New Market Study: ANSI Standards and Circuit Breakers to Lead High-Voltage Switchgear Industry Growth

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Global High-Voltage Switchgear Market Projected to Reach US$ 17.93 Billion by 2029; Growth Fueled by Grid Modernization and Rapid Industrialization in APAC

A comprehensive new market research report indicates that the Global High-Voltage Switchgear Market is poised for substantial growth over the coming decade. Valued at US$ 10.92 Billion in 2022, the market is expected to witness a robust Compound Annual Growth Rate (CAGR) of 7.34% during the forecast period of 2023 to 2029. By the end of 2029, the market size is projected to reach an impressive US$ 17.93 Billion.

The report offers an in-depth analysis of the market dynamics, including the impact of COVID-19, shifting regulatory landscapes, and the aggressive expansion of power transmission networks in both developed and developing economies.

Market Overview: Driving Forces Behind the Surge

The primary catalyst for the high-voltage switchgear market is the global surge in electricity generation and consumption. As power generation industry dynamics shift toward more sustainable and reliable networks, the demand for advanced transmission and distribution (T&D) equipment has skyrocketed.

Key Growth Drivers:

  • Infrastructure Development: There is a marked rise in spending toward infrastructural development globally. Governments are implementing strict regulatory measures to ensure the expansion of power grids into rural and underserved areas, significantly enhancing market size.

  • Post-Conflict Reconstruction: The report highlights a specific demand surge arising from the re-installation of transmission and distribution networks across war-affected nations in the Middle East. This reconstruction effort is expected to propel product demand significantly.

  • Grid Modernization in Developed Nations: In developed economies, growth is driven less by expansion and more by the renovation of existing, aging transmission networks. The need to replace obsolete infrastructure with modern, efficient switchgear is a critical revenue generator.

The COVID-19 Impact: A Strategic Analysis

The report provides a critical analysis of the impact of the COVID-19 lockdowns on market leaders, followers, and disrupters.

  • Varied Regional Impact: Since lockdown measures were implemented differently across regions and countries, the economic impact varies significantly by segment.

  • Strategic Planning: The report covers both current short-term disruptions and long-term structural changes in the market. This data is crucial for decision-makers to outline recovery strategies and adapt to the post-pandemic industrial landscape.

Segment Analysis: ANSI Standards and Circuit Breakers Lead the Way

The market is analyzed through various segments, revealing specific trends in product standards and component demand.

1. Dominance of ANSI Standards: In terms of product segments, the market is classified into ANSI, IEC, and other standards. The ANSI (American National Standards Institute) segment is projected to account for the largest market share during the forecast period.

  • Why ANSI? The preference for ANSI standards is driven by the rigorous specifications regarding sheet metal thickness, paint color, barriers, and safety features. These standards ensure consistency and reliability across equipment from various manufacturers, making them the preferred choice for major utility providers.

2. Circuit Breakers Command Market Share: Based on components, Circuit Breakers are expected to remain the largest segment throughout the forecast period.

  • Driver: The demand is fueled by increasing electrification in developing regions, particularly in the Asia Pacific and Africa. As power loads increase, the need for robust circuit protection to prevent system failures becomes paramount.

Regional Analysis: Asia Pacific Takes the Lead

Region-wise, the Asia Pacific (APAC) High-Voltage Switchgear market dominates the global landscape, holding the highest market share.

  • China’s Market Share: China alone accounts for a majority share of 30.2% of the APAC market. This dominance is attributed to its massive population, rapid pace of industrialization, and aggressive urbanization projects.

  • India’s Strategic Growth: India is projected to lead the high-voltage switchgear market growth in the Asia Pacific region during the forecast period.

    • Renewable Energy Hub: India is currently ranked as the second most attractive market for renewable energy investment. The country’s focus on non-renewable grid modernization combined with a massive influx of investment into solar and wind energy is driving the demand for high-voltage switchgears.

  • Other Key Markets: Japan and Australia also remain significant contributors to the market, driven by technological advancements and grid stability requirements.

Research Methodology and Competitive Landscape

The objective of this report is to present a comprehensive analysis of the Global High-Voltage Switchgear Market, covering all industry stakeholders. The report simplifies complicated data into actionable insights, offering a clear futuristic view for investors and corporate decision-makers.

Analytical Tools Used:

  • PORTER’s Five Forces: To analyze competition intensity and profitability.

  • PESTEL Analysis: To evaluate the Political, Economic, Social, Technological, Environmental, and Legal factors impacting the market.

  • SVOR Analysis: To identify strengths, vulnerabilities, opportunities, and risks.

  • Micro-Economic Factors: A detailed look at external and internal factors affecting business growth by region.

Key Players in the High-Voltage Switchgear Market: The competitive landscape is robust, with major players focusing on innovation, mergers, and strategic partnerships. Key players profiled in the report include:

  • Mitsubishi Electric Systems

  • Schneider Electric

  • Toshiba Corporation

  • ABB

  • General Electric (GE)

  • Siemens AG

  • Larsen & Toubro (L&T)

  • Hitachi Ltd.

  • Crompton Greaves

  • Hubbell

  • Powell Industries

  • BHEL (Bharat Heavy Electricals Limited)

  • Hyosung Corporation

  • Hyundai Ideal Electric Co.

  • Meidensha Corporation

  • Fuji Electric

  • Iljin Electric

  • Ormazabal

  • Eaton Corporation

Frequently Asked Questions (FAQs)

1. Which region holds the largest share in the Global High-Voltage Switchgear Market? Ans: The Asia Pacific region held the highest market share in 2022 and continues to dominate due to rapid industrialization and grid expansion projects.

2. What is the projected growth rate of the market? Ans: The Global High-Voltage Switchgear Market is growing at a CAGR of 7.34% during the forecasting period of 2023-2029.

3. What is the scope of the report? Ans: The report covers PESTEL, PORTER, and COVID-19 impact analyses, along with recommendations for investors and leaders. It provides precise market estimations for the forecast period ending in 2029.

4. Who are the key players operating in this market? Ans: Prominent players include ABB, Siemens AG, GE, Schneider Electric, Toshiba, Mitsubishi Electric Systems, and Larsen & Toubro, among others.

5. What is the study period of this market report? Ans: The market is studied from 2022 to 2029, with historical data provided from 2017 to 2022.

MAXIMIZE MARKET RESEARCH PVT. LTD.
2nd Floor, Navale IT park Phase 3,
Pune Banglore Highway, Narhe
Pune, Maharashtra 411041, India.

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