Lucintel’s latest market report analyzed that switchgear provides attractive opportunities in the utilities, industrial, residential, and commercial sectors. The switchgear market is expected to reach $139.1 billion by 2027 with a CAGR of 5.6%. In this market, low voltage switchgear is the largest segment by product type, whereas utilities is largest by end use industry. Development of digital switchgear and growing focus on eco-efficient switchgear provides strategic growth path in this market.
Download Brochure of this report by clicking on https://www.lucintel.com/switchgear-market.aspx Based on product type, the switchgear market is segmented into other low voltage switchgear, metal enclosed & metal clad, MCCB, fuse, power circuit breaker, and other medium & high voltage switchgear. The low voltage switchgear segment accounted for the largest share of the market in 2021 and is expected to register the highest CAGR during the forecast period, due to increasing construction activities and renewable energy installations.
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The Switchgear Market is marked by the presence of several big and small players. Some of the prominent players offering switchgear include ABB Ltd., General Electric, CG Power and Industrial Solutions Limited, Siemens AG, Eaton, Alstom SA, Schneider Electric, Havells India Ltd., Mitsubishi Electric Corporation, and Bharat Heavy Electricals Ltd.
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