Global Switchgear Market to Grow 6.5 per cent annually to 2026News
Posted by: electime 7th August 2020
The world market for switchgear is expected to grow at a combined annual growth rate (CAGR) of approximately 6.5 per cent during the forecast period of 2020-2026. This is according to a recent report by Global Market Insights.
Switchgears are among the most basic equipment of transmission and distribution systems. They are used to control, switch, and protect electrical systems and equipment. Different types of switchgear devices include isolators, relays, fuses, switches, control panels, circuit breakers, lightning arresters, current transformer, and indicating instrument. Making, breaking, or carrying the normal load current, and clearing the fault current are the major functions of switchgear products.
Switchgear systems are linked to the transmission and distribution system directly. They are placed in both low and high voltage sides of the power transformer. Switchgear and other automatic protective equipment are required to protect power lines, generators, transformers, and other components of the supply system.
Global Market Insights, Inc., forecasts that global switchgear market size will be worth more than US$190 billion by 2026, with robust application in industrial, residential, commercial, and utilities sectors.
How will microgrid and smart grid deployment impact low, medium, and high voltage switchgear demand?
Switchgears are available in low voltage, medium voltage, and high voltage forms. Electric switchgears rated 1KV or lower are considered low voltage. These include low voltage circuit breakers, earth leakage circuit breakers, load electrical isolators, miniature circuit breakers (MCBs), HRC fuses, molded case circuit breakers (MCCB), and switches.
Medium voltage switchgears are rated between 3KV and 36KV. The major function of these systems is to interrupt current flow during faulty conditions. On the other hand, high voltage switchgears are rated more than 36KV and include components such as high voltage circuit breakers.
Both developed and developing regions around the world are expected to invest substantially in the upgradation of existing grid infrastructure and the deployment of smart grid and microgrid technologies. Switchgear systems will certainly play a massive role in meeting the demand for reliable and uninterrupted power supply across residential, commercial, and industrial settings.