Product Code: 46388
The global high voltage switchgear market is expected to grow at a CAGR of more than 7% over the period of 2020-2025. Increasing electricity generation and consumption, along with the changing power generation industry dynamics, are expected to be the major drivers for the T&D network growth, which, in turn, is expected to drive the high-voltage switchgear market, during the forecast period. However, stringent environmental and safety regulations related to the high voltage switchgear market is a restraining factor. Also, an increasing competition from the unorganized sector of the overall switchgear market is expected to restrain the high voltage switchgear market in the coming years.
- Gas-insulated switchgear is expected to be the fastest growing high voltage switchgear by type owing to its numerous advantages such as less field construction work, flexible designs, and others.
- Expansion of power transmission and distribution (T&D) infrastructure in order to achieve high rates of electricity access in both developing and underdeveloped nations is expected to create significant opportunities for the high voltage switchgear manufacturers.
- Asia-Pacific dominates the high voltage switchgear market, with the major demand for high voltage switchgear coming from China, fueled by the rising investment in alternative energy sources.
Key Market Trends
Gas-Insulated Switchgear to Witness a Significant Growth
- Gas-insulated high voltage switchgear (GIS) is compact metal-enclosed switchgear, consisting of high voltage components, such as disconnectors and circuit breakers.
- Gas-insulated high voltage switchgear (GIS) offers numerous advantages, such as less field construction work (i.e., quicker installation time), flexible designs, minimal maintenance, and good reliability and safety.
- In some cases, the main load center of a place is located in a very congested area, but, the availability of sufficient land for establishing a conventional electrical substation is hardly available.
- GIS is a kind of metal-enclosed switchgear, and it occupies much less space. All the equipment is enclosed by gas-tight metal enclosures, and SF6 is used as an insulation between the earthed metal enclosures and live parts of the equipment. GIS can be used in city buildings, on roofs and offshore platforms, and industrial and hydropower plants, where spaces are limited.
- Therefore, with increasing urbanization and industrialization across the developing economies, the demand for gas-insulated switchgear is expected to witness significant growth during the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific has dominated the high voltage switchgear market in 2018 and is expected to continue its dominance in the coming years as well. Rapid industrialization and urbanization in the Asia-Pacific (APAC) has led to an increase in electricity demand. This, in turn, has fueled the need for expansion of T&D infrastructure across the region and thereby driving the high voltage switchgear market.
- According to China's largest state-owned utility corporation, State Grid Corporation of China (SGCC), the country's energy demand, in 2030, is expected to exceed 10 Petawatt hour (PWH). As a result, there is a need for the expansion of the existing power transmission network, which is expected to drive the demand for high voltage switchgear, in the country.
- The demand for the HVDC transmission system is expected to further supplement the integration of large-scale renewables, which are located far away from the demand centers, in China's power grid. This, in turn, is likely to drive the high voltage switchgear market in the country.
- Adding to this, increasing efforts to improve electricity access across the Southeast Asia region is expected to drive the market studied during the forecast period.
The high voltage switchgear market is moderately fragmented. Some of key players in this market include ABB Ltd, Schneider Electric SE, General Electric Company, Toshiba International Corporation, and Mitsubishi Electric Corporation.
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Table of Contents
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD billion, till 2025
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
- 4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
- 4.7 Porter's Five Forces Analysis
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Consumers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitutes Products and Services
- 4.7.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 Type
- 5.1.1 Air-insulated
- 5.1.2 Gas-insulated
- 5.1.3 Other Types
- 5.2 Geography
- 5.2.1 North America
- 5.2.2 Europe
- 5.2.3 Asia-Pacific
- 5.2.4 South America
- 5.2.5 Middle-East & Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
- 6.3 Company Profiles
- 6.3.1 ABB Ltd
- 6.3.2 Schneider Electric SE
- 6.3.3 General Electric Company
- 6.3.4 Toshiba International Corporation
- 6.3.5 Mitsubishi Electric Corporation
- 6.3.6 Siemens AG
- 6.3.7 Larson & Turbo Limited
- 6.3.8 Bharat Heavy Electricals Limited
7 MARKET OPPORTUNITIES AND FUTURE TRENDS