According to a new market report published by Lucintel, the future of the switchgear market looks attractive with opportunities in the utilities, industrial, residential, and commercial sectors. The global switchgear market is expected to reach an estimated $110.7 billion by 2023 and is forecast to grow at a CAGR of 4.7% from 2018 to 2023. The major growth drivers for this market are increasing demand for electricity, growing implementation of smart grid technology, and continuing investment in upgrading transmission and distribution systems.
Browse the report on “Global Switchgear Market” at https://www.lucintel.com/switchgear-market.aspx
In this market, high voltage, medium voltage, and low voltage are used for switchgear manufacturing for voltage. Lucintel forecasts that the low voltage switchgear is expected to remain the largest segment and is expected to experience the highest growth during the forecast period due to increasing construction activities and renewable energy installations.
Asia Pacific is expected to remain the largest market and is also expected to witness the highest growth over the forecast period. Increasing electricity demand due to growing population, economic expansion, urbanization, industrialization, and rural electrification projects, particularly in India and China, are leading the demand for switchgear. Pre-Purchase Query click https://www.lucintel.com/switchgear-market.aspx#/
Emerging trends, which have a direct impact on the dynamics of the switchgear industry, include the development of digital switchgear and growing focus on eco-efficient switchgear. ABB, General Electric, Schneider Electric, Mitsubishi, Siemens AG, Eaton, Hitachi, and CG Power and Industrial Solutions are among the major suppliers of switchgear.
Lucintel, a leading global market research firm has analyzed growth opportunities in the global switchgear market by voltage, product, end use, and region has compiled a comprehensive research report entitled “Growth Opportunities in the Global Switchgear Market 2018-2023: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy by providing comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global switchgear market by voltage, product, end use, and region.