North America Switchgear Market Worth $26 Billion by 2027, Says Global Market Insights Inc.
SELBYVILLE, Del., May 20, 2021 (Newswire.com) - The North America switchgear market value is projected to cross USD 26 billion by 2027, as reported in the latest study by Global Market Insights Inc. Switchgear demand is surging across the utility, industrial and commercial sector owing to high operational performance in line with safe, secure, and controlled power supply across the grid network.
Rising dependency on large industries and utilities including power generation and manufacturing facilities has fostered the high voltage segment of North America switchgear industry demand. In addition, heavy metal, and mining industries in line with rapid expansion of long-distance power networks will further institute a favourable business scenario. For instance, in 2020 Hitachi ABB Power Grids launched HV hybrid switchgear which is applicable across offshore wind farms and grid. These switchgears are specially designed to operate across high voltage level which enhances its applicability across the long-distance transmission grid.
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Impact of COVID-19 pandemic across the power industry was low and minimum owing to its essential business activity. Renewable construction as well as refurbishment of transmission and distribution networks witnessed minimal or no delay due to SAARC pandemic which in turn fosters the business scenario.
Some major findings of North America switchgear market report include:
- Restructuring of T&D networks along with replacement of existing grid infrastructure will boost the business outlook.
- Eminent players operating across the North American switchgear industry are Mitsubishi Electric Systems, General Electric, Powell Industries, ABB, Siemens AG and amongst others.
- Expansion of microgrid and smart grid networks in line with growing demand for energy efficient systems will further fuel the product demand.
- Favorable government norms across renewable energy generation systems along with ongoing investment toward R&D sector will complement the product deployment.
Browse key industry insights spread across 165 pages with 136 market data tables & 31 figures & charts from the report, "North America Switchgear Market Forecasts By Voltage (Low, Medium, High), Insulation (Air, Gas, Oil, Vacuum), Installation (Indoor, Outdoor), Current (AC, DC), Application (Residential & Commercial, Industrial, Utilities), Industry Analysis Report, Regional Outlook, Application Development Potential, Covid-19 Impact Analysis, Competitive Market Share & Forecast, 2021 - 2027" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/north-america-switchgear-market
AC segment of North America switchgear market holds a major industry share of over 85% owing to lower installation cost, ease of replacement along with quick fault response time. In addition, growing HVAC systems demand on account of network stabilization as well as quick lead time due to rapid power changes will further foster the product demand. Increasing customer inclination toward zero carbon emission energy generation systems coupled with rising government funds toward sustainable power solutions will positively stimulate the industry scenario.
The utility segment of North America switchgear industry is anticipated to register over USD 14 billion by 2027. Favorable government norms which includes maximum annual allowable SF6 emission rate for each GIS owner's active GIS equipment will incline the customers and manufacturers toward carbon free switchgear adoption. Growing concerns toward grid stability in line with growing emphasis toward effective monitoring and control systems will further drive the industry outlook.
Browse the ToC of this report @ https://www.gminsights.com/toc/detail/north-america-switchgear-market
Browse Related Report:
Switchgear Market By Current (AC, DC), Application (Residential & Commercial, Industrial, Utility), Voltage (LV, MV, HV), Insulation (Air, Gas, Oil, Vacuum), Installation (Indoor, Outdoor), Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Covid-19 Impact Analysis, Competitive Market Share & Forecast, 2020 - 2026
https://www.gminsights.com/industry-analysis/switchgears-market
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Source: Global Market Insights Inc.
