Global Pad-Mounted Switchgear Market

Pad-Mounted Switchgear Market Insights

The pad-mounted switchgear market will show tremendous growth with a CAGR value of 5.55% during the forecast period (2020-2026). Switchgear consists of electrical disconnect switches, fuses, and circuit breakers related to manage, guard, and confine electrical equipment in an electrical power system. The primary functions of switchgear are to de-energize the electrical device or machinery to enable work operation as well as dismiss error downstream. Pad-mounted switchgear is particularly used in electrical distribution systems. Due to the unavoidable conditions raised by the global pandemic, the manufacturing industry has seen a steep decline, which is in turn affecting the switchgear market. However, the increase in electrification projects, an extension in the number of industries, abundant requirements of the distribution network for uninterrupted power supply, and increase in the usage of modern technologies in the sector will function as the factors supporting the growth of the market in the forecast period.

Pad-Mounted Switchgear Market: By Type of Standard

Based on the type of standard, the market is divided into  IEC and IEEE. The IEC segment is analyzed to be the most comprehensive segment in the forecast period. The IEC segment is particularly focused on low voltage switchgear, having higher durability & stability, and is expected to govern the markets in the European regions. The involvement of modern technologies in the energy sector, rise in consumer-end, and great revenue flow in the power distribution network will assist the exponential capacity of the global market.

Pad-Mounted Switchgear Market: By Type

By type, the market is segmented into solid dielectrics, gas-insulated, air-insulated, and solid dielectric. The solid dielectric pad-mounted switchgear is set to embroider in the forecast period. The growth of this specific segment can be witnessed due to an increase in GHG emissions, an inclination towards underground distribution networks, and a rise in demand for energy consumption.

Pad-Mounted Switchgear Market: By Voltage

Based on the voltages the market is segregated into 15 kV, 15–25 kV, and 25–38 kV. Switchgear having a 25-38kV voltage supply is considered to expedite the momentum of the market. An increase in urban population, rising no. of projects related to urban & rural electrification, and increasing automation in the energy & power sector are contributing to the growth of the market.

Pad-Mounted Switchgear Market: By Application

Based on application, the market classification can be seen as industrial, commercial, and residential. The industrial sector will generate the highest revenue in the overall global market during the forecast period. Demand for fault-free power supply, further deployment of electrical hardware manufacturing companies, and rising investments by regulatory bodies towards electrification are some of the major attributes prompting the growth of the market.

Pad-Mounted Switchgear Market: By Region

As per the geographical analysis, the Europe region is estimated to record a notable rise committing to the growth of the market followed by the NA region. On the other hand, an expansion in population growth, a rise in small and medium-scale enterprises in developing countries, and a rise in electricity linked accidents are the factors spurring the market for the Asia Pacific, making it the fastest-growing regional segment.

Pad-Mounted Switchgear Market Share and Competitor Analysis

Eaton Corporation plc, Hubbell Inc., Federal Pacific, S&C Electric Company, G&W Electric Company, ABB, AZZ Inc., Powell Company, Trayer Engineering Company, TIEPCO, EEIC, ENTEC Engineering Co., Scott Engineering Inc., and other industries are the dominant players in the global pad-mounted switchgear market.

Please note: This is not an exhaustive list of companies profiled in the report.