High-Voltage Switchgear Market Foreseen To Prosper High Growth Industry Innovations Forecasting

According to a new report published by Transparency Market Research, the global high-voltage switchgear market is projected to reach US$ 18,898.7 Mn by 2026, expanding at a CAGR of 5.0% from 2018 to 2026. The global market is expected to be influenced by a range of macroeconomic and industry-specific factors during the forecast period. Demand for high-voltage switchgear is likely to be significant in Asia Pacific from 2018 to 2026.The market in the region is anticipated to expand at a CAGR of 5.4% during the forecast period.

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Grid Modernization to Reform Electricity Transmission and Distribution Network Drives the Market

Demand for high-voltage switchgear depends on expansion of the electricity transmission and distribution network. Hence, increase in government initiatives for the modernization of existing transmission and distribution network is expected to propel demand for high-voltage switchgears during the forecast period.

Global High-Voltage Switchgear Market: Scope of the Report

The global high-voltage switchgear market has been segmented based on product standard, component, insulation, application, and region. In terms of product standard, the global market has been classified into IEC, ANSI, and Others. The ANSI segment is projected to account for the largest market share during the forecast period. The segment is driven by increase in adoption of ANSI standard electrical equipment. ANSI standard specifies sheet metal thickness, paint color, barriers, and other features to ensure consistency of equipment from various manufacturers. Based on component, the global high-voltage switchgear market has been categorized into circuit breakers, relays, and others. Demand for circuit breakers in developed as well as developing countries is driven by increasing electrification in countries in Asia Pacific and Africa. Circuit breakers is expected to be the largest segment during the forecast period.