Posted On: 2020-02-17
Expanding transmission and distribution network, increasing commercial construction activity as well as retirement of coal and nuclear facilities are expected to propel the growth of North America switchgear market during the forecast period – 6Wresearch
Rising construction activities, growing demand for renewable energy sources as well as government initiatives to replace older redundant systems to achieve operational safety and security in industrial establishment would accelerate the growth of switchgear market in North America. However, stringent environmental and safety regulations associated with switchgear, could restrain the market growth.
According to 6Wresearch, North America switchgear market size is projected to grow at a CAGR of 6.7% during 2019-25. The power sector is experiencing a major shift in the fuels used to generate electricity and additional retirement of existing coal and nuclear plants would lead to an increase in demand for switchgears over the coming years. Apart from this, the imminent expansion of current 35 electric transmission interconnections between the Canadian and US power systems would also boost the sales of switchgear further down the line.
According to Akash Sharma, Research Analyst, 6Wresearch, “The low voltage segment acquired the maximum revenue share, by voltage, on account of increasing commercial construction activity. Secondly, per capita disposable income has experienced an annualized 2.4% increase, leading to an annualized 2.9% increase in consumer spending in the residential sector. Additionally, housing completion rate has also increased in countries such as United States of America and Canada, contributing to the largest revenue share of the low voltage switchgear segment.”
According to Shubham Chaurasia, Research Associate, 6Wresearch, “Power utilities sector acquired the highest revenue share, by applications, in the North America region on account of expanding grid network in the countries. However, low voltage switchgear led the revenue share chart in the residential segment owing to increasing use of switchgears in housing societies.”
Some of the major companies in North America switchgear market include Siemens AG, ABB Ltd., Schnieder Electric SE, and General Electric.
"North America Switchgear Market (2019-2025)" report provides an in-depth analysis with 90 figures covered in 200 pages. The report estimates and forecast the overall North America switchgear market by voltage, insulation type, applications 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.