Global High Voltage Switchgear Market Size study & Forecast, by Type (Air-insulated, Gas-insulated and Other Types), by Application (Power Generation, Industrial, Oil and gas, and Others) and Regional Analysis, 2023-2030

Global High Voltage Switchgear Market Size study & Forecast, by Type (Air-insulated, Gas-insulated and Other Types), by Application (Power Generation, Industrial, Oil and gas, and Others) and Regional Analysis, 2023-2030

Global High Voltage Switchgear Market is valued at approximately USD XXX billion in 2022 and is anticipated to grow with a healthy growth rate of more than xx% over the forecast period 2023-2030 High Voltage Switchgear refers to the equipment used to control and protect electrical power systems with voltage levels above 1 kV. It is an essential component of power transmission and distribution systems, where it is used to isolate and protect electrical equipment and circuits from damage caused by overvoltage, overload, and short-circuit conditions. The High Voltage Switchgear Market is expanding because of factors such as increasing demand for electricity and rising investments in renewable energy.

With the growing global population and urbanization, there is a significant rise in the demand for electricity. This is driving the demand for high voltage switchgear, which is used in power transmission and distribution systems., According to International European Agency, there has been a rise in electricity demand in the residential sector as in the year 2018 the total electricity demand for the residential sector was 6 thousand TWh which increases to 7 thousand TWh in the year 2020 and it is expected to reach at 10 thousand Twh by the year 2040. As a result,, the rise in demand for electricity demand in the residential sector is leveraging the market growth. Furthermore, many countries are investing heavily in renewable energy sources such as wind and solar power. High voltage switchgear is needed to transmit and distribute the electricity generated from these sources. According to the International European Agency, there has been a rise in electricity generation by solar and wind. As in the year 2018, the total energy generated by wind and solar both stood at 1 thousand TWh which increases to 2 thousand TWh and 1.2 thousand TWh respectively in year 2020 and it is expected to reach 5 thousand TWh by the year 2040. As a result,, the rise in electricity generation by solar and wind in the residential sector is driving the market growth. In addition, increasing industrialization across the globe and rising government regulations for power transmission and distribution systems are creating a lucrative opportunity for the market. However, the high cost of High Voltage Switchgear stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global High Voltage Switchgear Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 owing to the rising investment in renewable energies, rising demand for electricity and supportive government policies in the region. North America is expected to grow with the highest CAGR during the forecast period, owing to factors such as the rising number of renewable energy projects and geographic expansion of key players, and active participation of government and organizations in the market space.

Major market player included in this report are:
ABB Ltd
Schneider Electric SE
General Electric Company
Toshiba International Corporation
Mitsubishi Electric Corporation
Siemens AG
Larson & Turbo Limited
Bharat Heavy Electricals Limited
CG Power and Industrial Solutions Limited
Hyundai Electric & Energy systems Co. Limited

Recent Developments in the Market:
 In January 2020, In India, Siemens finalized the acquisition of C&S Electric. Through this acquisition, Siemens will be able to keep up with the nation's increasing electrification rate while the government concentrates on building the necessary transmission and distribution facilities for the nation's electricity grid.
 In December 2020, Hitachi ABB Power Grids unveiled the first-of-its-kind high voltage 72.5 kV hybrid switchgear (Model PASS M00-Wind) for offshore wind applications, enabling the collecting grid between the wind towers to operate at a higher voltage level.

Global High Voltage Switchgear Market Report Scope:
Historical Data – 2020 - 2021
Base Year for Estimation – 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered – Type, Application, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Type offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Type:
Air-insulated
Gas-insulated
Other Types

By Application:
Power Generation
Industrial
Oil and gas
Others

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned

ABB Ltd
Schneider Electric SE
General Electric Company
Toshiba International Corporation
Mitsubishi Electric Corporation
Siemens AG
Larson & Turbo Limited
Bharat Heavy Electricals Limited
CG Power and Industrial Solutions Limited
Hyundai Electric & Energy systems Co. Limited

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