Posted On: 2020-01-16
Increasing electricity demand, ascending energy production as well as expanding grid network are expected to propel the growth of Europe Switchgear market during the forecast period – 6Wresearch
The EU has set a target of attaining electricity interconnection that all member states have to meet by 2020. Moreover, government is also focused on substituting the old conventional facilities with renewable facilities. As a consequence, the interconnection and distribution network would experience vast expansion in the region. These factors would spur the demand for Europe Switchgear market over the coming years.
According to 6Wresearch, Europe switchgear market size is projected to grow at a CAGR of 4.7% during 2019-25. Study projects such as e-Highway2050 are aimed towards developing a to top-down methodology for the expansion of the Pan-European electricity grid from 2020 to 2050, with a view to meet the EU energy policy objectives. Apart from this, the decarbonisation of the electricity sector is also one of the indispensable factors responsible for the surge in demand for switchgears.
According to Akash Sharma, Research Analyst, 6Wresearch, “Residential segment acquired the maximum revenue share, by voltage, on account of increasing construction of residential apartments as low voltage switchgears are majorly utilized in the residential sector. Secondly, increasing electricity consumption to satisfy the countries having the largest population and growing urbanization across several countries with development in residential and commercial sector would benefit the switchgear market in terms of revenue in Europe.”
According to Shubham Chaurasia, Research Associate, 6Wresearch, “Power utilities captured the highest market revenue share, by applications, owing to the extensive installation of renewable based electricity power plants in the region. This can be tied to the aspects such as availability of favourable geographical location for solar, wind and hydro power projects. Furthermore, there is a surge in influx of foreign investment that would support the expansion plans of electricity transmission network in the remote areas of the region. Apart from this, the deployment of smart grid solutions to support electric-based transportation network in countries such as United Kingdom and Germany would also accelerate the switchgear market in Europe.”
Some of the major companies in Europe switchgear market include Siemens AG, ABB Ltd., Schnieder Electric SE, and General Electric.
"Europe Switchgear Market (2019-2025)" report provides an in-depth analysis with 90 figures covered in 200 pages. The report estimates and forecast the overall Europe 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.