2014-03-31 06:55:01 - Switchgear Market for Power Industry, 2013 Update - Global Market Size, Equipment Market Share, Key Country Analysis to 2020 - a new market research report on companiesandmarkets.com
The value of the global switchgear market revenue increased from $46.8 billion in 2008 to $58.6 billion in 2012. While low-voltage switchgears are the least costly of the different switchgear types, they account for the highest share of global revenue with 49% as of 2012. This is due to the large volume of low-voltage switchgears sold annually. Medium-voltage switchgears accounted for 36% of the switchgear market in 2012, followed by high-voltage switchgears with 15%. This is because, for a single high-voltage installation, multiple medium-voltage switchgears must be deployed.
China Accounts for the Biggest Share of the Market
China is the largest market for switchgears in the world, accounting for a share of 16.9% in 2012. The value of the Chinese switchgear market
amounted to an estimated $7.7 billion in 2008 and increased to reach $9.9 billion in 2012. Due to the high growth rate of the market in China, the country is expected to account for a 19.2% share of the global market by 2020. China´s switchgear market is expected to grow at a Compound Annual Growth Rate (CAGR) of 10.8% between 2013 and 2020, while the global revenue is expected to increase at a CAGR of 9%.
Renewable Power Generation Drives the Medium-voltage Market in Western Europe and North American Countries
Since the late 2000s, more emphasis has been placed on increasing the share of renewable installed capacity and promoting distributed power generation. It has been found that distributed power generation adds to grid stability while reducing the load on the main system. Countries in the Western Europe and North America regions, such as Germany, France, the US and the UK are reducing their reliance on fossil imports and nuclear power while also reducing carbon emissions.
In order to achieve both of these goals, substantial investment and support is being offered for the development of renewable power generation. The EU has set an overall target for the cutting of emissions by 20% against 1990 levels by 2020 and has assigned individual targets. In the US, most states have set internal renewable energy targets.
Renewable power plants are typically used for distribution generation and are connected directly to 33 kilovolt (kV) and 11kV lines. This means that there is an increased market for medium-voltage switchgears at 33kV and 11kV voltage levels. This will result in the development of a new market for switchgears in Western Europe and the US. Additionally, the switchgear markets in the US and in Western European countries are also driven by retrofits.
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