment of transmission and distribution of electricity networks to encourage stabilization and rehabilitation for expatriates.
Unbalanced prices of raw materials are limiting the high voltage switchgear market. Prices fluctuate owing to the availability of lower quality materials at inexpensive prices of high voltage switchgear. This ascends the risk of breakdown of protection layers or short circuit situations and other failures. Thereby unpredictable pricing in raw materials of high voltage switchgear is projected to restrict the market growth. A survey was accompanied by Manufacturers’ Outlook Survey, during 2019, within the switchgear manufacturing companies, around the globe. According to the survey, 79.8% of the respondents deliberate the cost of raw material as the highest concern in the manufacturing of switchgear.
The Electronic and Telecommunication corporates are augmenting the implementation of mobile substations. The installation of mobile substations allows to restore electricity under outdoor circumstances or in unforeseen circumstances and are functionally designed to deliver temporary power supplies as speedily as possible. In addition, these mobile substations integrate generator, transformer, metal-clad switchgear, outdoor load break switches and breakers, which is effectively utilized for network extensions, and impermanent switching stations. For instance, in 1937, ABB Group, a Switzerland multinational corporation premeditated the mobile substation for the Italian railway network. Thereby, the usage of mobile substations as per requirement energy generation is becoming a modern trend in the market.
During December 2017, Hitachi Ltd. a Japanese based multinational conglomerate company assimilated an 80.1% stake of ABB power grids unit worth USD 11 billion. With this acquisition, the corporate-focused to strengthen its market position of the power transmission and distribution system. The ABB power grid, a Switzerland based company well-known for the power transformers, long-distance transmission systems, and for designing energy storage units. Therefore, in the near years, it is predicted that the market of high voltage switchgear will increase around the globe more effectively over the upcoming duration.
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Global High Voltage Switchgear Market
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