The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s High Voltage Switchgear Global Market Report 2024, the high voltage switchgear market is expected to show significant growth in the forecast period.

The high-voltage switchgear market has witnessed robust growth, surging from $10.87 billion in 2023 to an anticipated $11.49 billion in 2024, demonstrating a Compound Annual Growth Rate (CAGR) of 5.6%. Looking ahead, the market is set for strong expansion, reaching $14.65 billion in 2028, with a CAGR of 6.3%. Key drivers include the rapid deployment of renewable energy, grid modernization, and electrification trends. This blog explores the pivotal role of high-voltage switchgear, major trends, and innovations shaping the industry.

Expanding Renewable Energy Deployment Fuels High-Voltage Switchgear Market Growth

Rapid Deployment of Renewable Energy

• Renewable energy deployment accelerates market growth.
• Involves solar, wind, hydropower, and geothermal energy sources.
• Necessitates high-voltage switchgear for managing variable power generation and ensuring grid stability.

Global Photovoltaic Installations

• The National Renewable Energy Laboratory (NREL) reports 231 GWdc of global photovoltaic installations in 2022.
• China’s annual PV installations surge by 57%, driven by distributed PV.
• Forecasted to exceed 300 GW by 2023 and surpass 400 GW by 2025.

View More On The High Voltage Switchgear Market Report 2024 – https://www.thebusinessresearchcompany.com/report/high-voltage-switchgear-global-market-report

Innovative Space-Saving Switchgear Redefining Efficiency

VC-V20A-1 Space-Saving Switchgear

• Major companies embrace innovative space-saving switchgear for increased efficiency.
• Fuji Electric’s VC-V20A-1 features a reduced physical footprint.
• Advanced analysis techniques optimize design, minimizing insulation distances.
• Boasts a 20% reduction in size compared to previous versions.

Enhanced Installation Flexibility

• VC-V20A-1 incorporates an innovative cooling system within the exhaust component.
• Efficiently cools hot gases within the panel, eliminating the need for external gas release.
• Benefits include increased floor space utilization, reduced installation and maintenance costs.

Vertiv’s Strategic Acquisition Advancing Integrated Power Infrastructure Solutions

Acquisition of E&I Engineering Ireland Limited

• Vertiv Holdings Co. acquires E&I Engineering Ireland Limited for $1.8 billion in November 2021.
• Aims to enhance growth prospects and financial performance.
• Focus on offering unified and integrated solutions for managing complete power infrastructure.

E&I Engineering Ireland’s Expertise

• E&I Engineering Ireland Limited, an electrical switchgear manufacturer, brings expertise to Vertiv.
• Strategic acquisition reinforces Vertiv’s position in integrated power infrastructure solutions.

Market Segmentation Insights

Component and Product Standard Segmentation

1. By Component:
   • Circuit Breakers
   • Relays
   • Other Components
2. By Product Standard:
   • IEC Standard
   • ANSI Standard

Application Segmentation

1. By Application:
   • Transmission And Distribution Network
   • Manufacturing & Processing
   • Infrastructure & Transportation

Major Companies Operating in the High Voltage Switchgear Market

• ABB Ltd.
• General Electric Company
• Crompton Greaves Limited
• Fuji Electric Co. Ltd.
• Hitachi Ltd.
• Hyosung Corporation
• Mitsubishi Electric Corporation
• Toshiba Corporation
• Siemens Aktiengesellschaft
• Eaton Corporation PLC
• Schneider Electric SE
• China XD Electric Co. Ltd.

Request A Sample Of The Global High Voltage Switchgear Market Report 2024:
https://www.thebusinessresearchcompany.com/sample_request?id=2671&type=smp

The High Voltage Switchgear Global Market Report 2024  provides an in-depth analysis on the high voltage switchgear market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the high voltage switchgear market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –

Medium Voltage Switchgear Global Market Report 2023

Switchgear Global Market Report 2023

Switchgear And Switchboard Apparatus Global Market Report 2023

Learn More About The Business Research Company
The Business Research Company has published over 3000+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at info@tbrc.info

Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model