Research and Markets, an international market research and data firm based in Dublin, Ireland, recently released the "Global Switch Gear Market 2014-2018” report. The research report shows that ABB, Siemens AG and Alstom dominate the field.
One of the main factors in the global switchgear market is the increasing demand for renewable sources of energy. Several developed and developing countries such as India, U.S., Germany, Japan, Brazil, Taiwan and China are experiencing a rapid industrialization phase and are making investments in renewable energy, which is driving the demand for switchgear across the globe.
The steady shift from conventional switchgear to modular switchgear is a major trends in the global switchgear market, the report said. The conventional air-insulated switchgear has various components such as circuit breakers, current transformers and disconnectors. These components need more installation space, thereby increasing the cost of installation. Modular switchgear overcomes these issues by integrating these functions into the breaking chamber of the circuit breaker, which results in easy installation and optimization of the overall operational cost.
In addition, the report states that one of the main challenges in this market is the rising cost of raw materials. The price of switchgears is increasing due to the high cost of raw materials such as copper, aluminum and steel.
The key vendors dominating this market space are ABB, Siemens AG and Alstom, according to the report. Other vendors mentioned in the report are Bharat Heavy Electricals Ltd., Crompton Greaves Ltd., Eaton Corp., GE, Hyosung Corp., Mitsubishi Electric Corp., OJSC Power Machines and •Xian XD Switchgear Electric Co. Ltd.