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Market research analysts at Technavio predict that the global high voltage switchgear market will grow steadily during the next four years and post a CAGR of close to 12% by 2021. This market research analysis identifies the increased demand for electricity in emerging countries as one of the primary growth factors for this market. The demand for power in developing countries are growing due to the extensive growth of their economies along with industrial development and commercialization. Additionally, these countries are also likely to become hubs for major manufacturing industries since the manufacturing sectors in these regions are showing significant potential for growth, which will in-turn lead to a high demand for electricity.
The recent years witnessed an increased demand for the rapid installation of electric substations to restore normal power supply as fast as possible in case of emergency situations. This will lead to the demand for mobile substations. The installation of such substations enables utilities to respond rapidly to outages and restore electricity services to customers. Since these substations are designed to cater to the demanding design specifications, they are uniquely flexible and mobile, which will again, fuel their demand. According to this market research and analysis, this growing adoption of mobile substations will be one of the latest trends that will gain traction in the high voltage switchgear market in the coming years.
The high voltage switchgear market is characterized by the presence of a diverse group of international as well as regional vendors and appears to be moderately fragmented. New entrants are expected to face difficulties to compete with international vendors in terms of quality, design, product features, turnaround time, services, and maintenance of customer relationships.
The leading vendors in the market are -
The other prominent vendors in the market include TGOOD Global, SkipperSeil, SHANDONG TAIKAI POWER ENGINEERING, Jiangsu Jingke Smart Electrical (Jingke Group), Ningbo Tianan (Group), Silverstone Electric, Xian Electric Engineering, CHINA XD GROUP, BHEL (Bharat Heavy Electricals Limited), CG Global, Eaton, Hyosung, Lucy Electric, MEIDENSHA CORPORATION, Methode Electronics, G&W, KON?AR - Electrical Industry, Bowers Electricals , East Coast Power Systems, New Northeast Electric Group High Voltage Switchgear, Electro-Mechanical Corporation (federal-Pacific), Hitachi, and S&C Electric Company.
During 2016, the GIS segment accounted for the major shares and dominated the high voltage switchgear market. GIS is a compact multi-component assembly that is enclosed in a ground metallic assembly. They are widely used in heavy industrial electrical systems for transmission and control operations. Factor such as the reduction in the transmission loss will contribute to the growth of this industry segment in the coming years.
This market study estimates that in terms of geographic regions, APAC will be the major revenue contributor to the market by 2021. This is mainly due to the rapid urbanization and improved living standards that have boosted electricity consumption in many major countries in regions, such as China and India. Additionally, expansion in transmission and distribution (T&D) network and rapid developments in both commercial and industrial infrastructures will also drive the market for transformers. Moreover, the government's emphasis on the expansion of T&D networks to improve the existing infrastructure will also fuel the growth of the high voltage switchgear market in this region.
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Technavio's reports for the heavy industries industry cover a wide range of product sectors like engineering tools and construction. Further to rendering information on various aspects like the changes in customer choices and the attributes, which will affect the growth of vendors in the construction industry's marketspace, Technavio's reports also reveal a competitive analysis of the dominant vendors in the heavy industries market.
To accurately forecast the engineering tools industry's growth outlook, our team of market research experts conduct a comprehensive research approach of qualitative and quantitative techniques and carry out an extensive analysis of several parameters, including technological innovations and the demand for different products across multiple geographical locations. With an intent to help clients draft new strategies for growth, our upcoming industry research report on the global high voltage switchgear market also offers practical insights construed from the data collected from information sources such as manufacturers, decision makers, channel partners, and regulatory bodies.
This upcoming report on the global high voltage switchgear market also takes into account the growth of similar markets such as the current transformer and power cables, which are forecasted to grow at a CAGR of almost 8% and close to 7%, respectively, during the period of 2017 to 2021. According to our market research analysts, rapid urbanization and improved living standards have boosted electricity consumption which, in turn, will augment the growth of the engineering tools industry for the next few years.
The upcoming industry research report for the global high voltage switchgear market also identifies the market drivers, trends, and the setbacks faced by the heavy industries market industry and gives insights into test and measurement and unit operations markets.
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by insulation type
PART 07: Geographical segmentation
PART 08: Decision framework
PART 09: Drivers and challenges
PART 10: Market trends
PART 11: Vendor landscape
PART 12: Key vendor analysis
PART 13: Appendix
Tags: circuit breaker, switch gears, new tools, electrical engineering, high voltage switchgear top companies, heavy industry market trends,
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