The global switchgear market is set to gain momentum from the increasing integration of unique digital solutions and smart monitoring & control units. Besides, the rising investments by regulatory bodies in sustainable power generation technology would propel growth. This information is published in a new report by Fortune Business Insights™, titled, “Switchgear Market Size, Share & COVID-19 Impact Analysis, By Insulation (Gas, Air, Oil, and Vacuum), By Installation (Indoor and Outdoor), By Voltage (Low, Medium, and High), By End-User, and Regional Forecast, 2020-2027.” The report further states that the market size was USD 105.43 billion in 2019 and is projected to reach USD 170.40 billion by 2027, exhibiting a CAGR of 6.6% during the forecast period.
The computer engineering definition pandemic has resulted in the complete shutdown of manufacturing sites and processing industries in the power industry worldwide. Companies have postponed their investments, mergers & acquisitions, and significant power projects. These factors are expected to cause a decline in the demand for these gears. Our in-depth reports would help you to gain complete information about the effects of the pandemic on the market.
The rising awareness programs about the new generation mix, as well as the increasing demand for energy to keep up with the rapid urbanization across the globe would affect the switchgear market growth positively in the forthcoming years. Switchgear tools are extensively used in complex industries and electrical substations for maintaining voltage stability & withstanding varying operating voltages. Apart from that, the increasing modernization and development of state-of-the-art industrial structures, such as government offices, banks, power plants, and other commercial buildings would augment growth. However, the efficiency of switchgear equipment installed outdoors can be affected by harsh climatic conditions, such as humidity, pressure, and temperature. This factor may obstruct growth.
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