Albany, New York, August 27, 2018: A significant increase in government initiatives towards the improvement of electricity transmission and its distribution network has been one of the driving factors of high-voltage switchgear market. Market Research Report Search Engine (MRRSE) recently published a report titled ‘High-Voltage Switchgear Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026’ which offers an in-depth analysis of the key market drivers and trends to identify new developments and potential growth prospects of the high-voltage switchgear market.
As indicated in the report, the global market for high-voltage switchgear is estimated to be valued over US$ 18 Bn by the end of the forecast period. Owing to high demand in developing countries, the market is likely to register a healthy CAGR of 5% between 2018 and 2026. Different macroeconomic factors are expected to propel the growth of global high-voltage switchgear market. It is further likely to be improved by industry-specific factors.
Regionally, penetration of high-voltage switchgear is more in developing countries of Asia Pacific and Middle East & Africa region. Rapid expansion of electricity transmission and increasing for renewable power infrastructures in these regions are expected to influence progress in high-voltage switchgear market. In 2017, Asia Pacific dominated the global market with China registering for highest share of more than 30%. Owing to easy availability of high-voltage distribution grids in Europe and North America, they are considered to be matured regions of the global high-voltage switchgear market.
Based on the type of insulation, there has been a rising preference towards gas-insulated switchgear across the globe due to its higher flexibility and reliability over other types. Furthermore, gas-insulated switchgear has low maintenance cost and is suitable for indoor and underground application. Within this segment, owing to functional dielectric properties, use of sulfur hexachloride (SF6) gas is likely to be dominant.
Although the report focuses on delivering the growth opportunities of the global high-voltage switchgear market, counterfeiting and copying of electrical products will possibly remain a restraining factor over the forecast period. Increase in the use of illegal switchgears due to their cheap prices has been envisaged to hamper the growth of global high-voltage switchgear market.
The report also highlights detailed profiles of companies operating in the current market for high-voltage switchgear who are targeting improving their business through partnerships and strategic acquisitions. Some of them include Mitsubishi Electric Corporation, Crompton Greaves Ltd, Eaton Corporation, Schneider Electric SE, Toshiba Corporation, General Electric and others.
Browse Full Global High-Voltage Switchgear Market Report with TOC : https://www.mrrse.com/high-voltage-switchgear-market
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