Posted On: 2019-09-26
Brazil accounts for the largest share in the Latin America switchgear market– 6Wreseach
Latin America switchgear market is projected to witness moderate growth during the forecast period on account of extensive construction of renewable-based power projects in countries such as Argentina, Chile and Mexico. Additionally, growing number of projects to expand electricity transmission network in remote areas and increased adoption of smart grid solutions would escalate the demand for switchgears in Latin America.
According to 6Wresearch, Latin America Switchgear Market is expected to grow at a CAGR of 3.5% during 2019-25. Countries such as Brazil, Argentina, Colombia, and Chile, are investing in the industrial sector to increase the domestic production. Hence, new industrial projects are introduced in the region which in turn are surging the demand for switchgear products over the coming years.
According to Kanika Arora, Assistant Manager, Research and Consulting, 6Wresearch, “Brazil and Mexico have a significant revenue share in the overall switchgear market of Latin America. Brazil is anticipated to show maximum growth during the forecast period, owing to extensive use of switchgear in new hydro and wind power plants. Renewable projects such as, Sao Luiz do Tapajos, Apertados, Tabajara, Telemaco Borba, etc., on various Brazilian Rivers, with total electricity generation capacity target of 12.9 GW.”
“Moreover, increasing stability in the economic conditions in Brazil and Argentina, after three years of fiscal disturbance is expected to initiate inflow of foreign investments in commercial and industrial sectors. This would lead to the construction of new projects emerging in these countries, which would spur the growth of switchgear market.” Kanika concluded.
According to Navneet Aggarwal, Research Associate, Research and Consulting, 6Wresearch, “Power utilities and industrial applications accounted for significant revenue share in the Latin America switchgear market in 2018 and the same trend is expected to continue during the forecast period on account of extensive improvisation of transmission network and new industrial projects. Latin America is one of the key producers of natural gas, oil and minerals, hence new projects for extraction and mining are anticipated to be constructed that would spur the growth of switchgear market in future.”
“Moreover, new projects in commercial sectors to meet the growing demand for office spaces and commercial complexes is surging the demand for switchgears, especially low voltage, in the switchgear market of the region.”, Navneet concluded.
Some of the key players in the Latin America Switchgear market include Caterpillar, Schneider, ABB, Siemens, and Eaton.
"Latin America Switchgear Market (2019-2025)" report provides an in-depth analysis with 139 figures and 57 tables covered in more than 300 pages. The report estimates and forecast the overall Latin America switchgear market by revenues, voltage, types, insulation type, applications, and countries that include Mexico, Brazil, Argentina, and Chile. 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 device and align their market strategies according to the current and future market dynamics.