Global Pad-Mounted Switchgear Market Size To Grow At A CAGR Of 4.60% In The Forecast Period Of 2023-2028
The ‘Global Pad-Mounted Switchgear Market Size, Share, Analysis, Trends, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global pad-mounted switchgear market, assessing the market on the basis of its segments like product type, voltage, application, and major region.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Pad-Mounted Switchgear Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 4.60%
The key factors driving the global pad-mounted switchgear market growth are the rising needs for energy, expansion of industrial and infrastructure projects, and the growing preference of burying electrical wires to ensure effective and dependable power distribution systems. The ongoing growth of the transmission and distribution infrastructure for electrical systems is further driving the market for pad-mounted switchgear.
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Pad-mounted switchgear is commonly used for high-priority loads like commercial and residential buildings that need underground cables with high reliability. Increasing power generation capacity, particularly in developing nations like China and India, is one of the factors influencing the market’s expansion.
Increased investments in the development of distribution infrastructure in response to the growing demand for power is further supplementing the market growth for pad-mounted switchgear. Industry standards like the IEC and IEEE are taken into consideration when designing pad-mounted switchgears.
Since pad-mounted switchgears make it possible to regulate electric systems with high reliability, the market growth will be considerably aided by the increased investment in underground distribution networks for commercial and industrial loads. Growing demand for modernising ageing electricity infrastructure will further drive the pad-mounted switchgear market expansion.
Pad-Mounted Switchgear Industry Definition and Major Segments
Pad-mounted switchgear are a type of electric equipment that feature enclosures to better protect the fuse and switch components from the environment, and to improve the isolation of medium voltage circuits and lower operating crew exposure. Pad-mounted switchgear are used for switching and isolating purposes in electrical distribution systems.
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Based on product type, the market is segmented into:
• Air Insulated
• Solid Dielectric
• Gas Insulated
The market on the basis of voltage is divided into:
• Less than 15 kV
• 15 to 25 kV
• 25 to 35 kV
• Above 35 kV
On the basis of application, the market is categorised into:
Based on region, the market is segmented into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Pad-Mounted Switchgear Market Trends
The pad-mounted switchgear market is expected to increase significantly as smart grids are built and automation for power distribution is prioritised. Since solid dielectric products are less hazardous to the environment than other product, this segment is predicted to expand significantly over the coming years.
A key trend in the market is the replacement of gas insulated switchgears that use SF6 with solid dielectric switchgears that use epoxy as its insulation medium in a number of utilities. SF6, also known as sulphur hexafluoride gas, is a greenhouse gas with a substantially higher global warming potential. As a result of increased environmental concerns, the demand for solid dielectric switchgears and the overall pad-mounted switchgear market is projected to increase.
The Asia Pacific is expected to witness significant growth during the forecast period due to the increasing industrialisation in countries in the region. Governments are implementing various strategies to boost power generation and capacity to fulfil the rising demand for electricity as a result of increased development. Plans to upgrade or replace outdated electricity distribution systems would also contribute to market growth.
Key Market Players
The major players in the global pad-mounted switchgear market report are Hubbell Power Systems, Inc., S&C Electric Company, Switchgear Power Systems, ABB Ltd, Electronic & Electrical Industries Corporation, Trayer Engineering Corporation, and The International Electrical Products Company (TIEPCO), among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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