The Europe Switchgear Market would witness market growth of 5.4% CAGR during the forecast period (2023-2030). In the year 2020, the Europe market's volume surged to 6,606 thousands units, showcasing a growth of 5.6% (2019-2022).
Energy efficiency and reduced environmental impact becoming critical concerns. Advanced switchgear solutions with better energy management capabilities developed and adopted. The market is consolidating as larger companies acquire lesser ones to expand their product portfolios. This is fostering innovation and the development of more advanced switchgear solutions. Adopting digital technologies and smart grid solutions requires advanced switchgear for automation, control, and monitoring. Advances in switchgear technology, including more eco-friendly insulating gases, digital monitoring and control systems, and predictive maintenance solutions, drive market innovation.
Switchgear sales are expected to be significantly impacted by the growing focus on developing the infrastructure for smart grids. Governments of developed and emerging economies are committed to modernizing the current electric grid infrastructure to guarantee an efficient electricity supply and reduce electric component failures during power transmission. By interrupting the flow of electricity during a power surge, switchgear minimizes the risk of injury to components connected to the power supply.
According to International Trade Administration, in 2019, hydroelectric, solar, wind, and biomass sources comprised 46% of the Germany’s electricity mix. That represents a 5.6% increase from 2018. The majority of the renewable electricity was generated by onshore and offshore wind capacity (24.4%), followed by solar (9%) and biomass (8.8%), with the remainder originating from hydropower. The total amount of electricity produced by all renewable technologies was 238.37-terawatt hours. The shift toward renewable energy in Europe significantly impacts various industries, including the switchgear market.
The Germany market dominated the Europe Switchgear Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $9,217.8 million by 2030. The UK market is exhibiting a CAGR of 4.5% during (2023 - 2030). Additionally, The France market would experience a CAGR of 6.1% during (2023 - 2030).
Based on Installation, the market is segmented into Outdoor, and Indoor. Based on Insulation, the market is segmented into Vacuum, Air, and Oil & Gas. Based on Voltage Type, the market is segmented into Low Voltage, Medium Voltage, and High Voltage. Based on End-use, the market is segmented into Transmission & Distribution (T & D) Utilities, Commercial & Residential, and Industrial. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Switchgear Market will Hit $152 Billion by 2030, at a CAGR of 5.8%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include ABB Ltd., Alstom SA, Bharat Heavy Electricals Ltd., Eaton Corporation PLC, General Electric Company, Legrand Group, Hitachi, Ltd., Crompton Greaves Consumer Electricals Limited., Larsen & Toubro Limited, Mitsubishi Electric Corporation.
By Installation (Volume, Thousand Units, USD Million, 2019-2030)
By Insulation (Volume, Thousand Units, USD Million, 2019-2030)
By Voltage Type (Volume, Thousand Units, USD Million, 2019-2030)
By End use (Volume, Thousand Units, USD Million, 2019-2030)
By Country (Volume, Thousand Units, USD Million, 2019-2030)
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