Published Date: 26-May-2023
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According to a new report, published by KBV research, The Global Pad–Mounted Switchgear Market size is expected to reach $7.3 billion by 2029, rising at a market growth of 5.3% CAGR during the forecast period.
The Air-insulated segment is showcasing a CAGR of 5.5% during (2023 - 2029). The growth of the segment is owed to the rising use of air-insulated switchgear. In energy storage, such as residential neighborhoods, skyscrapers, huge buildings, and industrial complexes, it is widely utilized in power distribution facilities and tiny substations. The air-insulated switchgear, a secondary power distribution system, and a power transmission switchgear distribute the electricity from a primary power transmission gear powered by a single huge electrical distribution transformer.
The 25 - 38 kV segment is leading the Global Pad–Mounted Switchgear Market by Voltage in 2022 thereby, achieving a market value of $3.6 billion by 2029. For large-scale business and industrial uses, pad-mounted switchgear systems are available in voltage classes from 25 to 38 kV. In main distribution feeders and substations, these switchgear systems are used. The demand for 25 - 38 kV gas-insulated pad-mounted switchgear systems is fueled by rising investments in upgrading the infrastructure of underground power distribution networks as well as a growing propensity to switch from overhead lines to underground cables. These industries demand an ongoing, reliable power source.
The Commercial segment has shown the growth rate of 6% during (2023 - 2029). The segment is expanding due to the usage of pad-mounted switchgear in commercial applications to ensure the safety and security of the power supply. Utility companies can reduce the dangers of electrical accidents like overloading or short circuits that can harm substations and transmission lines with this equipment. It also avoids service interruptions when a transformer has been harmed due to an accident.
The Europe market dominated the Global Pad–Mounted Switchgear Market by Region in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $2.5 billion by 2029. The North America market is poised to grow at a CAGR of 4.9% during (2023 - 2029). Additionally, The Asia Pacific market would witness a CAGR of 5.8% during (2023 - 2029).
Full Report: https://www.kbvresearch.com/pad-mounted-switchgear-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Eaton Corporation PLC, ABB Ltd, Hubbell Incorporated, S&C Electric Company, Powell Industries, Inc., G&W Electric, Electro-Mechanical, LLC (Graycliff Partners LP), ENTEC Electric & Electronic Co. Ltd, NOJA Power Switchgear Pty. Ltd., and The International Electrical Products company (Al Tuwairqi Holding Co. ltd).
Unique Offerings from KBV Research
North America Pad-Mounted Switchgear Market size & Opportunities 2023-2029
Europe Pad-Mounted Switchgear Market & Growth Forecast 2023-2029
Asia Pacific Pad-Mounted Switchgear Market Share & Industry Outlook to 2029
LAMEA Pad-Mounted Switchgear Market Growth, Trends & Forecasts 2023-2029