In this article, Muhammad Usman, Analyst at PTR Inc. elucidates the rising global demand for electricity. This surge is driven by several factors, including industrial and population expansion, increased electrification rates, and advancements in the transportation sector. Usman emphasizes the crucial role of switchgear within the power industry in response to these trends. However, traditional practices within the switchgear industry have raised environmental concerns, prompting a shift towards sustainable approaches. This shift is characterized by a focus on decarbonization, eco-design, enhanced efficiency, and the establishment of a sustainable supply chain. Despite facing challenges like high initial costs and installation complexity, the switchgear market is witnessing growth, driven by increasing electricity needs, the integration of renewable energy sources, and investments in significant infrastructure projects.
PTR Inc. projects a 5.5% Compound Annual Growth Rate (CAGR) in the global switchgear market from 2023 to 2028 reflecting the sector’s positive trajectory. The Asia Pacific region leads in demand, followed by EMEA and the Americas. Despite challenges, there are notable opportunities for innovation and product development within the switchgear market. Stakeholders, including those in developing economies, are becoming more assertive in demanding environmentally friendly solutions. In this evolving landscape, leading Original Equipment Manufacturers (OEMs) are poised to be those capable of introducing commercially viable, eco-friendly, and sustainable technological solutions. To prosper in this market, OEMs must prioritize sustainability, align their products with prevailing market trends, and foster collaboration with customers and suppliers for the effective implementation of sustainable practices.
Follow this link to learn more: Switching to sustainability: A comprehensive market analysis of sustainable practices in the switchgear industry
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