Blockchain Press Releases
Switchgear Market size to grow by USD 121.2 billion from 2023 to 2030; The growing demand for power supply in remote areas will boost the global market growth – Facts & Factor
NEW YORK, June 26, 2023 /PRNewswire/ — As per Facts and Factors study, the global switchgear market size was nearly $91.1 billion in 2022 and is set to increase to about $121.2 billion by 2030 along with securing the highest CAGR of 5.8% from 2023 to 2030.
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Switchgear Market: Overview
A switching device is an integration of a slew of components including switches, current & voltage transformers, relays, isolators, fuses, switches, circuit breakers, and various other devices for improving operations. The rise in the use of switching equipment in transmission & distribution networks is likely to boost the demand for switchgear in the upcoming years. Furthermore, a switchgear device finds a plethora of applications in complex electric substations, thereby helping the latter withstand oscillating voltage operations in a volatile environment.
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Key Insights:
- As per the analysis shared by our research analyst, the global switchgear market is projected to expand annually at the annual growth rate of around 5.8% over the forecast timespan (2023-2030)
- In terms of revenue, the global switchgear market size was evaluated at nearly $91.1 billion in 2022 and is expected to reach $121.2 billion by 2030.
- The global switchgear market is anticipated to record massive growth over the forecast period owing to the implementation of new regulations aimed at reducing power blackouts along with strengthening power distribution networks.
- Based on insulation, the gas-insulated switchgear segment is predicted to contribute majorly towards the global market share over the forecast timeline.
- In terms of current, the AC segment is projected to account for a major share of the global market in 2023-2030.
- On the basis of end-user, the transmission & distribution utilities segment is set to register the highest CAGR over the period from 2023 to 2030.
- Region-wise, the Asia-Pacific switchgear market is projected to register the highest CAGR during the assessment period.
Facts and Factors published the latest report titled “Switchgear Market Size, Share, Growth Analysis Report By Insulation (Gas-Insulated Switchgear and Air-Insulated Switchgear), By Installation (Indoor and Outdoor), By Voltage (Low, Medium, and High), By Current (AC and DC), By End-User (Transmission & Distribution Utilities, Commercial Sector, and Residential Sector), and By Region – Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030″ into their research database.
Industry Dynamics:
Global Switchgear Market: Growth Drivers
- Growing demand for power supply in remote areas will boost the global market expansion.
Rising industrialization and urbanization will translate into humungous demand for switchgear in various sectors. An increase in renewable energy trends will boost the growth of the switchgear market across the globe. Emerging economies such as India are upgrading as well as deploying new transmission lines & distribution networks for infrastructural development, thereby driving global switchgear market trends. Favorable government laws for restricting power outages along with the need for reinforcing power distribution networks will boost global market trends. A rise in funding for developing strong power infrastructure will propel the global market expansion.
Nevertheless, strict laws limiting GHG emissions and strict EU laws as well as the Paris Agreement related to reducing environmental degradation can put brakes on the growth of the global switchgear industry. However, the onset of the Industrial 4.0 revolution and the launching of smart technologies will open new growth opportunities for the industry across the globe.
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Global Switchgear Market: Segmentation
- Global switchgear market is segregated into insulation, installation, voltage, end-user, current, and region.
The insulation segment of the switchgear market is subdivided into gas-insulated switchgear and air-insulated switchgear segments. Furthermore, the gas-insulated switchgear segment, which accrued over 50% of the global market share in 2022, is anticipated to retain its segment dominance in the years ahead. The segmental surge in the upcoming years can be attributed to the massive use of thermoplastics in the food & beverages sector owing to its high mechanical strength, production ease, and cost proficiency. Additionally, thermoplastics find large-scale applications in lightweight constructions, storage tanks, window frames, and panels.
On the basis of current, the switchgear industry across the globe is divided into AC and DC segments. The AC segment, which amassed nearly 40% of the industry share in 2022, is anticipated to record the fastest CAGR in the upcoming years. The expansion of the segment in the projected timeline can be subject to the penetration of AC switchgear tools in the utility and residential sectors.
In terms of end-user, the switchgear market across the globe is segmented into transmission & distribution utilities, commercial sector, and residential sector segments. Moreover, the transmission & distribution utilities segment, which dominated the segmental growth in 2022, is anticipated to record the fastest CAGR in the forthcoming years. The segmental growth over the forecast timeline can be owing to a massive increase in the renewable and non-renewable energy demand.
Based on the installation, the global switchgear market is divided into indoor and outdoor segments.
On the basis of voltage, the switchgear industry across the globe is sectored into low, medium, and high segments.
Recent Developments:
- In the first quarter of 2023, ABB Ltd., a leading digital tech firm based in Switzerland., declared the commissioning of a factory unit in Nashik for producing gas-insulated switchgear. Such initiatives are likely to expand the scope of the switchgear market in India and across the Asia-Pacific zone.
- In the second half of 2022, Fuji Electric Co., Ltd., a Japanese electrical equipment manufacturing company, introduced VC-V20A-1 switchgear. The strategic move is anticipated to provide impetus to activities such as product developments as well as product launches. This will embellish the global industry trends.
- In the third quarter of 2022, Schneider Electric entered into a strategic alliance with ARDECO for manufacturing power & energy tech tools such as switchgear and control panels in the UAE. The move is projected to spur the expansion of switchgear business space in the Middle East region.
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List of Key Players in Switchgear Market:
- CG Power and Industrial Solutions Limited
- Fuji Electric Co. Ltd.
- Eaton Corporation PLC
- Hitachi Ltd.
- General Electric Company
- Meidensha Corporation
- Larsen & Toubro Limited
- Toshiba Corporation
- Powell Industries Inc.
- Havells India Ltd.
- ABB Ltd.
- Schneider Electric
- Mitsubishi Electric Corporation
- Siemens AG.
- Others
Key questions answered in this report:
- What are the growth rate forecast and market size for Switchgear Market?
- What are the key driving factors propelling the Switchgear Market forward?
- What are the most important companies in the Switchgear Market Industry?
- What segments does the Switchgear Market cover?
- How can I receive a free copy of the Switchgear Market sample report and company profiles?
Report Scope:
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Regional Dominance:
- Asia-Pacific switchgear market to register the highest CAGR over the forecast period.
Asia-Pacific, which garnered more than 55% of the global switchgear market revenue in 2022, is anticipated to record the fastest CAGR during the assessment timeframe. The regional market expansion over 2023-2030 can be due to the presence of big industries such as manufacturing & processing in the countries such as India and China.
Moreover, emerging economies are investing heavily in power infrastructural growth that requires a strong grid structure. Furthermore, the large-scale presence of manufacturers in the region will contribute majorly towards regional infrastructural growth.
Furthermore, the European switchgear industry is set to witness mammoth growth in the forecasting years. The factors that are likely to determine the growth of the regional market include favorable government policies such as the offering of subsidies for technological innovations and legislations by the EU promoting the use of renewable & sustainable energy.
Global Switchgear Market is segmented as follows:
Switchgear Market: By Insulation Outlook (2023-2030)
- Gas-Insulated Switchgear
- Air-Insulated Switchgear
Switchgear Market: By Installation Outlook (2023-2030)
- Indoor
- Outdoor
Switchgear Market: By Voltage Outlook (2023-2030)
- Low
- Medium
- High
Switchgear Market: By Current Outlook (2023-2030)
- AC
- DC
Switchgear Market: By End-User Outlook (2023-2030)
- Transmission & Distribution Utilities
- Commercial Sector
- Residential Sector
Switchgear Market: By Region Outlook (2023-2030)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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Browse Other Related Research Reports from Facts and Factors
- Switchgear Market: According to the report published by Facts & Factors, the global Switchgear market size was evaluated at $94 billion in 2022 and is slated to hit $133 billion by the end of 2030 with a CAGR of nearly 5.1% between 2023 and 2030.
- HVAC Equipment Market: According to the report published by Facts & Factors, the global HVAC equipment market size was evaluated at $136 billion in 2022 and is slated to hit $231.85 billion by the end of 2030 with a CAGR of nearly 6.1% between 2023 and 2030.
- Firefighting Foam Market: According to Facts and Factors, the global firefighting foam market size was worth around USD 5.51 billion in 2022 and is predicted to grow to around USD 6.72 billion by 2030 with a compound annual growth rate (CAGR) of roughly 3.81% between 2023 and 2030.
- HVAC Systems Market: According to the report published by Facts & Factors, the global HVAC systems market size was evaluated at $137 billion in 2022 and is slated to hit $235 billion by the end of 2030 with a CAGR of nearly 6.4% between 2023 and 2030.
- Testing, Inspection and Certification (TIC) Market: According to the report published by Facts and Factors, The global testing, inspection, and certification (TIC) market size was worth around USD 233.21 billion in 2022 and is predicted to grow to around USD 304.52 billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.51% between 2023 and 2030.
Browse through Facts and Factors’s coverage of the Global Heavy Industry Industry
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Facts and Factors is an obligated company. We create futuristic, cutting-edge, informative reports ranging from industry reports, and company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly to fulfill our clients with prompt and direct online access to our database. Keeping in mind the client’s needs, we have included expert insights on global industries, products, and market trends in this database. Last but not the least, we make it our duty to ensure the success of clients connected to us—after all—if you do well, a little of the light shines on us.
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Blockchain Press Releases
Bybit Web3 Wallet Integrates Tonstakers: The First of Its TON Staking Offerings to Expand DeFi Opportunities
DUBAI, UAE, Dec. 27, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange,is excited to announce the integration of Tonstakers, the leading liquid staking protocol on the TON blockchain, into its Web3 Wallet. This marks the first of Bybit Web3’s TON staking offerings, reinforcing its commitment to expanding decentralized finance (DeFi) opportunities for its users.
With this integration, Bybit Web3 Wallet users can now seamlessly stake Toncoin ($TON) and receive $tsTON (Tonstakers LST) in return. The value of $tsTON increases relative to $TON every 26 hours, ensuring competitive rewards while contributing to the growth and success of the TON ecosystem. The integration also opens the door for 130 million users in the TON ecosystem to access TON staking directly within the Bybit Web3 Wallet.
Bybit is dedicated to simplifying DeFi adoption by providing intuitive and user-friendly staking experiences. This milestone partnership with Tonstakers enables users to unlock annual returns estimated between 3% and 5% APY, with rewards automatically compounded, further cementing Bybit’s role as a leader in DeFi accessibility.
Why Tonstakers Matters: The First of Its Kind
Tonstakers is the inaugural partner in Bybit Web3’s TON staking initiative, setting a new standard for staking services. With a total value locked (TVL) exceeding $260 million and a significant market share in the liquid-staked TON sector, Tonstakers offers Bybit Web3 Wallet users unparalleled access to TON staking benefits:
- Effortless Staking: Securely stake $TON with ease, thanks to the user-friendly interface within the Bybit Web3 Wallet.
- Earn $tsTON Rewards: Receive tokenized staked Toncoin ($tsTON), which can be leveraged within DeFi applications across the TON ecosystem.
- Explore DeFi Liquidity: Engage with Tonstakers Earn to provide liquidity using $tsTON, unlocking diverse earning opportunities.
“Bybit Web3 is proud to deepen our integration with the TON blockchain, a crucial step in our mission to foster a thriving and interconnected Web3 ecosystem,” said Emily Bao, Head of Bybit Web3. “This integration empowers our users with seamless and trusted access to TON liquid staking pools and unlocks valuable earning opportunities. As a strong believer in DeFi adoption, Bybit Web3 is committed to bridging the gap between Web2 and Web3, creating simple, easy, and accessible solutions that bring the benefits of decentralized finance to a wider audience. We believe this integration will significantly contribute to the growth and success of the TON ecosystem.”
Start Staking Today To begin staking your $TON and earning with $tsTON, visit https://www.bybit.com/en/web3/staking and discover the power of Bybit Web3 Wallet’s integration with Tonstakers. Bybit Web3 Wallet currently supports a wide range of staking services beyond TON tokens, including ETH, USDT, USDC, bbSOL, SUI, and more.
#Bybit / #TheCryptoArk / #BybitWeb3
About Bybit Web3
Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 130 million wallet addresses across over 30 major ecosystem partners, and counting.
Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as the world’s second-largest cryptocurrency exchange by trading volume, trusted by over 60 million users globally.
Join the revolution now and open the door to your Web3 future with Bybit.
For more details about Bybit Web3, please visit Bybit Web3.
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
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Blockchain Press Releases
Nodepay Raises $7M Total Funding To Power AI Growth with Real-Time Data Infrastructure
SINGAPORE, Dec. 27, 2024 /PRNewswire/ — Nodepay, a decentralized AI platform transforming unused internet bandwidth into real-time data pipelines for AI training, today announced it has raised a second round of funding, bringing its total to $7 million.
The latest funding round welcomed new strategic investors IDG Capital ($23 Billion AUM), Mythos, Elevate Ventures, IBC, Optic Capital, Funders.VC, Matthew Tan (Etherscan founder) and Yusho Liu (CoinHako Co-founder & CEO) as notable angels. They join an impressive roster of previous backers that includes Animoca Brands, Mirana, OKX Ventures, JUMP Crypto, Tokenbay Capital and more.
Nodepay’s network taps into a global community of users running privacy-protected nodes. By sharing their spare internet bandwidth, these participants earn rewards for creating a real-time data source that improves AI inference with accurate, timely information—an approach known as Retrieval Augmented Generation (RAG).
Darren Nguyen, co-founder of Nodepay commented: “Our mission is to develop solutions that create tangible value for both AI developers and its end users. We give contributors a share in the AI ecosystem they help fundamentally build.”
Nodepay’s infrastructure platform integrates real-time data retrieval, a Web3-focused decentralized answer engine, reinforcement learning for more accurate model output, and gamified human verification. Together, these components combine to create a fair, collaborative, and innovative AI ecosystem.
Eric Le, investment director of IDG Capital, said, “The team at Nodepay is democratizing the AI economy by providing a platform that allows users to share directly in the value they create. We’re proud to support their vision of making AI more accessible and beneficial to all.”
With this funding, Nodepay will continue to commercialize its infrastructure to benefit both its community and partner AI labs. As it prepares to launch on Solana, Nodepay stands ready to lead the next era of decentralized AI development and training.
Already serving over 1.5 million active users worldwide, Nodepay continues to expand its reach, solidifying its role as a leader in the integration of AI and blockchain technology. Users can expect further updates and new announcements through their social channels and official website.
About Nodepay
Nodepay is a decentralized AI platform dedicated to democratizing AI training through real-time data retrieval. By turning idle internet bandwidth into a valuable resource, Nodepay fuels the next generation of AI models and stands at the forefront of AI decentralization.
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Blockchain Press Releases
Markets Show Resilience Ahead of End-of-Year Options Expirations: Bybit x Block Scholes Crypto Derivatives Report
DUBAI, UAE, Dec. 26, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, released the latest Crypto Derivatives Analytics Report in collaboration with Block Scholes, highlighting the muted market volatility despite major options expirations on Friday. BTC and ETH’s realized volatility has increased, but short-term options haven’t adjusted to this change. This indicates that while spot prices are fluctuating, the options market is not fully reacting to these shifts, although BTC and ETH volumes have displayed slightly different patterns.
With more than $525 million in BTC and ETH options contracts expiring on Dec 27, 2024’s end-of-year options expiration looks set to be one of the biggest yet, yet expectations for volatility have remained subdued. The report highlights an unusual inversion in ETH’s volatility structure, but BTC has not mirrored the reaction. Additionally, a change in funding rates—sometimes turning negative as spot prices drop—signals a new market phase. Notably, BTC’s volatility structure has been less responsive to changes in spot prices, whereas ETH’s short-term options are exhibiting more noticeable fluctuations.
Key Findings:
BTC Options Expirations:
In the past month, BTC’s realized volatility has been higher than implied volatility on three occasions, each time reaching a relatively calm equilibrium. Open interest in BTC options remains high, contributing to potential increased volatility as we near the end of the year. Around $360 million worth of BTC options (both puts and calls) are set to expire soon, which can affect price movement.
ETH Options: Calls Dominate
Despite a mid-week inversion, ETH’s volatility term structure has flattened, maintaining levels similar to those seen over the past month. In the final week of 2024, calls overwhelmed puts in open interest in ETH options, although market movements and trading activities are more on the put side.
Access the Full Report:
Gain deeper insights and explore the potential impacts on your crypto trading strategies by downloading the full report here: Bybit X Block Scholes Crypto Derivatives Analytics Report (Dec 24, 2024)
#Bybit / #BybitResearch
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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