Metal-Clad Switchgear Market Size, Share & Industry Analysis, By Type (5 kV Metal-Clad Switchgear, 15 kV Metal-Clad Switchgear, 27 kV Metal-Clad Switchgear, 38 kV Metal-Clad Switchgear, Others), By Application (Industrial, Commercial , Others) And Regional Forecast, 2024-2032

Metal-clad switchgear is defined as metal-enclosed power switchgear with the following essential functions. Metal-clad switchgear provides basic load protection. It works according to the instructions of the installed relay. Selecting a relay will add the specified custom level. Relays usually have minimal ANSI characteristics for basic applications, including overcurrent, under-voltage, overvoltage, and circuit breaker tripping.

The main driving forces for the growth of this market are the increase in power demand, the increasing popularity of smart grid technology, and continued investment in the improvement of transmission and distribution systems. Emerging trends that directly impact the dynamics of the switchgear industry include the development of digital switchgear and the increasing attention to eco-efficient switchgear. The aforementioned factors will improve the market's growth during the forecast period.

• Electricity grid investments are estimated to reach around USD 290 billion in 2022, up from USD 270 billion in 2019, and even surpassing it. The significant growth plans projected for 2021 are likely to reverse the trend from the previous year.

The additional cost attached with the metal-clad switchgear will hinder the market growth. The difference between metal coating and closed metal is that all internal components are different metal coatings or separated. These components can also be isolated, as in bus bars and grounded separately. In addition, different compartments can also be dismantled independently, with minimal impact on the entire system, which is a great advantage. Compared with metal cladding, all these upgrades increase the cost of metal cladding.

Asia Pacific region is expected to remain the largest market, and the highest growth is also expected during the forecast period. Due to population growth, economic expansion, urbanization, industrialization, and rural electrification projects, especially in India and China, the increasing demand for electricity leads to switchgear demand. Factors such as the adoption of manufacturing activities and increased electrification are expected to lead to the market's growth during the forecast period.

• In 2021, the Indian government successfully initiated smart grid deployment and mobilized USD 300 million in funding through its National Smart Grid Mission.

IMPACT OF COVID-19 ON THE METAL-CLAD SWITCHGEAR MARKET

The global metal-clad switchgear market is expected to take a significant amount of time before recovering from the impact of the COVID-19 pandemic. As a result of the pandemic-induced worldwide economic slowdown, the supply chain was disrupted, affecting the specialist equipment industry in various ways. The production of metal-clad switchgear was halted, resulting in a significant fall in the market. Manufacturing units ceased operations due to workers being unable to report to work due to fear of infection, resulting in inventory shortages.

KEY INSIGHTS

The report will cover the following key insights:

• Recent Advancements in Metal-Clad Switchgear


• Key Industry Trends


• Regulatory Landscape for Metal-Clad Switchgear


• Key Industry Developments (Mergers, Acquisitions, and Partnerships)


• Impact of COVID-19 on the Market

 ANALYSIS BY TYPE

Based on type, the metal-clad switchgear market is classified into 5kV, 15kV, 27kV, 38kV, and others. Due to its use in generators and control applications, the 5kV shielded switchgear segment is expected to grow substantially over the forecast period. In addition, the use of covered 5kV switches in new buildings and air brake installations is expected to drive growth in this market segment. Due to the increase in construction activities and renewable energy installations, low-voltage switchgear is expected to remain the largest market segment. It is projected to achieve the highest growth during the forecast period.

ANALYSIS BY APPLICATION

Based on application, the metal-clad switchgear market is segmented into industrial, commercial, and others based on application. The industrial segment will continue to be the largest end-use market due to the continuous expansion of power infrastructure to meet the ever-increasing demand. Supported by the accelerated urbanization and the rapid development of electrification, switchgear used in residential terminals is expected to achieve the highest growth during the forecast period.

REGIONAL ANALYSIS

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North America held a substantial share in the global market due to its rapid global industrialization and urbanization. In addition, the customization capabilities associated with metal-clad switchgear have led to the expansion of the market. Europe is another region with a growing market. Environmental conditions are a major element to consider before installing any electrical equipment, including metal clad switchers, in the substation, as equipment must meet or surpass tight criteria, resulting in substantial demand in the region.

 KEY PLAYERS COVERED

The report will include key players such as ABB, Allis Electric Co Ltd, AZZ Inc, Crown Technical Systems, Eaton, Hitachi, Siemens, Schneider Electric, Efacec, Powell, and RIC Power Corp.

SEGMENTATION

 KEY INDUSTRY DEVELOPMENTS

• In May 2020, Eaton acquired Innovation Switchgear Solutions, Inc., a professional manufacturer of medium voltage electrical equipment for the utility, commercial and industrial sectors in North America.


• In June  2018, ABB completed the acquisition of General Electric Industrial Solutions. The acquisition helped the former company's electrification product division expand its product range while increasing its influence in the North American market.