Press release
Switchgear Market – Where is it Now and Where is it Going? Schneider Electric, Toshiba, ABB, GE, Siemens AG, Larson & Turbo, Hitachi Ltd
Global Market Insights, Inc. present the report on Switchgear Market evaluates the growth trends of the industry through historical study and estimates future prospects based on comprehensive research. The report extensively provides the market share, growth, trends and forecasts for the period 2018-2024.
Switchgear market is likely to witness an appreciable growth map over the years ahead, primarily on account of the substantial contribution of the industry players. Recently, ABB, the world’s largest builder of electricity grids outlined a plan to expand the company’s capacity by opening a new 2,200 square meter facility in Southern Africa.
Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/317
This facility is likely to fulfil the requirement of low & high voltage switchgears and medium voltage products over the years ahead. In addition to this, ABB is willing to launch distribution transformers in the South African marketplace. The installation of this new facility will also prove to be useful for neighbor countries such as Zambia and Angola. ABB’s widespread experience in automation and power technologies will help in the development of enhanced power grids across Africa, thereby creating an impact on the global switchgear market.
Many other switchgear industry players such as Mitsubishi Electric, GE, Siemens AG, Powell Industries, Schneider Electric, EATON, Hitachi Ltd., Larson & Turbo, Bharat Heavy Electricals Ltd., Fuji Electric, Ormazabal, Toshiba, Meidensha Corporation, Hyundai Ideal Electric Co., Crompton Greaves, and Rittal are also contributing significantly toward the growth of this market. Most of the companies are focusing on new developments in switchgear technologies to increase the service life of the equipment. Mitsubishi Electric, in fact, was the world’s first company to develop environment friendly, low pressure dry air insulation technology.
Make an Inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/317
Reports suggest that in 2017, vacuum insulation covered more than 50% of the overall switchgear industry share, driven by the increasing need to maintain safety in power networks. Furthermore, this type of insulation offers flexible power frequencies and possesses high impulse to withstand voltages. Vacuum insulation also boasts of ease of usage and noise and pollution free operation, paving the way for vacuum insulation switchgear market to garner appreciable gains ahead.
The implementation of switchgears in power networks helps to provide cost-effective and reliable distribution & transmission of electric energy. The ever growing demand for electricity has fueled the need for electric system installations on a large scale. The governments of various countries are investing heavily to enhance the current energy grid capacity, which will influence switchgear industry share positively. To avoid the chances of short circuits, there is huge requirement for interrupting breakers, high capacity transformers, and switchgear ratings as well, which will serve to augment the business expansion.
Various international financial institutions such as the World Bank, International Finance Corporation (IFC), and Asian Development Bank (ADB) have taken initiatives to expand the electricity access across the remote regions of the world, which may impact the economic and social growth of the region. As per a recent news onboard, ADB invested USD 57.7 million in Southeast Asia to utilize renewable energy on large scale. Shifting focus toward the development of renewable energy and rural electrification projects is expected to propel switchgear market share over the coming timeframe.
Browse Complete Summary of this report @ https://www.gminsights.com/industry-analysis/switchgears-market
Apart from rural electrification, growing industrialization and urbanization are also fueling the demand for continuous electricity supply. Statistics declare that the demand for switchgears across commercial and residential applications covered 20% of the overall switchgear market revenue in 2017.
To promote the development and innovation of electricity networks across the Europe, the European Electricity Grid Initiative (EEGI) suggested the implementation of the European research, development, and demonstration (RD&D) program. The main objective of this program is the production of completely decarbonized electricity production by 2050 and the distribution & transfer of 35% of the electricity demand from renewable energy sources by 2020, which will make a profound impact on Europe switchgear industry.
The directive validates the immense role that regulatory bodies and industry contenders have to play toward the growth of the overall switchgear market, via profound initiatives and efforts to develop low carbon energy technologies. As per a report by Global Market Insights, Inc., worldwide switchgear market will surpass a revenue collection of USD 140 billion by the end of 2024 with an annual growth rate of more than 6% over 2018-2024.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: www.gminsights.com
Switchgear market is likely to witness an appreciable growth map over the years ahead, primarily on account of the substantial contribution of the industry players. Recently, ABB, the world’s largest builder of electricity grids outlined a plan to expand the company’s capacity by opening a new 2,200 square meter facility in Southern Africa.
Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/317
This facility is likely to fulfil the requirement of low & high voltage switchgears and medium voltage products over the years ahead. In addition to this, ABB is willing to launch distribution transformers in the South African marketplace. The installation of this new facility will also prove to be useful for neighbor countries such as Zambia and Angola. ABB’s widespread experience in automation and power technologies will help in the development of enhanced power grids across Africa, thereby creating an impact on the global switchgear market.
Many other switchgear industry players such as Mitsubishi Electric, GE, Siemens AG, Powell Industries, Schneider Electric, EATON, Hitachi Ltd., Larson & Turbo, Bharat Heavy Electricals Ltd., Fuji Electric, Ormazabal, Toshiba, Meidensha Corporation, Hyundai Ideal Electric Co., Crompton Greaves, and Rittal are also contributing significantly toward the growth of this market. Most of the companies are focusing on new developments in switchgear technologies to increase the service life of the equipment. Mitsubishi Electric, in fact, was the world’s first company to develop environment friendly, low pressure dry air insulation technology.
Make an Inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/317
Reports suggest that in 2017, vacuum insulation covered more than 50% of the overall switchgear industry share, driven by the increasing need to maintain safety in power networks. Furthermore, this type of insulation offers flexible power frequencies and possesses high impulse to withstand voltages. Vacuum insulation also boasts of ease of usage and noise and pollution free operation, paving the way for vacuum insulation switchgear market to garner appreciable gains ahead.
The implementation of switchgears in power networks helps to provide cost-effective and reliable distribution & transmission of electric energy. The ever growing demand for electricity has fueled the need for electric system installations on a large scale. The governments of various countries are investing heavily to enhance the current energy grid capacity, which will influence switchgear industry share positively. To avoid the chances of short circuits, there is huge requirement for interrupting breakers, high capacity transformers, and switchgear ratings as well, which will serve to augment the business expansion.
Various international financial institutions such as the World Bank, International Finance Corporation (IFC), and Asian Development Bank (ADB) have taken initiatives to expand the electricity access across the remote regions of the world, which may impact the economic and social growth of the region. As per a recent news onboard, ADB invested USD 57.7 million in Southeast Asia to utilize renewable energy on large scale. Shifting focus toward the development of renewable energy and rural electrification projects is expected to propel switchgear market share over the coming timeframe.
Browse Complete Summary of this report @ https://www.gminsights.com/industry-analysis/switchgears-market
Apart from rural electrification, growing industrialization and urbanization are also fueling the demand for continuous electricity supply. Statistics declare that the demand for switchgears across commercial and residential applications covered 20% of the overall switchgear market revenue in 2017.
To promote the development and innovation of electricity networks across the Europe, the European Electricity Grid Initiative (EEGI) suggested the implementation of the European research, development, and demonstration (RD&D) program. The main objective of this program is the production of completely decarbonized electricity production by 2050 and the distribution & transfer of 35% of the electricity demand from renewable energy sources by 2020, which will make a profound impact on Europe switchgear industry.
The directive validates the immense role that regulatory bodies and industry contenders have to play toward the growth of the overall switchgear market, via profound initiatives and efforts to develop low carbon energy technologies. As per a report by Global Market Insights, Inc., worldwide switchgear market will surpass a revenue collection of USD 140 billion by the end of 2024 with an annual growth rate of more than 6% over 2018-2024.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: www.gminsights.com
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