AdvanceMarketAnalytics, a global market research and consulting organization, have released a new study titled "High Voltage Switchgear market - Global outlook to 2024". Industries constant focus on reducing the operational cost and increased attention on core business, and need to improve scalability are expected to shape the Global High Voltage Switchgear market to grow at a CAGR of 5.48%.
The Product standard, such as IEC, is boosting the High Voltage Switchgear market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.
The Component, such as Circuit breakers, is boosting the High Voltage Switchgear market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.
According to AMA research team, the Global High Voltage Switchgear market will experience significant growth during the forecast period due to potential opportunities lying in the market such as . Some of the important driving forces are Expansion of the electricity transmission and distribution network. †
The power system deals primarily with a voltage above 36KV, is been referred to as high voltage switchgear. As the voltage level gets high the arcing produced during the switching operation is also very high. So, the special care is to be taken during the designing of high voltage switchgear. High voltage circuit breaker, is basically the main component of HV switchgear, hence the high voltage circuit breaker (CB) should have special features for reliable and safe operation. Demand for the high-voltage switchgear depends on expansion of the electricity transmission and distribution network. Hence, the increase in government initiatives for the modernization of an existing transmission and distribution network is expected to propel the demand for high-voltage switchgear during the forecast period
The report provides an in-depth analysis and forecast about the industry covering the following key features: o Industry outlook including current and future market trends, drivers, restraints, and emerging technologies o Analyses the Global High Voltage Switchgear market by Type (Air-insulated Switchgears, Gas-insulated Switchgears and Others (oil and vacuum)), by Application (Power Generation, Oil & Gas, Utilities Sector, Industrial and Other) and major geographies with country level break-up that includes South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). o Analyzes the top 10 players in terms of market reach, business strategy, and business focus o Provides stakeholders insights and key trends (current and future) of the market