According to the Graphical Research new growth forecast report titled “Europe Switchgear Market Size By Voltage (Low, Medium, High), By Insulation (Air, Gas, Oil, Vacuum), By Installation (Indoor, Outdoor), By Current (AC, DC), By Application (Residential & Commercial, Industrial, Utility), Industry Analysis Report, Country Outlook (UK, Germany, France, Russia, Italy, Austria), Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026”, to Enlarge During 2020-2026.
Europe Switchgear Market Share is anticipated to grow on account of rising inclination toward renewable energy across the primary and secondary power consumption. Government initiatives toward the refurbishment of existing distribution networks coupled with increasing expenditure towards infrastructural expansion will energize the industry scenario.
Medium voltage switchgear market is predicted to witness upsurge on account of strong growth across the commercial sector and rapid development of industrial establishments. Wide scale adoption of these units across co-generation plants, airports correctional facilities and critical power applications will boost the business growth. Ongoing digital transformation of power utilities to effectively monitor and control operations will propel the industry potential.
Increasing electricity demand coupled with expansion of extra high-tension transmission networks will facilitate the outdoor switchgear market. Increasing government financial incentives and subsidies toward solar and offshore wind farms will encourage the product adoption. Increasing applicability across heavy assembly, semiconductor, automotive, pharmaceutical and biotech industries will favor the business scenario.
Ongoing expansion of utility aided power distribution infrastructure surging demand for HVDC systems across the T&D network will foster the demand for DC switchgears. Growing concern toward grid stability across manufacturing and production establishments will sway the industry potential. Ongoing integration of smart control and monitoring systems in line with increasing investments toward sustainable energy generation technologies will accelerate the product deployment.
Increasing infrastructural investments coupled with ongoing commercialization will accelerate the France switchgear industry. Flourishing tourism sector in line with paradigm shift towards the conversion of overhead electric lines to underground network will energize the product portfolio. Increasing urbanization rate along with development of smart cities will boost the industry outlook. Rapid increase in population and upgradation of existing transmission networks will strengthen the business growth.
Eminent players operating across the industry includes ABB, Toshiba, General Electric, Siemens AG, Mitsubishi Electric Systems, Schneider Electric, Fuji Electric, Hubbell, Larson & Turbo, and Hitachi Ltd. Major players are focusing toward merger and acquisitions coupled with high-tech advancements to meet the prevailing competition in the industry.