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iCrowdNewswire Jan 14, 2021 9:50 AM ET

North America Metal-Clad Switchgear Market Expected to Reach USD 1,128.1 Million by 2027


North America Metal-Clad Switchgear Market Expected to Reach USD 1,128.1 Million by 2027

iCrowd Newswire - Jan 14, 2021

North America Metal-clad Switchgear Market Key Takeaways

According to a recent market study published by Growth Market Reports (GMR), titled, “North America metal-clad switchgear Market by Type and End Use: Size, Share, Trends and Opportunity Analysis, 2017-2027”, the market was valued at USD 955.9 Million in 2019 and is expected to grow at a healthy growth rate of 3.3% by the year 2027. The North America metal-clad switchgear market is anticipated to grow owing to its usage in simple applications wherein the relay generally contains minimal ANSI/IEEE functions. Moreover, the metal-clad switchgears allow to have several layouts of auxiliary and breaker sections to be stacked based on the shape and size of the switchgear. This is expected to result in the expansion of North America metal-clad switchgear market during the forecast period.

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The North America metal-clad switchgear market is fragmented based on type, end use and country. In terms of type, the market is segmented into 5kV metal-clad switchgear, 15kV metal-clad switchgear, 27kV metal-clad switchgear, 38kV metal-clad switchgear, and other. On the basis of end use, the market is bifurcated into commercial and industrial. Based on country, the North America metal-clad switchgear market is segmented into U.S., Canada, and Mexico.

In year 2020, the metal-clad switchgear market is expected to witness a decline owing to the outbreak of COVID-19. The pandemic has resulted in a complete or partial lockdown which has majorly hampered the production process of several manufacturing industries and businesses. Additionally, trade barriers between countries are adversely impacting the market, resulting in the increase in production costs for manufacturing of metal-clad switchgears. However, the production of industrial machines is expected to bounce back at a significant pace during the second half of the year due to the easing up of lockdowns in several countries.

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As per GMR industry analyst Akshata Ahire, “The North America Metal-Clad Switchgear Market is anticipated to witness significant growth during forecast period 2020-2027 driven by increasing technological advancements across several sectors in the region. However, the high manufacturing cost associated with metal-clad switchgear is a major factor hindering the growth of the market. The rising awareness about grid modernization and replacement of old installations is expected to create substantial growth opportunities in the market. Key players in the market are actively focusing on R&D activities to further developments and advancements.”

Key Takeaways from the Study:

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Report Scope:

Report Metric

Details

Market Value in 2019

USD 955.9 Million

Market Growth Rate (from 2021 to 2027)

3.3%

Historical Data

2017 & 2018

Base Year

2019

Forecast Period

2020 – 2027

Units Considered

Value (USD Million)

Market Segments

By Type, By End Use

Regional Scope

North America

Country Scope

U.S., Canada, and Mexico

Key Companies Profiled

ABB Ltd., Allis Electric Co., Ltd., AZZ Inc., Crown Technical Systems, Eaton Corporation plc, Efacec Power Solutions, Electro-Mechanical Industries, Inc., General Switchgear & Controls Ltd., Hitachi, Ltd., Industrial Electric Mfg., LSIS Co., Ltd., Myers Power Products, Powell Industries, powerconcorp.com, RIC Power Corp., Schneider Electric, Siemens, and Switchgear Power Systems LLC

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.

Target Audience:

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About Us:
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At GMR, we provide our expertise and guideline for success. Our team of efficient and experienced researchers and consultants provide progressive market intelligence reports that are accurate, authentic, and in-depth. This empowers the clients to make well-informed decisions.

Moreover, we offer market intelligence studies, ensuring relevant and fact-based research across a range of industries including chemicals and materials, energy, automobile, healthcare, consumer goods, and technology. Our deep understanding of many business environments across industries such as those mentioned above allows us to deliver tailor-made reports.

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