The North America Fixed Switch Cabinet Market would witness market growth of 4.3% CAGR during the forecast period (2022-2028).
A report from United Nations estimates that the 8 billion people who inhabit the planet in 2022 will grow to approximately 9.8 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 increase for solar and double for wind, as stated by the Canada 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 cabinet market 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 would witness a CAGR of 6% during (2022 - 2028).
Based on Type, the market is segmented into high voltage switch cabinet and low voltage switch cabinet. Based on Application, the market is segmented into infrastructure & utilities, Energy, Industrial and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Fixed Switch Cabinet Market is Projected to reach USD 2.5 Billion by 2028, at a CAGR of 5%
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.
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