#Switchgear #Market #Size #Worth #USD #Billion #Globally
Pune, India, Oct. 11, 2022 (GLOBE NEWSWIRE) — The global Switchgear Market was USD 105.43 billion in 2019. The global market size is expected to gain momentum by reaching USD 170.40 billion by 2027, exhibiting a CAGR of 6.6% during the forecast period from 2021-2027. This information is provided by Fortune Business Insights, in its report, titled, “Switchgear Market, 2021-2027.”
According to our analysts, the factors such as increasing product variations and availability in a wide range of voltages and power ratings and 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.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast Period 2020 to 2027 CAGR | 6.6% |
| 2027 Value Projection | USD 170.40 billion |
| Base Year | 2019 |
| Market Size in 2019 | USD 105.43 billion |
| Historical Data for | 2016-2018 |
| No. of Pages | 190 |
| Segments covered | By Insulation, By Installation, By Voltage, By End-User, and Regional Analysis |
| Growth Drivers | Rising Construction of Commercial Buildings to Spur Growth |
| Postponement of Major Power Projects amid COVID-19 to Slow Down Growth |
COVID-19 Impact Analysis-
Postponement of Major Power Projects amid COVID-19 to Slow Down Growth
The COVID-19 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 switchgears. Our in-depth reports would help you to gain complete information about the effects of the pandemic on the market.
To get to know more about the short-term and long-term impact of COVID-19 on this…
Read on GNW: Switchgear Market Size Worth USD 170.40 Billion, Globally,
