Pad mounted switchgear market size was valued around USD 4 billion in 2014 and is anticipated to grow at a significant CAGR of more than 9% from 2016 to 2023, exceeding USD 6.5 billion. Mainly used in underground distribution system to ensure reliable and continuous electricity distribution, it also amplifies the reliability and efficiency of the electrical supply with the advantage of being less susceptible to lightning and offers easy diagnosis of faults. The aforementioned factors are driving the demand for the industry over the forecast period.
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France and UK pad mounted switchgear market are likely to be high growth regions with CAGR of over 8.5% and 8 % respectively, over the forecast period. High initial cost is likely to hamper the industry growth. Moreover, interchangeability with existing systems acts as a challenge to the demand growth over the forecast period.
Growing trend for underground electrical lines developing countries is identified as the potential growth opportunity for the pad mounted switchgear market from 2016 to 2023. A number of countries are adopting these distribution networks as they offer less susceptible to lightning and also have low maintenance cost.
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The industry can be segregated on the basis of product segments which include gas insulated, air insulated, solid insulated, and other switchgears. By voltage, the industry is segmented as 0-15 kV, 16-25 kV and above 25 kV. The industry is further segregated on the basis of application which includes commercial, industrial and residential. Commercial sector is the fastest growing application segment in 2014.
Solid insulated switchgear market is expected to grow at rapid rate and it is also considered as the foremost substitute when compared with oil insulated switchgears. Solid insulators are chiefly deployed for horizontal or vertical mounting, corrosive and wet environment, and are used in any desired altitude. In addition, epoxy is environmental friendly and inert, thus no EPA usage restrictions are implied making it easily suitable in the industry.
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Dominant manufacturers are focusing on adopting various methods and penetrate developing economies in order to hold the maximum industry share. Chief players for the pad mounted switchgear market share include Entec Electric & Electronic Co., Trayer Engineering Corporation, Tiepco, Power Grid Solution Inc, S&C Electric Company, Electronic & Electrical Industries Corporation, G&W Electric, Hubbel Incorporated, Eaton Corporation and Federal Pacific among others.
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