London, 6 July 2015: Technavio, the independent tech-focused global research firm, has published a report on the global high voltage switchgear market 2015-2019, which is expected to grow at a CAGR of 12.89% during the forecast period of 2014-2019.
Increasing investment in renewable energy projects drives the demand for high voltage switchgears in this market. Growing investment opportunities in eco-friendly schemes like solar and wind power projects also boost the prospects of growth in this market. Projects undertaken by developing countries like India and China for the transmission of power, obtained from sustainable resources, also drive the potential for growth in this market.
“The steady shift from conventional switchgears to innovative modular switchgears is one of the major trends in the market. Conventional air-insulated switchgear includes various components such as circuit breakers, current transformers, and disconnectors. These components need individual installation spaces, which makes the installation of these components very complex,” says Faisal Ghaus, Vice President of Technavio.
“Innovative modular switchgears overcome these issues by integrating these functions into the breaking chamber of the circuit breaker, which results in easy installation and optimizes overall operational costs.”
Key Market Drivers:
- Rapid Industrialization across Globe.
- Increasing Demand from Replacement Activities.
- Increased Investment in Smart Grid Network.
Key Market Trends:
- Shift from Conventional to Innovative Modular Switchgears.
- Reduction in Use of SF6.
- Integration of Solar and Wind Energy into Existing Electric Grid System.
Key Market Vendors:
- ABB Ltd.
- Alstom Grid SA
- GE Co.
- Siemens AG
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue, and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
