Pad-Mounted Switchgear Market Size & Share, by Application (Industrial, Commercial, Residential); Voltage; Type (Air Insulated, Solid Dielectric, Gas Insulated) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

Growth Drivers

• Rising Industrialization to Boost the Market Growth: Rising industrialization in the low and middle income countries is expected to boost the demand for uninterrupted power supply and thus drive the demand for pad-mounted switchgear. The market is anticipated to witness a significant growth on the back of these features during the forecast period. Automation of the power infrastructure and prevalence of underground distribution network is anticipated to drive the pad-mounted switchgear market growth further.
• Rising Adoption of Eco-Friendly Substitutes: Solid dielectric pad-mounted switchgear uses epoxy for insulation which is considered as an extremely essential component in gas-induced switchgear to reduce the emission of greenhouse gases. This is anticipated to drive the market growth during the forecast period. With low and middle income countries going through a phase of urbanization, rapid residential and commercial building activities are taking place at a much higher rate than before, which is another factor estimated to contribute towards the pad-mounted switchgear market growth over the next few years.

Challenges

• Intense Competition: As a result of rise in the key players dominating the market, the intense competition may squeeze the profit margins forcing the mid-scale companies to adopt different strategies. It is therefore, predicted to negatively impact the market growth during the forecast period. High cost associated with pad-mounted switchgear along with aging infrastructure and challenging interchangeability with the existing electric distribution systems are estimated to be other growth restricting factors for the market during the forecast period.