The International Energy Agency (IEA) suggests that the extreme weather events in 2021 worldwide underscore critical risks to energy security. While this makes it imperative to increase investments in resilient electricity grids worldwide, several governments have also been emphasizing smart grid technology, and digitalisation. Rapid expansion of the smart grid network is likely to complement the expansion of switchgear market as it has been pushing adoption of switchgear in smart grids for protective, and regulatory functions. Fairfield Market Research in its latest upcoming study intends to unleash how the growth of global switchgear market would unfold over the next few years. Gas insulated switchgear (GIS) is poised to account for a substantially large revenue contribution in global switchgear market, says the report.
Role of Governments Remains Instrumental to Market Growth
With the developed western world targeting carbon-free generation of electricity, both the smart grid network, and switchgear are likely to witness an uptick in market valuation. Europe, and North America have particularly been at the forefront of amplifying smart grid network investments. As Europe eyes emission-free electricity generation, Europe’s smart grid expansion for 2021 – 2030 timeline has been instrumental to triggering investments. The US has also been planning the establishment of a resilient smart grid network to enable carbon-free electricity generation by 2035. Augmenting investments, and supportive government initiatives will collectively pave the pathway for switchgear market growth in future.
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Indoor Switchgear Installations in the Offing
Rising significance of protective control for any power system network tends to stimulate a surge in demand for switchgear for indoor installations. An increasing urge to prevent the risk of fire hazards associated with short circuits, or electric overload on indoor appliances is projected to propel demand for indoor switchgear installations at households, as well as at commercial spaces. Furthermore, indoor switchgears also offer a host of advantages like lower space requirement, greater safety, easier maintenance, lesser operating costs, higher endurance, lower susceptibility to critical environment conditions, reduced electrocuting risk, and greater security. Moreover, indoor switchgear installations are customisable, cost-effective, and dependable when compared to their outdoor counterparts. This is expected to heavily contribute toward demand growth in switchgear.
Asia Pacific Spearheads Led by China, and India
Unprecedented industrialisation across Asia Pacific has been driving the demand-supply dynamics in the developing economies of the subcontinent. Investments in smart grids, and electricity networks have been on the rise, especially across the key economies like China, and India, which continues to create ample opportunities for switchgear instalments. China’s 2060 net zero goal, and the 14th Five Year Plan that focuses on renewables are likely to uplift the prospects of the country’s switchgear market. The ambitious expansion plans of China’s state-owned utilities are also projected to drive investments in this sector, says the report. On the other side, India has also been a significant contributor in terms of investments because of the National Smart Grid Mission. There has been a lot of effort toward improving the affordability, reliability, and quality of power supply via a financially sustainable, and operationally efficient distribution sector. The government has also been keen on uplifting the renewables sector. Asia Pacific will thus remain a highly attractive pocket of investment in global switchgear market.
Global Switchgear Market Players
A few of the major companies that would be profiled in the global switchgear market report, include GE, Siemens AG, Schneider Electric SE, Hitachi ABB Power Grids Ltd., and Eaton Corporation.
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