Pad-Mounted Switchgear Market Size, Share And Growth Analysis For 2024-2033
Pad-Mounted Switchgear Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Pad-Mounted Switchgear Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
LONDON, GREATER LONDON, UK, August 19, 2024 /EINPresswire.com/ -- The global pad-mounted switchgear market2 has seen robust growth, expanding from $5.61 billion in 2023 to $5.95 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6%. This growth is driven by factors such as urbanization, environmental concerns, and advancements in safety standards. The market is forecasted to reach $7.6 billion by 2028, growing at a CAGR of 6.3%, supported by aging infrastructure replacement, renewable energy integration, and increased adoption of remote monitoring technologies.
High Adoption of Renewable Energy Drives Market Expansion
The increasing adoption of renewable energy is a major driver of growth in the pad-mounted switchgear market. Renewable energy sources, including solar panels and wind turbines, require efficient and safe distribution systems. The Department for Energy Security and Net Zero reported that renewable electricity generation in the UK reached 30.1 TWh in the third quarter of 2023, a 6.8% increase from the previous year. This growth, driven by new renewable capacity additions, underscores the importance of reliable switchgear solutions in managing and distributing renewable energy effectively.
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Major Players and Market Trends
Key players in the pad-mounted switchgear market include Siemens AG, GE Company, Schneider Electric SE, and ABB Ltd. These companies are at the forefront of innovation, particularly in developing gas-insulated switchgear (GIS) solutions. For example, in April 2023, Toshiba Corporation introduced the AEROXIA brand, a 72.5 kV SF6-free gas-insulated switchgear. This new product uses clean air insulation instead of the greenhouse gas SF6, enhancing environmental sustainability while maintaining high performance and reliability.
Major trends influencing the market include:
• Advanced fault detection and diagnostics
• Integration of battery energy storage
• Adoption of new insulation technologies
• Lifecycle management and predictive maintenance
• Expansion into international markets
Segments
• By Type: Air-Insulated, Gas-Insulated, Solid-Dielectric, Other Types
• By Voltage: Up To 15 kV, 15–25 kV, 25–38 kV
• By Standard: International Electrotechnical Commission (IEC), Institute Of Electrical And Electronics Engineers (IEEE), Other Standards
• By Application: Industrial, Commercial, Residential
Regional Insights: Europe Leading the Market
Europe led the pad-mounted switchgear market in 2023, holding the largest market share. However, Asia-Pacific is anticipated to be the fastest-growing region during the forecast period, driven by rapid urbanization and increasing infrastructure investments.
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Pad-Mounted Switchgear Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Pad-Mounted Switchgear Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on pad-mounted switchgear market size3, pad-mounted switchgear market drivers and trends, pad-mounted switchgear market major players, competitors' revenues, market positioning, and market growth across geographies. The pad-mounted switchgear market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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