Schneider Electric Recognizes MarketsandMarkets to be their Key Reference in an Article on Switchgear Market
Switchgear, which forms an integral part of an electric power system is used for minimizing electric failures and reducing the aftereffects of fault currents flowing through the circuit, thereby avoiding the damage to the equipment or devices. The worldwide market for switchgears is estimated to be valued at $136.71 Billion, growing at a CAGR of 12.83% from 2014-2019. Owing to the increased demand for energy, rising urbanization and industrialization, increased expenditure on renewable energy sources, and adoption of smart grid technology, the market is set flourish significantly, especially in APAC, with India and China being the key revenue pockets.
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Report mentioned in the above news is,
Switchgear Market by Type (High, Medium, and Low Voltage) and by Application (Industries, Utilities, Transportation and Power Generation) – Global Trends and Forecasts to 2019
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