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Pad Mounted Switchgear Market - Growth, Trends, and Forecasts (2023-2028)

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  • 119 Pages
  • April 2023
  • Region: Global
  • Mordor Intelligence
  • ID: 5530199
The pad-mounted switchgear market is expected to grow at a CAGR of over 3% during the forecast period.

COVID-19 moderately impacted the market in 2020. Currently. The market has reached pre-pandemic levels.

Key Highlights

  • Factors such as increasing power generation capacity additions across the world, especially in developing regions, growing demand for replacing/refurbishing aging power distribution infrastructure, and increasing electricity demand, particularly in China and India, owing to rapidly increasing industrial and infrastructural development activities, are expected to drive the market during the forecast period. Moreover, increasing investments in transmission and distribution infrastructure with efficient underground distribution systems are expected to bolster the growth of the market.
  • However, with delays in the implementation of electrification projects globally and the high cost associated with pad-mounted switchgear, the growth of the market is likely to be hampered.
  • Rising electrification projects in Africa and the Asia-Pacific, with several initiatives signaling that significant improvements are underway in the regions to improve the transmission and distribution network, are expected to create ample opportunities for the pad-mounted switchgear market players.
  • The Asia-Pacific is expected to be the fastest growing market, owing to one-third of the world's population currently residing in India and China, with the two countries accounting major share of global electricity demand.

Pad Mounted Switchgear Market Trends

Gas Insulated Switchgear is Expected to Grow at the Fastest Rate

  • Gas-insulated switchgear (GIS) is a metal encapsulated switchgear that consists of high-voltage components such as circuit breakers and disconnectors. A GIS is majorly used in confined spaces, for example, in city buildings, office spaces, offshore platforms, extensions, roofs, etc.
  • Moreover, the medium-voltage gas-insulated switchgear segment is expected to witness significant demand over the forecast period due to the rapid improvement in the power distribution sector through the implementation of smart grid and smart meter technology.
  • Gas-insulated medium voltage switchgear is widely used in wind farm generators. Medium voltage switchgear of up to 35 kVA SF6 gas-insulated, especially used for the protection of wind generators, are installed at remote locations.
  • Underground distribution is common in European countries. Many countries, such as the Netherlands, have 100% of their distribution network underground because of several advantages such as increased reliability and low fault rate. Investments in distribution networks are expected to further contribute to the growth of the gas-insulated pad-mounted switchgear market.
  • Furthermore, a large increase in power consumption in developing countries such as China and India as a result of several electrification projects is assisting market expansion. GIS is being used by several countries involved in cross-border power transmission to create long transmission lines, distribution stations, and substations.
  • With increasing urbanization and industrialization across developing economies, the demand for gas-insulated switchgear is expected to witness significant growth during the forecast period.

Asia-pacific to be the Fastest Growing Market

  • The Asia-Pacific is expected to be the fastest-growing region due to the increasing power generation capacity plans, growing demand for replacing/refurbishing of aging transmission and distribution networks, and increasing electricity demand, particularly in China and India, owing to rapidly increasing industrial and infrastructural development activities.
  • China has witnessed high rates of electricity demand, owing to the unprecedented growth of the economy, coupled with factors such as rapid industrialization and urbanization of electricity. The primary energy consumption grew by 7.1%, exceeding 157 exajoules, in 2021.
  • Utilities and governments in China are developing new generation projects, particularly renewable energy ones, to meet the rising electricity demand. This is likely to require distribution infrastructure to accommodate these projects, which is expected to drive the growth of pad-mounted switchgear in the country.
  • With Australia’s aging electricity infrastructure nearing the end of its lifespan, it has become crucial to refurbish/ renovate the electricity distribution network for increasing renewable energy generation. Moreover, the country has been taking initiatives to modernize its energy infrastructure, for which, the government invests nearly USD 5 billion annually in the distribution network.
  • The Indian government also plans to invest further in strengthening the electrical network, to build a strong and smart grid, and this, in turn, is expected to supplement the demand for pad-mounted switchgear in the country.

Pad Mounted Switchgear Market Competitor Analysis

The pad-mounted switchgear market is moderately fragmented. A few key players (not in a particular order) are ABB Ltd, S&C Electric Company, Eaton Corporation PLC, G&W Electric Co., and Hubbell Power Systems Inc.

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Table of Contents

1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5.1 Insulating Medium
5.1.1 Air
5.1.2 Gas
5.1.3 Fluids
5.1.4 Solid Materials
5.2 Application
5.2.1 Industrial
5.2.2 Commercial
5.2.3 Residential
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 South America
5.3.5 Middle-East and Africa
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 ABB Ltd
6.3.2 Eaton Corporation PLC
6.3.3 S&C Electric Company
6.3.4 G&W Electric Co
6.3.5 Hubbell Power Systems Inc
6.3.6 Federal Pacific, a Electro-Mechanical Corporation Company
6.3.7 The International Electrical Products Co. (TIEPCO)
6.3.8 Powell Industries Inc.
6.3.9 Electric and Electronic Co. Ltd.

Companies Mentioned

A selection of companies mentioned in this report includes:

  • ABB Ltd
  • Eaton Corporation PLC
  • S&C Electric Company
  • G&W Electric Co
  • Hubbell Power Systems Inc
  • Federal Pacific, a Electro-Mechanical Corporation Company
  • The International Electrical Products Co. (TIEPCO)
  • Powell Industries Inc.
  • Electric and Electronic Co. Ltd.