The global pad-mounted switchgear market is projected to reach USD 7.2 billion by 2024 from an estimated market size of USD 5.5 billion in 2019, at a CAGR of 5.4% during the forecast period. The factors driving the market include increasing investments in distribution infrastructure to meet the growing electricity demand along with investments in underground distribution due to functional and aesthetic advantages. For high-priority loads such as commercial and industrial loads, which require high reliability, underground cables with pad-mounted switchgears are used.
The solid dielectric segment is expected to be the fastest growing segment in the pad-mounted switchgear market
The solid dielectric segment is expected to grow at the highest rate during the forecast period. This growth can be attributed to the increased demand for SF6 alternatives in response to the stringent restrictions imposed on the use of SF6. In the US, which holds the largest market share in the North American market, many utilities such as PG&E have proper plans in place to carry out the replacement of SF6 equipment. In solid dielectric switchgears, epoxy is used as the insulating medium, which is environmentally safe and inert.
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The industrial segment is expected to hold the largest share of the pad-mounted switchgear market
The industrial segment is expected to be the largest pad-mounted switchgear market, by application, during the forecast period. Industrial loads are high-priority loads that face major revenue loss in the event of power loss. The demand for reliable and continuous power supply is driving the utilities to adopt underground distribution systems increasingly. It is likely to drive the demand for pad-mounted switchgears in industrial applications.
Europe is expected to dominate the global pad-mounted switchgear market
The growing demand for underground distribution and its preference for the overhead lines in many parts of Europe are the driving factors for the growth of European pad-mounted switchgear market. Many countries, such as the Netherlands, have a 100% underground distribution network. Even in other European countries, in urban areas and densely populated areas, it is a common practice to adopt an underground distribution system. Investments in distribution networks are on the rise in response to the increased adoption of renewable energy. The increased investments in distribution networks are expected to drive the European pad-mounted switchgear market.
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The major players in the global pad-mounted switchgear market include Eaton (Ireland), Hubbell (US), G&W Electric (US), Federal Pacific (US), S&C Electric (US), ABB (Switzerland), Powell (US), and EEIC (Saudi Arabia).
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