Global Pad-Mounted Switchgear Market is Segmented By Standard (IEC, IEEE, Other Standards), By Type (Air Insulated Switchgear, Gas Insulated Switchgear, Solid Dielectric Insulated Switchgear, Others), By Voltage (Up to 15 kV, 15–25 kV, 25–38 kV), By Application (Industrial, Renewable Energy, Residential, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
Pad-Mounted Switchgear Market Size, Demand Insights
The global pad-mounted switchgear market reached US$ XX million in 2022 and is expected to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period 2022-2029.
Pad-Mounted Switchgear Market Scope and Summary
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Metrics |
Details |
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Market CAGR |
High |
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Segments Covered |
By Standard, By Type, By Voltage, By Application, and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights. |
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Fastest Growing Region |
Asia Pacific |
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Largest Market Share |
North America |
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Electrical switchgear is a collection device such as circuit breakers, fuses, or switches, among other circuit protection devices installed in a standard metal box. Power distribution to various portions of a facility and the electrical loads inside those sections use circuit protection devices to protect people and equipment by restricting the current flowing through the system to safe limits.
Subterranean distribution systems rated from 5 to 38, operated above ground, utilize Pad-mounted switchgear intended for s. Pad-mounted switchgear is appropriate for utility distribution, feeder sectionalizing, and circuit protection applications due to its outside-rated, low profile, and tamper-resistant design. To protect loads, isolate faults, and reduce outages, switches, fuses, and vacuum interrupters are utilized. A shared insulated sealed tank provides pad-mounted switchgear with up to 6 ways. Air, SF6 gas, fluid, solid-dielectric-in-air technology, and solid materials are insulation materials.
Source: DataM Intelligence Analysis (2022)
Pad-Mounted Switchgear Market Dynamics and Trends
The growing industrialization and the need to monitor the safety of machines in the respective process are major market drivers for the global pad-mounted switchgear market. Nevertheless, the high pricing of pad-mounted switchgear devices restrains the market’s growth.
Growing industrialization, and the need to monitor the energy
Industrialization is quickly gaining traction globally, driving up industrial power consumption. Manufacturing and process sectors are expanding rapidly in both developed and developing countries. The expansion of manufacturing and process industries increases energy consumption, necessitating these industries' monitoring of power usage to ensure the safety of machines.
The respective factor puts a greater emphasis on making efficient energy management devices and safety devices. Governments throughout the world are putting efforts into lowering energy costs. Many governments encourage the adoption of efficient energy management equipment to reduce energy use and costs. As product development and research grow, the requirement to manufacture devices is also experiencing a significant increase since pad-mounted switchgear plays a vital role in managing energy, managing the safety of machines, and playing a crucial role in conserving energy without sacrificing the growing manufacture of products. As a result, the increasing industrialization and manufacturing process across the globe and the ever-increasing need for automation act as significant market drivers for the global pad-mounted switchgear market.
High pricing of pad-mounted switchgear devices
Pad-mounted switchgear necessitates using multiple costly components such as sensors and sophisticated software that leverages AI and machine learning in modern pad-mounted switchgear systems.
As the demand for power-generating units increases, the high cost of such devices is constraining industrial growth. The need for significant investments may impact the movement of pad-mounted switchgear devices in emerging and advanced economies, stifling market expansion.
COVID-19 Impact on Pad-Mounted Switchgear Market Growth
The COVID-19 outbreak has significantly impacted various service and manufacturing businesses due to the implementation of lockdowns and reduced operational capacities to combat the virus's spread, leading the economy to suffer. According to the World Bank, the epidemic has dropped investments and interruptions business and supply networks globally. Furthermore, due to the COVID-19 pandemic, the following variables produced a significant downward divergence in the global pad-mounted switchgear market.
The first and most significant impact of the pandemic on the market is the supply chain, which taints the availability of raw materials and the sale of finished goods due to a sizeable demand-supply mismatch produced by raw material unavailability and disruption of production activities. Second, due to the COVID-19 epidemic, the production processes required by the pad-mounted switchgear market were severely hampered by lockdowns and institutional restraints.
The pandemic's significant influence on the global pad-mounted switchgear sector might be explained further by disruptions and downfalls observed in key end-user verticals.
Nonetheless, the observed increase in the use of pad-mounted switchgear in various industrial and commercial applications following the first three pandemic waves will boost market expansion shortly. Growing technological progress also provides significant support to the respective market.
Pad-Mounted Switchgear Market Segment and Shares Analysis
The global pad-mounted switchgear market is classified based on standard, type, voltage, application, and region.
The growing transition toward renewable energy production, such as wind farms, boosts demand for gas-insulated switchgear
Gas-insulated switchgear is metal-encapsulated switchgear that includes high-voltage components such as circuit breakers and disconnectors. Local places employ gas-insulated switchgear, such as city buildings, office spaces, offshore platforms, extensions, and roofs.
Furthermore, due to the fast development in the power distribution sector through intelligent grid and smart meter technology, the medium-voltage gas-insulated switchgear segment is likely to see significant demand over the forecast period.
Gas-insulated medium-voltage switchgear is extensively employed in wind farm generators, particularly in remote locations. Medium voltage switchgear of up to 35 kVA SF6 gas-insulated is placed, specifically for the safety of wind turbines.
Underground distribution is typical in European countries such as the Netherlands. The respective country has 100% of its distribution network underground for various reasons, including enhanced reliability and a low fault rate. Distribution network investments are likely to contribute to the growth of the gas-insulated pad-mounted switchgear market.
As a result of rising urbanization and industrialization in developing nations, demand for gas-insulated switchgear is predicted to increase significantly throughout the forecast period.
Source: DataM Intelligence Analysis (2022)
Pad-Mounted Switchgear Market Geographical Analysis
Advancing renewable energy networks in Europe improves the market for pad-mounted switchgear in the region
Because of the growing demand for subterranean distribution, Europe is expected to have the most significant market in the global pad-mounted switchgear market. Distribution network investments are expanding in response to the increased use of renewable energy. Increased distribution network investment is likely to drive the European pad-mounted switchgear market.
Due to increased power generation capacity plans, rising demand for replacing/refurbishing aging transmission and distribution networks, and increasing electricity demand, particularly in China and India, as industrial and infrastructure development activities accelerate, Asia-Pacific is expected to be the fastest-growing region among all regions.
China has experienced high rates of energy demand due to the country's exceptional economic expansion and factors such as fast industrialization and urbanization. China's solid economic growth reached nearly 7%, while gross power consumption increased by 6.6 percent, topping 6,000 TWh.
To address increased electricity demand, utilities and governments in China construct new generation projects, notably those based on renewable energy. The factor mentioned above will necessitate the installation of distribution infrastructure to support these projects, fueling the rise of pad-mounted switchgear in the country.
With Australia's power infrastructure approaching the end of its useful life, it is critical to refurbish/renovate the electricity distribution network to increase renewable energy generation. Furthermore, the country has been taking measures to update its energy infrastructure, with the government investing about US$ 5 billion in the distribution network each year.
Source: DataM Intelligence Analysis (2022)
Pad-Mounted Switchgear Companies and Competitive Landscape
The pad-mounted switchgear market is highly active in terms of the number and scope of global and local producers. The market has been described as fragmented because of numerous manufacturers such as Eaton, Hubbell, Federal Pacific, S&C Electric, G&W Electric, ABB, AZZ, Powell, Trayer, and Scott Engineering. Mergers, acquisitions, product launches, investments, and collaborations are common market strategies used by prominent market players to achieve a competitive advantage and improve their reputation.
Eaton
Overview: Eaton is an innovative power management corporation dedicated to enhancing people's lives and conserving the environment across the world. By capitalizing on global growth trends such as electrification and digitalization, the company aims to accelerate the world's transition to renewable energy while also resolving the world's most pressing power management concerns.
Eaton is worth US$21.6 billion in revenue. The company offers energy-efficient solutions that assist its customers in managing electrical, hydraulic, and mechanical power more efficiently, safely, and sustainably. Eaton is committed to enhancing people's lives and the environment via power management technology and services. Eaton employs roughly 100,000 people and serves customers in over 175 countries.
Product Portfolio:
- ISG-SD solid-dielectric switchgear: The product is suitable for a wide range of pad mount and subsurface applications and does not include oil or SF6. The compact design of ISG-SD switchgear duplicates the shape, footprint, bushing patterns, and phasing of oil and SF6 insulated switchgear, allowing for a reasonably seamless replacement of the current submersible vault mount and wall-mounted switchgear. The respective switchgear has a visible open isolation point that may be de-energized and isolated with a single operating handle. Eaton ISG-SD switchgear has a dead-front sealed 304 stainless-steel tank structure, which increases the safety of operating crews.
Key Development:
- On July 18, 2019, Eaton announced the acquisition of Innovative Switchgear Solutions, Inc. (ISG), a specialty producer of medium-voltage electrical equipment for the utility, commercial, and industrial industries in North America. According to the company, the acquisition expands its portfolio of medium-voltage switchgear solutions.
Why Purchase the Report?
- To visualize the global pad-mounted switchgear market segmentation based on standard, type, voltage, application, and region, as well as understand key commercial assets and players.
- Identify commercial opportunities in the global pad-mounted switchgear market by analyzing trends and co-development.
- Excel data sheet with four segments has numerous data points of pad-mounted switchgear market-level.
- PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.
- Product mapping available in excel consists of key products of all the major market players
The global pad-mounted switchgear market report would provide approximately 74 tables, 68 figures, and almost 200 pages.
Target Audience 2022
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
Frequently Asked Questions
What is the Projected CAGR value of the Pad-Mounted Switchgear Market?
The Pad-Mounted Switchgear Market is expected to grow at a high CAGR from 2022 to 2029.
Which region controlled the global market during 2022-2029?
North America region Controls the Pad-Mounted Switchgear Market during 2022-2029.
Which is the fastest-growing region in the Pad-Mounted Switchgear Market?
Among all regions, Asia Pacific is the fastest-growing market share during the forecast period.
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