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As per the analysis by IMARC Group, the top companies in the switchgear industry are focusing on developing advanced products, such as digital and smart switchgears, which are equipped with sensors, communication systems, and data analytics to optimize performance, ensure reliable operation, reduce downtime, and enhance safety.
Furthermore, the introduction of solid-insulated switchgears that are eco-friendly, non-toxic, fire-resistant, and manufactured using silicon rubber and epoxy resins is positively influencing the market growth. Apart from this, the growing product demand to ensure a stable power supply and protect electrical equipment due to the rapid expansion of the electricity network is propelling the market growth. Moreover, the widespread product application in renewable energy generation to facilitate the integration of solar and wind power plants with the existing grid system and enable safe operations is providing an impetus to the market growth.
Besides this, the utilization of three-dimensional 3D printing to produce switchgear components with high precision, accuracy, and efficiency is acting as another growth-inducing factor. In addition to this, the implementation of strict government regulations to mandate the installation of switchgears to promote workplace safety and ensure the reliability of electrical systems is providing a thrust to the market growth.
Other factors, including the increasing infrastructural development activities, the rising investments in the development of advanced products, the rapid modernization of aging grid infrastructure, and the growing demand for automation across industries, are anticipated to drive the market growth.
Try a free sample today! The global switchgear market has several major players including ABB Ltd. More information about these companies has been provided below. ABB Ltd. Its products include electric vehicle EV systems, solar inverters, modular substations, robotics, wiring accessories, switchgear, enclosures, cabling, and sensing and control equipment. The company is actively developing advanced systems and incorporating new technologies to improve the efficiency of its products, digitalize manufacturing processes, and increase energy efficiency.