Market Size of Pad Mounted Switchgear Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Pad-Mounted Switchgear Market Analysis
The pad-mounted switchgear market is expected to grow at a CAGR of over 3% during the forecast period.
COVID-19 moderately impacted the market in 2020. Currently. The market has reached pre-pandemic levels.
- Factors such as increasing power generation capacity additions across the world, especially in developing regions, growing demand for replacing/refurbishing aging power distribution infrastructure, and increasing electricity demand, particularly in China and India, owing to rapidly increasing industrial and infrastructural development activities, are expected to drive the market during the forecast period. Moreover, increasing investments in transmission and distribution infrastructure with efficient underground distribution systems are expected to bolster the growth of the market.
- However, with delays in the implementation of electrification projects globally and the high cost associated with pad-mounted switchgear, the growth of the market is likely to be hampered.
- Rising electrification projects in Africa and the Asia-Pacific, with several initiatives signaling that significant improvements are underway in the regions to improve the transmission and distribution network, are expected to create ample opportunities for the pad-mounted switchgear market players.
- The Asia-Pacific is expected to be the fastest growing market, owing to one-third of the world's population currently residing in India and China, with the two countries accounting major share of global electricity demand.
