The Global Switchgear Market Report by The Business Research Company covers switchgear market drivers and restraints, switchgear market size, major players, and the impact of COVID-19 on the switchgear market.

The switchgear market consists of sales of switchgear and related services by entities (organizations, sole traders and partnerships) that produce switchgear that are used in various applications such as in transmission and distribution utility, residential, commercial and industrial settings.

The global switchgear market is expected to decline from $96.9 billion in 2019 to $82.1 billion in 2020 at a compound annual growth rate (CAGR) of -15.3%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 7.5% from 2021 ad reach $113.5 billion in 2023.

The growing demand for electricity is expected to be a key driver of the switchgear market in the forecast period. This can be attributed to rising populations and increasing demand for electrical and electronic appliances, especially in developing countries such as China, India, Brazil and some African countries. Global electricity demand is projected to grow from 25,000 TWh in 2017 to 38,700 TWh by 2050, an increase of 57%.i Emerging economics such as China and India will account for a major portion of this growth. Electricity consumption in India is expected to grow at a CAGR of 7.1% during 2017 to 2022.ii Furthermore, the global household appliances manufacturing market is expected to grow from $334.3 billion in 2019 to $402.93 billion in 2023 at a CAGR of 4.8%iii, supporting the demand for residential switchgears market, going forward.

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Some switchgear market trends include increasingly manufacturing digital switchgear especially in the low voltage switchgear market. Digital switchgears use the collected information to analyze the performance of current levels, temperature, operating cycles, and load levels that helps in improving the performance and reliability of switchgears. Moreover, consumers are preferring technologically advanced or innovative gas-insulated switchgears. To cater the rising demand for technologically advanced gas-insulated switchgears, manufacturers are launching a range of products.

Global switchgear market segments include:

• By Type Of Product: Low Voltage, Medium Voltage, High Voltage

2) By End User: Industrial, Utilities, Residential, Commercial, Switchgear

3) By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.

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The Switchgear Opportunities And Strategies: Forecast To 2023 is one of a series of new reports from The Business Research Company that provides switchgear market overviews, analyzes and forecasts market size, share, switchgear market players, switchgear market segments and geographies, market’s leading competitors’ revenues, profiles and market shares.

The switchgear identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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Read Switchgear Opportunities And Strategies: Forecast To 2023 from The Business Research Company for information on the following:

Data Segmentations: Market Size, Global, By Region And By Country; Historic And Forecast Size, And Growth Rates For The World, 7 Regions And 12 Countries

Market Players Covered: ABB Ltd, Schneider Electric, Siemens AG, Mitsubishi Electric Corporation, Eaton Corporation Inc

Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.

Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Time Series: Five years historic (2015-20) and ten years forecast (2021-2025-2030)

Other Information And Analyses: SWOT analysis, customer information, market product/service analysis – product examples, trends and opportunities, drivers and restraints, key mergers and acquisitions, suggested trend based strategies, impact of COVID-19 on the market, future outlook and potential analysis, key metrics covered: number of enterprises, number of employees, global market in 2021 – countries offering most new opportunities, conclusions and recommendations by expert analysts.

Sourcing and Referencing: Data and analysis throughout the report are sourced using end notes.

Strategies For Participants In The Switchgear Industry: The report explains a number of strategies for companies in the market, based on industry trends and company analysis.

Opportunities For Companies In The Switchgear Sector: The report reveals where the global industry will put on most $ sales up to 2023.

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 Here is a list of reports from The Business Research Company similar to the Switchgear Opportunities And Strategies: Forecast To 2023:

Medium Voltage Switchgear Global Market Report 2020

High Voltage Switchgear Global Market Report 2021

General Electronic Components Global Market Report 2021

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