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レポート概要
| 本書では、開閉装置の世界市場を調査対象とし、イントロダクション、調査手法、エグゼクティブサマリー、市場インサイト、市場動向、スナップショット技術、種類別（電圧、絶縁、装置）分析、産業別（商業、家庭、産業）分析、地域別分析、競争状況、投資分析、市場機会・将来動向などを整理いたしました。 ・イントロダクション ・調査手法 ・エグゼクティブサマリー ・市場インサイト ・市場動向 ・スナップショット技術 ・開閉装置の世界市場規模：種類別（電圧、絶縁、設置） ・開閉装置の世界市場規模：産業別（商業、家庭、産業） ・開閉装置の世界市場規模：地域別 ・競争状況 ・投資分析 ・市場機会・将来動向 |
The global switchgear market is expected to register a CAGR of 7% during the forecast period (2021 – 2026). The rising energy demand to encourage rapid urbanization and the new generation mix is expected to propel the switchgear market. Switchgear equipment is fundamentally used in the complex electrical substations to withstand fluctuating operating voltage in highly volatile environmental conditions. The development of new industrial structures, including powerplants for safe and reliable operations, is further estimated to stimulate the growth of the market.
– Increasing investments to develop renewable energy and favorable norms of the governments to support the new technology, are anticipated to foster the industry landscape. According to IEA’s World Energy Investment Report 2019, the global energy investment stabilized at over USD 1.8 trillion in 2018, with more spending in upstream oil and gas and coal supply, offset by lower spending fossil-fuel-based generation and renewable power.
– Bulk power generation plants using onshore and offshore wind, solar, and hydro sources are set to increase the need for new transmission and distribution lines, which would affect the switchgear market. According to the IEA’s Offshore Wind Outlook 2019, investment in the sector last year neared USD 20 billion, compared to under USD 8 billion in 2010. Further, the agency predicts that offshore wind investments would reach USD 1 trillion by 2040, with global capacity set for a 15-fold increase.
– The upgradation of the aging infrastructure is further anticipated to power the growth of the market. For instance, around 65 gigawatts of European onshore wind turbines will reach end-of-design-life by 2028. The upgradation of equipment concerning extending the life span would drive the market for switchgear.
– Another factor fueling the switchgear market growth is the rising construction activities worldwide, owing to the increasing focus on infrastructure. The construction industry is witnessing growth in the emerging economies, including China and India, apart from the advanced economies, like the United States, Canada, and countries in the European Union (EU), which are already focusing on their existing infrastructure.
– However, stringent environmental and safety regulations related to the switchgear market are restraining factors. The increasing rivalry from the unorganized sector of the switchgear market is likely to restrain the switchgear market. Also, HVDC transmission networks and upcoming smart cities can lead to opportunities in the switchgear market.
– Moreover, the market is witnessing various innovations globally. Eaton introduced an LV switchgear designed in two parts. In July 2019, the company acquired Innovative Switchgear Solution Inc. Through this acquisition, Eaton laid a step forward to expand its product portfolio of medium-voltage electrical equipment. Further, Alstom has debuted the installation of HYpact switchgear equipment in Austria.
– The switchgear market is expected to be impacted significantly by the COVID-19 outbreak as the major suppliers of raw materials and finished products have been hugely impacted in Asia-Pacific. The industry is facing a reduction in production, disruption in the supply chain, and price fluctuations. The sector is also affected by the impact of coronavirus on the power sector of the region. Demand for goods and services and cash flow of vendors have considerably reduced.
Key Market Trends
Gas Insulated Switchgear Hold Significant Market Share
– The Gas Insulated Switchgear (GIS) is expected to hold the maximum share in the global switchgear market. Gas-insulated switchgear (GIS) is a metal encapsulated switchgear which consists of high-voltage components such as circuit-breakers and disconnectors. A GIS is majorly used in confined spaces, such as in city buildings, office spaces, offshore platforms, extensions, on roofs, etc.
– Growing standards to control the overall carbon emissions, coupled with rising awareness among consumers to adopt renewable energy generation like solar, are anticipated to accelerate switchgear usage. As compared to Air Insulated Switchgear (AIS), they are more environment-friendly, reliable, and flexible. Also, the installation time and maintenance cost required for GIS is less than that of AIS. The major applications of GIS are power transmission, integration of renewable power generation units to the grid, and railways.
– The major factor driving the growth is the rising energy demand and extension/replacement of old switchgear at sub-stations that can drive the switchgear market’s gas-insulated switchgear equipment. Due to its space optimization, low maintenance, and protection against external elements, the demand for gas insulated switchgear is expected to rise.
– Major companies providing GIS are continuously developing and innovating by making investments. For instance, in February 2019, ABB has recently powered Africa’s most significant gas-insulated switchgear installation. This Gas-insulated electrical substation is expected to strengthen power reliability in Johannesburg.
Asia-Pacific Dominates the Market
– The Asia-Pacific market is expected to drive the global switchgear market during the forecast period. The significant factors contributing to the dominance in this region are the upgradation of the aging electrical grid infrastructure and increasing electricity demand in the region.
– The booming infrastructure development for renewable energy sources, growing market for grid modernization, and replacement of old installations, along with capacity enhancements, are some of the major factors stimulating the growth.
– The increasing electricity demand, due to rising population, economic expansion, urbanization, industrialization, and rural electrification projects, is leading the market demand for switchgear. The power generation capacity in India has grown at a rate of over 10% in the past few years, while the transmission and distribution networks have witnessed moderate growth. This has translated into a growing demand for robust power system equipment, such as switchgear, in the country, which helps protect against situations of overload, short circuit, insulation failure, etc.
– The robust infrastructure development, including smart cities, and various schemes launched by the government in the past, like Make in India, Digital India, Integrated Power Development Scheme, and Atal Mission for Rejuvenation and Urban Transformation, among others, have significantly contributed to the market growth.
– Further, in the 2019-2020 budget, India announced the “One Nation, One Grid” initiative to bring affordable power to all states. Such initiatives are anticipated to increase the investments in infrastructure for utilities in the region, thereby supporting the growth of the market studied.
– The market studied in the region is anticipated to benefit from the significant ongoing investments to develop smart grid architecture in China. For instance, State Grid Corporation of China, a state-owned utility company, has deployed 452MWh of grid-connected FTM pilot projects that were supported by government research grants. Further, China Southern Power Grid plans to step up investments in smart grid construction in the Pearl River Delta region, to improve clean energy installation in the upcoming years.
Competitive Landscape
The global switchgear market appears to be fragmented owing to the presence of several established and regional switchgear manufacturers and is quite competitive. The vendors are constantly innovating new solutions to maintain their market share. Some of the key developments in the market are:
– In April 2020 – ABB expanded its UniGear medium-voltage switchgear portfolio by introducing UniGear ZS1 63 kA, which further strengthens the portfolio. It can be used for demanding applications, like power stations and steel, oil and gas, and chemical plants.
– In Jan 2020 – Siemens AG acquired New Delhi-based switchgear and power equipment major, C&S Electric Limited, for around INR 2,100 crore (approximately EUR 267 million). The acquisition comprises the Indian operations of C&S Electric’s low-voltage switchgear components and panels, low and medium voltage power busbars, and protection and metering devices businesses.
Reasons to Purchase this report:
– The market estimate (ME) sheet in Excel format
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1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHT
4.1 Market Overview
4.2 Industry Attractiveness – Porter’s Five Force Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Threat of New Entrants
4.2.4 Intensity of Competitive Rivalry
4.2.5 Threat of Substitute Products
4.3 Assessment of Impact of COVID-19 on the Switchgear Market
5 MARKET DYNAMICS
5.1 Introduction to Market Dynamics
5.2 Market Drivers
5.2.1 Growth of Smart Electricity Grid Infrastructure
5.2.2 Growing Focus on Infrastructure and Renewable Energy Sources
5.3 Market Restraints
5.3.1 Stringent Environmental and Safety Regulations
5.3.2 Increasing Competition from the Unorganized Sectors
6 TECHNOLOGY SNAPSHOT
7 MARKET SEGMENTATION
7.1 By Type
7.1.1 Voltage
7.1.1.1 Low-Voltage
7.1.1.2 Medium-Voltage
7.1.1.3 High-Voltage
7.1.2 Insulation
7.1.2.1 Gas Insulated Switchgear (GIS)
7.1.2.2 Air Insulated Switchgear (AIS)
7.1.2.3 Other Insulation Types
7.1.3 Installation
7.1.3.1 Indoor
7.1.3.2 Outdoor
7.2 By End-user Industry
7.2.1 Commercial
7.2.2 Residential
7.2.3 Industrial
7.3 Geography
7.3.1 North America
7.3.2 Europe
7.3.3 Asia-Pacific
7.3.4 Latin America
7.3.5 Middle-East & Africa
8 COMPETITIVE LANDSCAPE
8.1 Company Profiles
8.1.1 ABB Ltd.
8.1.2 Havells India Ltd.
8.1.3 Mitsubishi Electric Corporation
8.1.4 Schneider Electric
8.1.5 Siemens AG
8.1.6 Eaton Corporation
8.1.7 Toshiba International Corporation
8.1.8 Meidensha Corporation
8.1.9 Hitachi, Ltd.
8.1.10 Crompton Greaves Power and Industrial Solutions Limited
8.1.11 Powell Industries
8.1.12 Fuji Electric Co., Ltd.
9 INVESTMENT ANALYSIS
10 MARKET OPPORTUNITIES AND FUTURE TRENDS