How Is The Global Pad-Mounted Switchgear Market Defined?
A pad-mounted switchgear is electrical distribution equipment installed on a concrete pad at the ground level. It is housed in a secure, weatherproof enclosure, making it suitable for outdoor installations. The primary purpose of pad-mounted switchgear is to control, protect, and isolate electrical equipment in the distribution network.
Pad-Mounted Switchgear Global Market Report 2024 provides data on the global pad-mounted switchgear market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The pad-mounted switchgear market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Pad-Mounted Switchgear Market Size Expected To Expand, And At What Annual Growth Rate?
The pad-mounted switchgear market has grown significantly in recent years and will continue to do so. It will increase from $5.61 billion in 2023 to $5.95 billion in 2024, reflecting a CAGR of 6%. This growth has been attributed to urbanization, environmental concerns, changes in safety standards, cost efficiency, and improved reliability and maintenance. The market is projected to grow to $7.6 billion by 2028, with a CAGR of 6.3%. The growth is driven by the replacement of aging infrastructure, the integration of renewable energy, increased demand from various sectors, the adoption of remote monitoring, and the integration of energy storage. Major trends include advanced fault detection, battery energy storage integration, new insulation technologies, lifecycle management, and predictive maintenance.
What Are The Key Drivers Fueling Growth In The Pad-Mounted Switchgear Market?
The growing adoption of renewable energy is expected to drive the growth of the pad-mounted switchgear market. Renewable energy sources, such as solar, wind, and geothermal energy, are gaining popularity due to their efficiency, pollution reduction potential, and cost-effectiveness. Pad-mounted switchgear is used to safely distribute and control electricity generated from renewable sources like solar panels and wind turbines. For example, the UK Department for Energy Security and Net Zero reported that renewable electricity generation in the third quarter of 2023 increased by 6.8% compared to the previous year, driven by 2.9 GW of new renewable capacity. Therefore, the increasing adoption of renewable energy is driving the growth of the pad-mounted switchgear market.
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What Are The Principal Market Segments In The Global Pad-Mounted Switchgear Industry?
The pad-mounted switchgear market covered in this report is segmented –
1) By Type: Air-Insulated, Gas-Insulated, Solid-Dielectric, Other Types
2) By Voltage: Up To 15 kV, 15–25 kV, 25–38 kV
3) By Standard: International Electrotechnical Commission (IEC), Institute Of Electrical And Electronics Engineers (IEEE), Other Standards
4) By Application: Industrial, Commercial, Residential
Which Emerging Market Trends Are Altering The Pad-Mounted Switchgear Sector?
In the pad-mounted switchgear market, firms are focusing on eco-friendly solutions like gas-insulated switchgear to enhance efficiency and reliability in power distribution. These switchgears feature sealed environments filled with insulating gas for improved safety and performance. For example, in April 2023, Toshiba Corporation launched the AEROXIA brand of SF6-free gas-insulated switchgear. This environmentally friendly product uses natural gas and a vacuum circuit breaker, offering the same reliability as traditional systems while reducing greenhouse gas emissions.
What Is The Leading Region In The Pad-Mounted Switchgear Market?
Europe was the largest region in the pad-mounted switchgear market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pad-mounted switchgear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
