Global High-Voltage Switchgear Market – Snapshot
The high-voltage switchgear market is going through a diverse phase in different regions of the world. North America and Europe are mature regions of the market due to the presence of high-voltage power distribution grids in the regions. On the other hand, developing countries in Asia Pacific and Middle East & Africa that are undergoing grid modernization to reform electricity transmission and distribution network and are seeing an increase in demand for next-generation renewable power infrastructure are driving the global high-voltage switchgear market. The high-voltage switchgear market is projected to expand at a CAGR of 5.0% during the forecast period and reach US$ 18,898.7 Mn by 2026.
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Increase in government initiatives for the renewal of existing transmission and distribution networks and grid modernization is expected to propel demand for high-voltage switchgear during the forecast period. According to the Office of Electricity Delivery and Energy Reliability (OE), the U.S. accounts for 4% of the global population and is responsible for 25% of its greenhouse gas emissions. Moreover, half of its electricity is produced by burning coal, which is a major contributor to global warming. Hence, stringent government policies and regulations to adopt renewable energy sources and upgrade existing fossil fuel power grids are expected to boost the high-voltage switchgear market during the forecast period.
However, the high-voltage switchgear market faces serious challenges from the extensive copying and counterfeiting of electrical products. Illegal manufacturers are reproducing copies of original technology at very cheap prices as compared to OEMs. This is expected to hamper demand for electrical products, including high-voltage switchgear. The use of such fake products is risky in nature and can cause serious hazards and accidents in industries. Thus, the illegal switchgear market is expected to inhibit the growth of the original switchgear market.
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Gas-insulated switchgear is expected to be the most preferred type of switchgear across the world. It is expected to have an edge over air-insulated switchgear. The physical size and design of gas-insulated switchgear offer higher reliability and flexibility than other solutions. Due to the gas-enclosed design, gas-insulated switchgear is the most suitable solution for indoor and underground substations. The maintenance cost of gas-insulated switchgear is also minimal, because the busbars and switching units are both completely sealed, thus limiting the need for insulation cleaning and user intervention.
The usage of sulfur hexachloride (SF6) gas is expected to drive the market since this gas has high dielectric properties compared to air and acts as an insulating medium for high-voltage or extra high-voltage switchgear equipment. SF6 is a greenhouse gas with an extremely significant impact on global warming. It is one of the six gases listed in the 1997 Kyoto Protocol designed to lower greenhouse gas emissions worldwide.
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Attracted by this expanding market and underlying latent demand, several players are expanding their business through strategic mergers and acquisitions and partnerships with several industries. In 2017, ABB expanded its footprint in Indonesia with a high-voltage switchgear unit in order to support the country’s efforts to strengthen its power transmission infrastructure, enhance grid reliability, and help meet the rising demand for electricity, benefitting millions of consumers. Some of the prominent players as identified in the high-voltage switchgear market include ABB Ltd., Eaton Corporation, Fuji Electric Co. Ltd, General Electric, Mitsubishi Electric Corporation., Schneider Electric SE, Siemens AG, Crompton Greaves Ltd., Hyosung Corporation, and Toshiba Corporation. Companies are focusing on expanding their business through strategic acquisitions and partnerships with several end-use industries.
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