Global Switchgear Market accounted for a value of USD 62.2 billion in 2019

The global switchgear market accounted for a value of USD 62.2 billion in 2019. Switchgear market is projected to register growth at a CAGR of 5.1% during forecast period.
 
NOIDA, India - Nov. 24, 2020 - PRLog -- COVID-19 has impacted all the businesses over the globe. The power industries are facing various challenges across the world. The companies were shut down during corona virus period due to lockdown. Various projects across the world are put on hold or suspended. The supply chain of raw material has also impacted due to virus outbreak.

The key market players in switchgear market are ABB, Hitachi, CG Power & Industrial Solutions, Hyundai, Schneider, Eaton, Siemens, GE, Mitsubishi Electric, Powell, Larsen & Turbo, Lucy Electric, Fuji Electric, Hubbell and Elektrobudowa.

Asia-Pacific is estimated to hold largest market share during forecast period. The industrialization and urbanization is rising in various countries of this region such as India and China. The installation of new substation is rising in this region and the existing infrastructure is also upgrading in various countries of this region. The upgrade of electrical infrastructure involves use of improved and efficient power equipments including switchgears. This is likely to drive growth in Asia-Pacific region in switchgear market during forecast period.

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