Posted On: 2020-02-17
Urbanization, ascending energy production as well as expanding grid network is expected to propel the demand for Africa Switchgear market during the forecast period – 6Wresearch
African region has witnessed moderate growth over the past couple of years, owing to the uniform parallel growth in the region’s population and energy demand. On a similar note, majority of the Africa’s population is relatively young, pushing the energy demands for industrial production, cooling and mobility to the next level. Moreover, “Agenda 2063” goals would require tripling the average number of people gaining access every year from around 20 million currently to over 60 million people. Apart from this, the sub-Saharan Africa countries are the ones which would witness fastest growth over the coming years in the Switchgear market.
According to 6Wresearch, Africa Switchgear Market size is projected to grow at a CAGR of 4.7% during 2019-25. African countries are in immediate need of revamping their transmission and distribution network to reduce the current power outages to match the advanced economies standard, which would require a major revamp in the whole network. As a result, the demand for switchgears is going to skyrocket in the whole revamp process. Additionally, nearly 1 billion people are projected to gain access to electricity by 2040 owing to initiatives taken by the government to improve the electricity infrastructure.
According to Akash Sharma, Research Analyst, 6Wresearch, “Africa’s economic growth is being driven by a burgeoning demographic shift and rapid urbanization trends, leading to an increase in residential construction activity. Moreover, “Agenda 2063”, continent’s own vision to boost economic and industrial sectors, includes goals such as grid extensions and densification, which would maximize the electricity generation required to meet the goals. Hence, the distribution network is going to expand over the coming years which would lead to an increase in demand for switchgears in the African nations.”
According to Shubham Chaurasia, Research Associate, 6Wresearch, “Power Utilities captured the highest market revenue share, by applications, owing to recovering investor’s confidence due to stabilizing political situation which would lead to more investment in the power utilities sector and would eventually accelerate the growth of switchgears in the Africa market. Furthermore, increasing private participation in the electricity sector and linkage of power grids of various countries will also skyrocket the demand for switchgears in the region.”
Some of the major companies in Africa switchgear market include Siemens AG, ABB Ltd., Schnieder Electric SE, and General Electric.
"Africa Switchgear Market (2019-2025)" report provides an in-depth analysis with 90 figures covered in 200 pages. The report estimates and forecast the overall Africa Switchgear market by voltage, insulation type, applications, camera and countries. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.