(MENAFN- EIN Presswire)
Pad-Mounted Switchgear Global market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Pad-Mounted Switchgear Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
You Can Now Pre Order Your Report To Get A Swift Deliver With All Your Needs
” - The Business Research Company
LONDON, GREATER LONDON, UK, August 19, 2024 /EINPresswire / -- The global pad-mounted switchgear market has seen robust growth, expanding from $5.61 billion in 2023 to $5.95 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6%. This growth is driven by factors such as urbanization, environmental concerns, and advancements in safety standards. The market is forecasted to reach $7.6 billion by 2028, growing at a CAGR of 6.3%, supported by aging infrastructure replacement, renewable energy integration, and increased adoption of remote monitoring technologies.
High Adoption of Renewable Energy Drives Market Expansion
The increasing adoption of renewable energy is a major driver of growth in the pad-mounted switchgear market. Renewable energy sources, including solar panels and wind turbines, require efficient and safe distribution systems. The Department for Energy Security and Net Zero reported that renewable electricity generation in the UK reached 30.1 TWh in the third quarter of 2023, a 6.8% increase from the previous year. This growth, driven by new renewable capacity additions, underscores the importance of reliable switchgear solutions in managing and distributing renewable energy effectively.
Explore comprehensive insights into the global pad-mounted switchgear market with a detailed sample report:
Major Players and Market Trends
Key players in the pad-mounted switchgear market include Siemens AG, GE Company, Schneider Electric SE, and ABB Ltd. These companies are at the forefront of innovation, particularly in developing gas-insulated switchgear (GIS) solutions. For example, in April 2023, Toshiba Corporation introduced the AEROXIA brand, a 72.5 kV SF6-free gas-insulated switchgear. This new product uses clean air insulation instead of the greenhouse gas SF6, enhancing environmental sustainability while maintaining high performance and reliability.
Major trends influencing the market include:
.Advanced fault detection and diagnostics
.Integration of battery energy storage
.Adoption of new insulation technologies
.Lifecycle management and predictive maintenance
.Expansion into international markets
Segments
.By Type: Air-Insulated, Gas-Insulated, Solid-Dielectric, Other Types
.By Voltage: Up To 15 kV, 15–25 kV, 25–38 kV
.By Standard: International Electrotechnical Commission (IEC), Institute Of Electrical And Electronics Engineers (IEEE), Other Standards
.By Application: Industrial, Commercial, Residential
Regional Insights: Europe Leading the Market
Europe led the pad-mounted switchgear market in 2023, holding the largest market share. However, Asia-Pacific is anticipated to be the fastest-growing region during the forecast period, driven by rapid urbanization and increasing infrastructure investments.
Explore the report store to make a direct purchase of the report
Pad-Mounted Switchgear Global Market Report 2024 from TBRC covers the following information:
.Market size data for the forecast period: Historical and Future
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Pad-Mounted Switchgear Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on pad-mounted switchgear market size , pad-mounted switchgear market drivers and trends, pad-mounted switchgear market major players, competitors' revenues, market positioning, and market growth across geographies. The pad-mounted switchgear market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
Browse Through More Similar Reports By The Business Research Company:
AI-Based Electrical Switchgear Global Market Report 2024
Low Voltage Switchgear Global Market Report 2024
Switchgear Global Market Report 2024
About The Business Research Company?
The Business Research Company has published over 15000+ reports in 27 industries, spanning 60+ geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Global Market Model – Market Intelligence Database
The Global Market Model, The Business Research Company's flagship product, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets that help its users assess supply-demand gaps.
Contact Information
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Oliver Guirdham
The Business Research Company
+ +44 20 7193 0708
email us here
Visit us on social media:
Facebook
X
LinkedIn
YouTube
MENAFN19082024003118003196ID1108578048
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.