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High voltage switchgear market to exceed $10 million by 2020
Companiesandmarkets.comJul 06, 2012 15:13 BST
2010 saw the value of the high voltage switchgear market stand at $5.95 million, and by 2015 this amount is expected to hit $7.32 million. Growing at a compound annual growth rate (CAGR) of 7.8% through to 2020, the market is expected to exceed a value of $10 million.
China and the US represent the two leading high voltage switchgear markets in the world, holding shares of 20.5% and 6.3% in 2011. During the period to 2020, the high voltage switchgear market in China and the US is predicted to reach over $13.37 million and $5.42 million respectively.
Growth within the high voltage switchgear market in China is being predominantly driven by the new build market, as the Chinese Electricity Council's investment plan has allocated around $390 billion to be spent on grid construction by 2015. Several generation and transmission projects are already under construction, and many more will enter the pipeline in the immediate future.
In the US, high voltage switchgear market growth is expected to be driven by an increased investment in transmission and distribution infrastructure and replacements, and the Edison Electric Institute (EEI) states that electric utilities will continue increasing their transmission investments from approximately $12.6 billion in 2011 to $13.5 billion in 2014.
Over the next few years Russia is also expected to become a leading player in the high voltage switchgear market, and by 2020 these three countries are expected to contribute over 35% market value between them.
For more information on the high voltage switchgear market, see the latest research: High Voltage Switchgear Market Report
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