PUNE, India, Oct. 11, 2022 (GLOBE NEWSWIRE) — The global switchgear market amounted to USD 105.43 billion in 2019. The global market size is expected to gain momentum by reaching USD 170.40 billion by 2027, showing a CAGR of 6.6% during the forecast period of 2021-2027. This information is provided by Fortune Business Insights in its report titled “Switchgear Market, 2021-2027”.
According to our analysts, these are factors such as increasing product variations and availability in a wide range of voltages and powers, as well as the increasing integration of unique digital solutions and intelligent monitoring and control units. In addition, increasing investments by regulators in sustainable power generation technologies would drive growth.
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Report Highlights:
| report coverage | details |
| forecast period | 2020-2027 |
| Forecast period 2020 to 2027 CAGR | 6.6% |
| Value prognosis 2027 | $170.40 billion |
| base year | 2019 |
| Market size in 2019 | $105.43 billion |
| Historical data for | 2016-2018 |
| number of pages | 190 |
| segments covered | By insulation, by installation, by voltage, by end user and regional analysis |
| growth accelerator | Increasing construction of commercial buildings is expected to boost growth |
| Major energy projects postponed amid COVID-19 to slow growth |
COVID-19 Impact Analysis-
Major energy projects postponed amid COVID-19 to slow growth
The COVID-19 pandemic has led to the complete shutdown of production facilities and processing industries in the energy industry worldwide. Companies have postponed their investments, mergers and acquisitions, and major energy projects. These factors are expected to lead to a decrease in demand for switchgear. Our in-depth reports will help you fully understand the impact of the pandemic on the market.
To learn more about the short- and long-term impact of COVID-19 on this market, please visit:
