Global Switchgear And Switchboard Apparatus Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends

27 Oct, 2021

The switchgear and switchboard apparatus market consist of sales of switchgear and switchboard apparatus and related services that are used in various applications such as transmission and distribution utility, residential, commercial and industrial. A switchgear refers to collection of the switching devices that are used for controlling, protecting, and switching the electrical circuits and equipment. Switchboards refers to the power distribution process system which consists of panels with different switches and indicators to direct and control electricity for functioning in circuits.

Global Switchgear And Switchboard Apparatus Market Size And Drivers:

The global switchgear and switchboard apparatus market is expected to grow from $118.81 billion in 2020 to $131.37 billion in 2021 at a compound annual growth rate (CAGR) of 10.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The switchgear and switchboard apparatus market is expected to reach $178.95 billion in 2025 at a CAGR of 8%. The demand for electricity generation is projected to drive the switchgear and switchboard apparatus market.

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Trends In The Global Switchgear And Switchboard Apparatus Market

The last few years witnessed a rising demand for installation of electric substations to restore normal power supply as fast as possible in case of emergencies. The installation of mobile substations enables the restoration of electricity under outdoor conditions or in unforeseen circumstances and is functionally designed to provide temporary power supplies as soon as possible. Also, these mobile substations incorporate generator, transformer, metal-clad switchgear, outdoor load break switches and breakers, which are used for network extensions, and temporary switching stations. For instance, Siemens delivered two mobile substations for national grid SA, and Aktif group delivered 10 mobile substations to the ministry of electricity Iraq. Therefore, increasing the adoption of mobile substations is one of the latest trends that will positively impact the switchgear and switchboard apparatus market.

Global Switchgear And Switchboard Apparatus Market Segments:
The global switchgear and switchboard apparatus market is further segmented –
By Product Type: Switchboard, Switchgear
By End-User: Residential, Commercial, Industrial
By Application: Industry, Manufacture, Others
By Geography: The global switchgear and switchboard apparatus market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.

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Switchgear And Switchboard Apparatus Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides switchgear and switchboard apparatus market overviews, analyzes and forecasts market size and growth for the global switchgear and switchboard apparatus market, switchgear and switchboard apparatus market share, switchgear and switchboard apparatus market players, switchgear and switchboard apparatus market segments and geographies, switchgear and switchboard apparatus market’s leading competitors’ revenues, profiles and market shares. The switchgear and switchboard apparatus market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.