The North America Fixed Switch Cabinet Market should witness market growth of 4.3% CAGR during the forecast period (2022-2028).
A report from United Nations estimates that the 8 billion people whoinhabit the planet in 2022 will grow to approximately9.8 billion people by 2050. Countries' populations will need more energy as they grow. Energy demand rises in tandem with rising wealth. The number of products that require energy is growing due to technological advancements. People's desires for consumer items increase when wealth is created.
Energy is used both during the production and use of consumer products. Most of the primary energy consumption is coal, oil, and gas combined. Due to increased industrial activity and technological advancements in both developed and developing countries, the energy demand is rising. Most of the energy needs are satisfied by fossil fuel sources like coal. Yet, in recent years, renewable energy sources have become a larger portion of the total energy used.
As the demand for electricity rises, the need for fixed switch cabinets will also increase. Following the upward trend over the previous ten years, the total amount of renewable energy produced increased in 2020. In 2020, the OECD's renewable energy production totaled 3,269 TWh or 31.6% of all production. For the second year in a row, the generation of electricity from renewable sources in OECD Europe exceeded that from fossil fuels, demonstrating the sector's rapid expansion there as well as coal's declining role in the region's electricity mix.
Work is being done on brand-new projects. Several projects' deployed solar photovoltaic (PV) energy capacity surpasses 3,700 MW. Government subsidies have been given to efforts using geothermal, biomass, biogas, and tidal energy; some of these programs are currently in operation. By 2040, the country's capability for renewable energy is expected to increasefor solar and double for wind, as stated by theCanada Energy Regulator (CER). Canada created the Canadian SMR Roadmap for zero-emission power in 2018 as a policy shift away from large nuclear reactors. The North American fixed switch cabinetmarket will expand significantly as a result of substantial investments made to enhance distribution, transmission, as well as the overall efficiency of power generation to reduce losses.
The US market dominated the North America Fixed Switch Cabinet Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $514.9 Million by 2028. The Canada market is poised to grow at a CAGR of 6.3% during (2022-2028). Additionally, The Mexico market should witness a CAGR of 6% during (2022-2028).
Based on Type, the market is segmented into Ніgh Vоltаgе Ѕwіtсh Саbіnеt and Low Vоltаgе Ѕwіtсh Саbіnеt. Based on Application, the market is segmented into Іnfrаѕtruсturе & Utіlіtіеѕ, Energy, Industrial and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Ltd., Belden, Inc., Clipsal (Schneider Electric SE), Minimax Fire Solutions International GmbH (Minimax Viking GmbH), Coslight Group Harbin Switch Co., Ltd, StarTech.com Ltd., TEWE Elektronic GmbH & Co. KG, Cannon Technologies Ltd., NUM AG and HUIMU Ltd.
A report from United Nations estimates that the 8 billion people whoinhabit the planet in 2022 will grow to approximately9.8 billion people by 2050. Countries' populations will need more energy as they grow. Energy demand rises in tandem with rising wealth. The number of products that require energy is growing due to technological advancements. People's desires for consumer items increase when wealth is created.
Energy is used both during the production and use of consumer products. Most of the primary energy consumption is coal, oil, and gas combined. Due to increased industrial activity and technological advancements in both developed and developing countries, the energy demand is rising. Most of the energy needs are satisfied by fossil fuel sources like coal. Yet, in recent years, renewable energy sources have become a larger portion of the total energy used.
As the demand for electricity rises, the need for fixed switch cabinets will also increase. Following the upward trend over the previous ten years, the total amount of renewable energy produced increased in 2020. In 2020, the OECD's renewable energy production totaled 3,269 TWh or 31.6% of all production. For the second year in a row, the generation of electricity from renewable sources in OECD Europe exceeded that from fossil fuels, demonstrating the sector's rapid expansion there as well as coal's declining role in the region's electricity mix.
Work is being done on brand-new projects. Several projects' deployed solar photovoltaic (PV) energy capacity surpasses 3,700 MW. Government subsidies have been given to efforts using geothermal, biomass, biogas, and tidal energy; some of these programs are currently in operation. By 2040, the country's capability for renewable energy is expected to increasefor solar and double for wind, as stated by theCanada Energy Regulator (CER). Canada created the Canadian SMR Roadmap for zero-emission power in 2018 as a policy shift away from large nuclear reactors. The North American fixed switch cabinetmarket will expand significantly as a result of substantial investments made to enhance distribution, transmission, as well as the overall efficiency of power generation to reduce losses.
The US market dominated the North America Fixed Switch Cabinet Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $514.9 Million by 2028. The Canada market is poised to grow at a CAGR of 6.3% during (2022-2028). Additionally, The Mexico market should witness a CAGR of 6% during (2022-2028).
Based on Type, the market is segmented into Ніgh Vоltаgе Ѕwіtсh Саbіnеt and Low Vоltаgе Ѕwіtсh Саbіnеt. Based on Application, the market is segmented into Іnfrаѕtruсturе & Utіlіtіеѕ, Energy, Industrial and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Ltd., Belden, Inc., Clipsal (Schneider Electric SE), Minimax Fire Solutions International GmbH (Minimax Viking GmbH), Coslight Group Harbin Switch Co., Ltd, StarTech.com Ltd., TEWE Elektronic GmbH & Co. KG, Cannon Technologies Ltd., NUM AG and HUIMU Ltd.
Scope of the Study
By Type
- Ніgh Vоltаgе Ѕwіtсh Саbіnеt
- Low Vоltаgе Ѕwіtсh Саbіnеt
By Application
- Іnfrаѕtruсturе & Utіlіtіеѕ
- Energy
- Industrial
- Others
By Country
- US
- Canada
- Mexico
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- ABB Ltd.
- Belden, Inc.
- Clipsal (Schneider Electric SE)
- Minimax Fire Solutions International GmbH (Minimax Viking GmbH)
- Coslight Group Harbin Switch Co., Ltd
- StarTech.com Ltd.
- TEWE Elektronic GmbH & Co. KG
- Cannon Technologies Ltd.
- NUM AG
- HUIMU Ltd.
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Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. North America Fixed Switch Cabinet Market by Type
Chapter 4. North America Fixed Switch Cabinet Market by Application
Chapter 5. North America Fixed Switch Cabinet Market by Country
Chapter 6. Company Profiles
Companies Mentioned
- ABB Ltd.
- Belden, Inc.
- Clipsal (Schneider Electric SE)
- Minimax Fire Solutions International GmbH (Minimax Viking GmbH)
- Coslight Group Harbin Switch Co., Ltd
- StarTech.com Ltd.
- TEWE Elektronic GmbH & Co. KG
- Cannon Technologies Ltd.
- NUM AG
- HUIMU Ltd.
Methodology
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