Lucintel’s latest market report analyzed that switchgear provides attractive opportunities in the utilities, industrial, residential, and commercial sectors. The switchgear market is expected to reach $116.7 billion by 2025 with a CAGR of 4%. In this market, low voltage is the largest segment by voltage type, whereas utilities are largest by end use industry. The development of digital switchgear and growing focus on eco-efficient switchgear provides strategic growth path in this market.
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Based on voltage type, the switchgear market is segmented into high voltage, medium voltage, and low voltage. The low voltage segment is accounted for the largest share of the market in 2020 and is expected to register the highest CAGR during the forecast period due to increasing construction activities and renewable energy installations.
Browse in-depth TOC on “Switchgear Market”
81 – Tables
98 – Figures
168 – Pages
The switchgear market is marked by the presence of several big and small players. Some of the prominent players offering Switchgear include ABB, General Electric, Schneider Electric, Mitsubishi, Siemens AG, Eaton, Hitachi, and CG Power and Industrial Solutions.
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