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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DUBAI, UAE, Nov. 15, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, opens up the November arena for the Bybit Crypto Titans trading competition. Available for users in select regions, a prize pool of 55,000 USDT will be available for a limited time only.
From now to Nov. 30, eligible traders can level up their trading strategies and amplify their winning chances by inviting friends to share two prize pools in two simple steps: register for the event at the Grand Arena, and invite friends and trade.
Battlefields: Once in the Arena, users can pick their battlefields. Up to 30,000 USDT are up for grabs in the Team Battlefield ranked by total trading volume, while another 15,000 USDT is reserved for traders in the Solo Battlefield competing by PnL(%).
More perks: Additionally, top traders and leaders will receive extra perks. Participants will receive a bonus 5 USDT for every new qualified referee, and the first 50 Team Leaders whose team exceeds a threshold amount in trading volume will be entitled to a 100 USDT bonus.
“As trading volumes overall are climbing, we are seeing so many talented traders in our community with a knack for navigating fast-moving markets. This event gives some of them an incentive to share their passion with their friends, and there is room for rewards for the solo trading pros to shine as well,” said Joan Han, Sales and Marketing Director of Bybit.
Market sentiment and activities have been trending up in recent weeks globally, and the enthusiasm is shared among users in niche markets. While traders rush to capture opportunities in a heated market, the Crypto Titans competition encourages users to bring out the best trading game and hone their trading skills for healthier returns.
Find out more about Bybit’s Crypto Titans: November Showdown, terms and conditions apply.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
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With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.
- Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. - Cardinal Health announces two strategic additions to its portfolio
Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash. - BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems. - Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
“I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands. - Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately. - PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
- Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
- Finaya Unveils Nationwide Homeownership Platform
From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient. - GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too. - GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics. - Most US shoppers are encountering generative AI while shopping without realizing it
A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.
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Blockchain Press Releases
Blockchain for Good Alliance Hosts Web3 Oscar, Celebrating Innovators Advancing UN’s Sustainable Development Goals
DUBAI, UAE, Nov. 14, 2024 /PRNewswire/ — The highly anticipated Web3 Oscar, a prestigious event hosted by the Blockchain for Good Alliance (BGA), celebrating blockchain projects driving real-world impact aligned with the UN’s 17 Sustainable Development Goals (SDGs). Industry leaders gathered in Bangkok to honour innovators shaping a sustainable future.
The event was part of BGA’s November lineup, featuring two major initiatives for global change through blockchain: the Sustainable Innovation Summit and the Web3 Oscar Awards.
Sustainable Innovation Summit: A Hackathon for Social Impact
Held from September 9 to November 11, 2024, the Sustainable Innovation Summit hosted a hackathon with a $100,000 prize pool, inviting participants worldwide to create blockchain solutions addressing key issues such as poverty, clean water access, and gender equality. The summit concluded with a Demo Day at the Grand Hyatt Erawan in Bangkok, where finalists showcased their projects to blockchain pioneers, investors, and industry leaders, with opportunities for incubation support and equity-free funding.
Rising Stars
In a cinematic presentation style, 10 shortlisted projects from across the globe, participating in the Sustainable Innovation Summit’s 17 SDGs Challenge, took the stage. Each team presented their blockchain solutions to address sustainability challenges, telling the story of a “hero” confronting a global crisis (one of the 17 SDGs), with blockchain as the “tool” they wield for change.
Winners for the 17 SDGs Challenge:
- 1st Place: Grand Social Impact Award 🥇 EthicHub
- 2nd Place: Outstanding Social Innovation Award 🥈 Plastic Odyssey
- 3rd Place: Emerging Impact Award 🥉 ResearchHub
Rising Star Awards (top 10 projects, in no specific order):
- Wavy Health
- LAKE (LAK3)
- KulaDAO
- erable°
- arkreen
- UCO Network
- Edu3Labs
Web3 Oscar Awards: Honouring Leaders in Blockchain for Social Good
Coinciding with the hackathon’s Demo Day on November 11, the BGA Web3 Oscar Award recognizes individual contributions to blockchain for social good across three categories, with up to 7 total winners.
Each category highlights individual efforts aligning with BGA’s mission.
The Collaboration Bridge Award honours individuals who have played a vital role in guiding the strategic direction of the Blockchain for Good Alliance (BGA). This year’s recipients are:
- Harn, CEO of Trigger Asset Management
- Mariana de la Roche Wills from INATBA (International Association for Trusted Blockchain Applications) and de la Roche W. Consulting
The Public Welfare Contribution Award celebrates individuals who have harnessed #BlockchainForGood. This award was presented to:
- BreeAnne Yek, Consultant at The Verdant Room
- Milica Dimitrijevic from Positiveblockchain.io
These individuals have demonstrated remarkable dedication, guidance, and pioneering work, significantly advancing the mission of the Blockchain for Good Alliance (BGA) in promoting sustainable development through blockchain technology.
In her closing remarks, Helen Liu, Co-founder and COO of Bybit and founder of BGA, explained how blockchain can bring people together to make a real difference worldwide. Her vision for leveraging blockchain to create worldwide impact was both inspiring and forward-thinking.
About Blockchain for Good Alliance (BGA)
The Blockchain for Good Alliance (BGA) is a long term collaborative non-profit initiative with key partners with the main aim to contribute to societal good by using blockchain technology to solve real world problems. By convening leaders, innovators, and organisations from across the blockchain community, BGA seeks to drive innovation, collaboration, and action towards a more sustainable and equitable world.
For more information
Email: [email protected]
Website: www.blockchainforgood.xyz
Twitter: www.twitter.com/chainforgood
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