Pad-Mounted Switchgear Market Trends

  • Report ID: 2593
  • Published Date: Oct 14, 2024
  • Report Format: PDF, PPT

Pad-Mounted Switchgear Market Trends

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.

Pad-Mounted Switchgear Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

4.8%

Base Year Market Size (2023)

USD 5.62 billion

Forecast Year Market Size (2036)

USD 10.34 billion

Regional Scope

  • North America (U.S., and Canada)
  • Asia Pacific (Japan, China, India, Indonesia, South Korea, Malaysia, Australia, Rest of Asia Pacific)
  • Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Brazil, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Browse Key Market Insights with Data Illustration:


Author Credits:  Dhruv Bhatia


  • Report ID: 2593
  • Published Date: Oct 14, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of pad-mounted switchgear is estimated at USD 5.84 billion.

Pad-Mounted Switchgear Market size was valued at USD 5.62 billion in 2023 and is likely to cross USD 10.34 billion by 2036, registering more than 4.8% CAGR during the forecast period i.e., between 2024-2036.

North America industry is estimated to dominate majority revenue share by 2036, attributed to high investments in the pad-mounted switchgear technology in the region.

The major players in the market are Eaton Corporation, Hubbell Inc., G & W Electric, Trayer Engineering Corporation, Tiepco, S & C Electric Company, Park Detroit, Powell Industries, and others.
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