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Written by Jack » Updated on: November 19th, 2024
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "North America Switchgear Market.”
TechSci Research's report, "North America Switchgear Market - By Country, Competition, Forecast & Opportunities, 2028F," anticipates a robust rise in the North America switchgear market in the coming years. This growth is attributed to escalating demands for electricity in the commercial and residential sectors, increased governmental investments in renewable energy, and a surging demand for clean energy, among other factors.
Switchgear, essential electrical devices used to control, protect, monitor, and isolate electrical equipment, including circuit breakers, electrical disconnect switches, fuses, and relays, are poised for expanded adoption due to escalating infrastructure costs and the growing need for efficient monitoring and control systems. The market is further driven by the imperative to replace and modernize conventional power infrastructure and incorporate renewable energy sources.
Research Data: https://www.techsciresearch.com/report/north-america-switchgear-market/15828.html
The North America switchgear market is projected to witness moderate expansion over the next few years, propelled by accelerated infrastructure construction. This rise is fueled by the increasing penetration of effective controlling and monitoring systems. Additionally, the substitution of conventional electricity with renewable power generation and escalating governmental investments in electricity infrastructure construction are contributing to market growth.
The gas-insulated segment holds the largest market share in 2022 and is expected to exhibit a significant CAGR during 2024-2028F. Gas-insulated products, equipped with high-voltage components, operate efficiently and safely in confined spaces, finding applications in various sectors like building extensions, industrial facilities, hydropower plants, and offshore platforms.
Report Scope
In this report, the North America Switchgear Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
In terms of end users, the residential segment dominated the market in 2022, driven by rising power demand and increased smart grid implementations. Urbanization and population growth are driving energy consumption, leading to a surge in renewable energy source adoption to meet rising energy needs sustainably. The introduction of smart technologies in power distribution, infrastructure aging, and smart city initiatives are further propelling market growth.
Key market players in the North America switchgear market include:
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The North America Switchgear Market is anticipated to witness a strong CAGR during 2024-2028F, fueled by rapid urbanization, industrialization, increasing investment in renewable and clean energy, and rising demand for continuous electricity in commercial and residential sectors. Medium-voltage switchgear components are gaining traction due to efforts to upgrade the region's current grid infrastructure. Initiatives such as the USD 13 billion investment by the U.S. Department of Energy and Canada's infrastructure repair and transmission line construction projects are expected to drive transmission & distribution (T&D) investment growth in the coming years.
Karan Chechi, Research Director at TechSci Research, emphasized, "The North America Switchgear Market, By Insulation (Air Insulated, Gas Insulated, and Others), By Installation (Indoor and Outdoor), By Voltage (low, medium, and high), By Current (AC and DC), By End User (Commercial, Residential, and Industrial), By Region, Competition, Forecast & Opportunities, 2028F," provides comprehensive insights into the future growth potential of the North America switchgear market. The report offers valuable statistics and information on market structure, size, share, and future growth, aiming to equip decision-makers with cutting-edge market intelligence for sound investment decisions. Additionally, it identifies and analyzes emerging trends, essential drivers, challenges, and opportunities present in the North America switchgear market.
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