Kioxia ditches plans of $3.2 billion IPO amid tensions

Leading Japanese chipmaker, Kioxia, shelves $3.2 billion IPO plan as U.S.-China tensions continue to loom

Kioxia Holdings Corp currently ranks as the second-largest maker of flash memory chips in the world. According to sources, the company has shelved plans for its IPO that was to raise about $3.2 billion. The IPO would have been the largest initial public offering (IPO) in Japan this year, with the move to shelve the IPO attributed to the current US-China tensions.

Previously known as Toshiba Memory, Kioxia initially planned to list on the Tokyo Stock Exchange on October 6, 2020, a move that would offer up to 334.3 billion yen ($3.2 billion) in shares. The postponement news literally shook the capital market, with shares in top shareholder Toshiba Corp, which had planned to sell an 8% stake, falling as much as 8.6%before paring the losses to 3%.

The postponement of the IPO further highlights the impact of the disputes over trade and technology between Washington and Beijing on the global chip industry and its effect on companies across the supply chain.

The global memory chip market is already bracing for the effect of tighter U.S. restrictions on Huawei Technologies Co Ltd that became effective on September 15. The curbs include the ban ofglobal suppliers from selling chips made using U.S. technology to the Chinese telecoms giant without a special licence. Kioxia has issued a warning that the curbs could lead to memory chip oversupply and lower prices.

The company cited “market volatility and ongoing concerns about a second wave of the (COVID-19) pandemic” as reasons for putting off the IPO.

“While we received significant interest from many investors, the lead underwriters and Kioxia do not believe it is in the best interest of current or prospective shareholders to proceed with the IPO at this time,” Kioxia CEO Nobuo Hayasaka said in a statement. “We are not in a rush.”

Earlier in the month, Kioxiaannounced a tentative IPO price range that put the market value lower than the 2 trillion yen paid by a Bain Capital-led group for the company a couple years ago. The consortium’s stake was to drop from 56.2% to 47.8%.

According to Toshiba, the intention was to return most of the IPO proceeds to shareholders and the company expressed its disappointment at Kioxia’s decision. Bain Capital has, however, declined to comment on the recent developments.

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Chinese Investors Target Ant IPO as they flood newly-launched funds

It looks like investors in China have a new goldmine as they continue to pour into newly-launched mutual funds as they target the upcoming initial public offering from Ant Group. This further underscores the strong demand for technology shares in a period when Chinese tech firms face increasing scrutiny by the United States.

The fintech arm of the Alibaba Group, Ant Group, has announced plans to raise up to $35 billion in a dual listing in Hong Kong and Shanghai's STAR Market. The listing is expected to take place in October and could easily become the world's largest IPO.

Two of the newly launched funds on Friday have also given Chinese retail investors access to strategic stakes in Ant's IPO, having already reached their fundraising target and putting a stop to the acceptance of new investments. The five funds targeta combined 60 billion Yuan, approximately $8.80 billion, with each fund set to raise up to 12 billion Yuan over a two-week subscription period.

Early interests have shown that the appetite for Chinese tech shares remains strong, even with the corrections in the stock market. The signs are also coming amidst the crackdown by the United States on Chinese tech firms on national security grounds.

According to the E Fund Management Co, its fund reached its target on the day of the launch. Penghua Fund Management Co on the other hand said that investor subscription exceeded its target on Saturday.

The other three funds that were launched on Friday, to be managed by China Asset Management Co (ChinaAMC), China Universal Asset Management, and ZhongOu Asset Management Co are expected to be sold out in the new week.

Retail investors could also buy into the five funds directly or through Ant's online payment platform Alipay. The funds will subsequently utilize about 10% of the money to purchase Ant shares. A recent advertisement on Alipay promoting the new funds attracted the attention of more than six million retail investors, according to data from Alipay.

But some were reluctant to become strategic investors in Ant due to the 18-month commitment entailed.

“It's ok to subscribe to new shares of Ant, but we dare not hold the stock for 18 months given the uncertainties brought by a second wave of coronavirus infections globally," said Zhang Chengyu, vice general manager of Beijing-based ShijiHongfan Asset Management Co.

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China’s construction binge good for the global economy

The COVID-19 pandemic forced China and other countries across the globe to bring industrial activities to a halt earlier in the year. However, the Asian giant looks ready to revive its engine, with global prices of metals reflecting a renewed growth appetite.

China consumes about 50% of the world’s industrial metals and the country’s government recently unleashed a robust fiscal stimulus program to build bridges, roads, utilities, broadband and railroads across the nation. This has led to a surge in the prices of iron ore, nickel, copper, zinc and other metals used for building infrastructure.

“China, as usual, went the investment route and is massively investing in metals-intensive infrastructure,” said Caroline Bain, a commodities market analyst with Capital Economics in London. “So there’s been a very strong pick up in China’s demand for metals,” she continued.

In a similar vein, China’s state railway operator announced plans in August to double the size of its high-speed rail network over the next 15 years. According to Standard & Poor’s analystsChina’s state-owned enterprises, including the likes of China National Offshore Oil Corporation and China Mobile increased their investment by 14% in July compared with the prior year.

The COVID-19-induced cut in demand from China has affected other countries of the world. A recent report revealed that Australia’s exports to China, which is mostly iron ore and coal, reduced by about 20%, with the country falling into its first recession in nearly 3 decades. The case was not particularly different for Brazil, Chile, and Peru.

The response of the Chinese government has been phenomenal, helping the country to post one of the fastest recoveries of any of the world’s largest economies in recent months.

According to economists at the Organization for Economic Cooperation and Development (OECD), China’s GDP is expected to grow by 1.8% in 2020. This makes it the only member of the Group of 20 nations not to suffer a recession in the year.

“The recovery in GDP is much faster and stronger than elsewhere,” said Bain of Capital Economics.

The numbers coming out of China is good news for the global economy.

“People’s perception of the economy is how weakened it is, yet all the industrial metals are telling you a very different story,” said Chris Verrone, an analyst and partner at Strategas Research in New York. “We think copper is the market trying to tell us that the economy is stronger than we expect.”

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SpaceX announces date for the next Starlink launch

A date has been confirmed for SpaceX’s next Starlink launch after a series of delay to its last attempt, placing the mission just two days before another crucial Falcon 9 launch and less than 48 hours after ULA’s third scheduled NROL-44 launch attempt.

According to launch photographer Ben Cooper and Spaceflight Now, SpaceX has rescheduled Starlink-12 to launch no earlier than (NET) 10:43 am EDT (UTC-4) on September 27th. The launch date was postponed due to the hurricanes until ocean conditions in the booster recovery zone improved. However, the September 30th launch target for SpaceX’s third US military GPS III mission (SV04) remains in place. As expected, Lockheed Martin, a popular satellite manufacturer, revealed that SpaceX and the US military have shifted the launch forward by 24 hours, with the GPS III SV04 now scheduled to lift off as early as 9:55 pm EDT (UTC-4) on September 29th.

SpaceX is scheduled to fly a new Falcon 9 booster on a GPS III mission, the third time this is happening in history. Sources have it that the Falcon 9 booster B1062 arrived in Cape Canaveral on September 11th. This marks the official end of a month or two of acceptance testing, which included a full static fire at SpaceX’s McGregor, Texas facilities.

Booster B1062 will be attempting to land after sending GPS III SV04 on its way to orbit. This follows in the footsteps of Falcon 9 B1060’s flawless June 30th GPS III SV03 launch. This will also be the second orbital-class booster to land after an operational US military launch, paving the way towards the military’s first operational launch on a flight-proven rocket.

SpaceX called off the launch and landing attempt as earlier scheduled due to the inability to best fast ocean currents in the remnants of Hurricane Sally, with forecasts predicting even worse conditions, especially as Hurricane Teddy was said to be only 36 hours away. The decision turned out to be a smart one, with NOAA’s Atlantic Ocean forecasting being fairly accurate. Everything looks set as calm seas and winds are expected to arrive on September 24th and last for several days.

Starlink-12 will be another milestone for SpaceX as the 12th operational v1.0 satellite launch and 13th mission overall. This potentially leaves the company just two missions away from the kicking off of the first public beta tests of Starlink internet. Two more Starlink missions are also purportedly scheduled to launch in October.

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London Suburbs predicted to lead the capital’s economic recovery

The UK economy suffered its biggest slump on record due to the COVID-19 pandemic. While central London's world-famous shopping district remains largely empty with normalcy not expected to return soon, green shoots of a recovery seem to be appearing on suburban high streets in other parts of the capital.

Reports have it that the number of unemployment benefits claimants in London more than doubled as of June compared to the beginning of 2020. The Centre for Economics and Business Research also recently stated that central London had missed out on £2.3bn of spending while people worked from home.

However, somewhere beneath this series of negative trends is evidence of a suburban recovery.

On the edge of London's border with Kent is a place called Bromley, which has come to life as many of itsover 320,000 residents have stayed closer to home.In the centre of the borough is a pedestrianised street hosting traditional market stalls and independent shops as well as large high street retailers.

Shops and restaurants gradually reopened from 1 June after an order in March to shutat the start of lockdown.While big retailers are looking to get back on track, suburban areas appear to be the major beneficiaries as people prefer to meet and shop closer to home.

A Centre for London report revealed that while card transactions in central London shops have dropped by as much as 60% since January, spending had shifted to smaller town centres.

The strongest performing high street was Southall in west London, popularly known as Little India, with a 50-year reputation as one of the premier Asian towns in the UK making the area a destination for shoppers that want traditional Indian food, jewellery and clothing.

“People who feel part of a community are more likely to want to preserve the area they live in, and so are more likely to invest,” said Dr. Maria Loroño-Leturiondo, an expert in high street spending.

DrLoroño-Leturiondo, who works on the government commissioned High Street taskforce, said suburban high streets "offer more than just retail".

"The shopping is more attuned to the local constituency needs but you can go there for leisure, enjoyment, employment.

"People are also valuing natural assets smaller towns provide, such as green spaces and beaches, more than before."

"The impact of the pandemic has been to accelerate some social and economic changes - such as remote working and online retail - that were already under way," said Mark Kleinman, Professor of Public Policy at Kings College London.

With new national restrictions put in the place due to the rising number of confirmed COVID-19 cases, the recovery pattern of the capital will be dependent on how it reacts to the next series of challenges.

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SpaceX set to roll out Starlink internet testing

SpaceX is known for juggling several projects at the same time. However, the Starlink program seems to be time and capital intensive. As the company plans for thousands of Starlink satellites in orbit at the same time, it is imperative to ensure a steady stream of launches to bolster the numbers. The company has been doing exactly that, recently sending another compliment of 60 Starlink satellites into Earth orbit to be used for providing high-speed data service for paying customers.

The launch took place from Kennedy Space Center in Florida, with the Falcon 9 booster that propelled the satellites into space making a safe landing on a SpaceX drone ship shortly after.

According to reports from Space.com, the recent launch has already been delayed twice due to poor weather and a decision by SpaceX to perform a data review ahead of the launch.

The company already flew more than 12 missions so far in 2020, many of them being Starlink satellite deployment missions. A Falcon 9 can carry up to 60 Starlink satellites at a time. However, the company is fond of using it for missions for other clients for the delivery of smaller numbers of its satellites into orbit. In most cases, SpaceX finds a way of filling the rest with its tiny Starlink machines if a client’s satellite does not need all the payload space.

SpaceX has come under strong criticisms in recent times for its Starlink program, especially the Starlink satellites. A number of astronomers have proven the difficulty in getting a clear image of the cosmos when there are dozens of satellites flying overhead. However, SpaceX is not even close to having its full horde of Starlink hardware in orbit.

Presently, SpaceX has about 700 Starlink satellites in orbit, a number that is enough to get early testing started, according to Elon Musk. However, this is not close to the company’s goal, with the US government already giving SpaceX the go ahead to send up to 12,000 of the tiny satellites into orbit.

SpaceX has come up with different initiatives to solve the astronomy problem. One of such ways includes painting the Starlink hardware matte black and installing visors that block the reflection from the Sun. However, the effectiveness of these measures in the long term is yet to be known.

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Heilmann’s New Book Home School Hell with Saint Corona Up to Bat is Exactly What Every Parent in this Country Needs Right Now

Heilmann's new book Home School Hell with Saint Corona Up to Bat is exactly what every parent in this country needs right now. With 70 days of remote school learning, this journey is shared through the eyes of a man who recently lost his 43-year-old wife, leaving him with four young children to raise. As if that were not enough, 4 children to homeschool.

CHICAGO - Chicago humorist and attorney Dave Heilmann’s new book Home School Hell with Saint Corona Up to Bat is exactly what every parent in this country needs right now: the time to laugh. 

It’s 70 days of remote school suffering, 30 more than Jesus spent in the desert.  But it’s also a poignant journey shared through the eyes of a man who recently lost his 43-year-old wife, leaving him with four young children to raise…and how they now face mandated home school (bliss?) in the time of Covid-19.   Amidst several humorous adventures, in between the laughs is a heartfelt letter to his wife Erica, telling her what’s happened here on Earth; how in 2020 when everything stopped, we were given a better chance to clearly see what matters most. Home School Hell is a must read for parents, but truly is an inspiring and heartening read for all. 

Dave speaks to the importance of seeing and using humor in the serious and anxious times in our lives. In a recent presentation on the Amazon Prime series SpeakUP called “Humor on Trial,” Dave notes that simultaneously as stress is at its highest ever in this country, there has been a convergence of medicine, business, education and science around the value of humor to our health, workplace culture, and ability to communicate effectively: that’s from experts at the Mayo Clinic, NASA, Oxford and Stanford Universities. 

Dave’s tremendous gift of humor shines throughout this new book. His ability to find humor even in challenging times largely contributes to carrying him and his children through their grief, which was greatly compounded greatly by the pandemic.  

In addition to his work as a labor and employment attorney, Dave is a founding member of the unique corporate organization The Headliners Consultants, who provide uniquely entertaining communications training through humor, music and education  He is also a former mayor of Oak Lawn, Illinois, has several years of theatre and professional improvisation experience, and is a former on-camera and voiceover actor.  

However, in the pages of Home School Hell, you’ll soon realize that Dave’s most treasured role in life is that of a father. The book will warm your heart and give you the courage to keep going, even in the face of your biggest challenges. Finding strength of character you may never have known you possessed until you’re in the thick of things is enhanced when we’re willing to see the humor, even in the hardest situations. Take it from Dave; he’s a shining example of doing exactly that.

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Automotive Adhesives Market worth $10.7 billion by 2024, at a CAGR of 5.7%

Browse 110 market data Tables and 43 Figures spread through 194 Pages and in-depth TOC on "Automotive Adhesives Market"

Automotive Adhesives Market by Resin (Polyurethane, Epoxy, Acrylic, Silicone, SMP, MMA), Application (Body in White, Paint Shop, Assembly, Powertrain), Vehicle Type (Passenger Car, LCV, Truck, Bus, Aftermarket), and Region

The automotive adhesives market size is projected to grow from USD 8.1 billion in 2019 to USD 10.7 billion by 2024, at a CAGR of 5.7%. Automotive adhesives are capable of producing load-bearing joints that can handle high stress, and provide excellent mechanical performance, enabling weight reduction at the same time. These also offer exceptional strength, durability, and resistance from impact, heat, fatigue, and solvents.

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Polyurethane resins are expected to lead the automotive adhesives market

Polyurethane adhesives have a high demand in the automotive adhesives market due to their excellent properties such as high elongation properties and stronger bonding. These are used in bonding windscreens, side and rear windows of passenger cars, trucks, and special vehicles. They are also used for bonding fiberglass reinforced plastic elements, such as roof, side, and front panels. These adhesives also have a competitive advantage over silicone products as they can be easily painted, and offer a fissure-free coated surface for an extended period.

Body in white is the largest application in the automotive adhesives market.

Objective to reduce vehicle weight is increasing the use of aluminum in the body in white stage. Due to the ability to join thinner and lighter - materials along with aluminum is boosting the use of adhesive at the body in white stage. Epoxy adhesives play a major role in joining dissimilar and default to bond substrates in the automotive body. With the increased usage of composites and plastics in the automotive body, the usage of adhesives has proportionally increased. These substrates cannot be welded or joined using nut bolts and rivets. Hence the demand for adhesives for the body in white is on the rise.

The APAC automotive adhesives market is expected to drive the global industry growth during the forecast period, 2019 to 2024, which can be attributed to the rising demand for the product from economies such as India, China, South Korea, Indonesia, and Thailand among others. Moreover, factors such as the improving standards of living and rising per capita incomes in these countries are also fueling the growth of the Asia Pacific; thus, automotives thus for automotive adhesives.

The key companies profiled in this report are the Henkel (Germany), Arkema (Bostik) (France), 3M (US), Dupont (US), H.B. Fuller (US), Sika (Switzerland), and Huntsman (US).

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Global Industrial 3D Printing Market Outlook 2020-2026 with Profiles of Key Players 3D Systems, ARC Group Worldwide, Arcam AB, Concept Laser, Cookson Precious Metals, and many more

The "GLOBAL INDUSTRIAL 3D PRINTING MARKET SIZE, SHARE, STATUS, OPPORTUNITY, AND FORECAST 2020-2026" report has been added to ReportOcean.com offering.

Global industrial 3D printing market deals with the additive process of creating 3D solid objects from a digital file. Industrial 3D printing allows to produce complex (functional) shapes by using less amount of material as compared to traditional manufacturing methods, such as injection moulding, plastic forming, CNC (Computer Numerical Control) machining, plastic joining, etc. The global industrial 3D printing market is expected to rise with a CAGR of 22% during forecast period 2020-2026.

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Industrial 3D printing offers several advantages over traditional manufacturing methods providing several opportunities for manufacturing industries, such as mass customization, manufacturing of outsourced spare parts, less time consumption, cost-effective low volume production process and increase in design freedom. Emerging applications of 3D printing in the manufacturing sector is expected to provide lucrative market opportunities for global industrial 3D printing market. 3D printing is being widely used as an advancement manufacturing, facilitating transition from centralized to distributed production and from mass production to full customization. Also, raw materials such as titanium, steel and aluminium are used for material development while earlier, only polymers were used as raw materials. In the manufacturing sector, 3D printing is widely used for rapid prototyping for the development of low-cost functional prototyping, spare parts testing and for making iterative designs. Hence, emerging applications of 3D printing in the manufacturing sector is expected to positively influence the growth of the global industrial 3D printing market during forecast period 2021-2026.

Government Investments in 3D Printing Projects- Growth Promoter

The key factor driving the growth of the global industrial 3D printing market is increasing government investments and initiatives to promote 3D printing. For instance, in 2017, South Korean Government had announced to invest $37 million for 3D printing development. This fund was provided by South Korea’s Ministry of Science, ICT and Future Planning (MSIP) in order to support the growth of additive manufacturing industry and assist the healthcare and military sectors in South Korea. In April 2017, the Industrial Development Corporation of South Korea had provided funding of $1.2 million to a start-up named Metal Heart to develop metal 3D printers for production. This investment was done to leverage competitive advantage in 3D printing, and to create employment opportunities in major industrial sectors including gas and energy, medical devices, fuel cells, and nanotechnology. In April 2018, Australian Federal Government had provided grant of $10 million for 3D printing BioPen project. The grant is a part of the $35 million BioMedTech Horizons program of Australian government, which aims to help Australian ideas and discoveries towards proof-of-concept and commercialization, as well as stimulation of collaboration between the technology, research and industry sectors. Hence, the government investments in 3D printing projects is expected to fuel the growth of the global industrial 3D printing market during the forecast period.

Asia Pacific- Lucrative market region

Asia Pacific is expected to emerge as the fastest growing region in the global industrial 3D printing market in terms of market revenue share over forecast period 2021-2026. Government initiatives in Asia Pacific countries such as India, China, Japan, and others to support 3D printing technology is driving the regional market growth. Factors such as technological advancements in 3D printing technology, growing industrialization and urbanization are expected to fuel the Asia Pacific industrial 3D printing market.

3D Systems, ARC Group Worldwide, Arcam AB, Concept Laser, Cookson Precious Metals, EnvisionTEC Inc., EOS GmbH, Groupe Gorge, Hoganas AB, Koninklijke DSM, Markforged, Materialise, Optomec Inc., Renishaw plc, Scuplteo, SLM Solutions Group, Stratasys Ltd., The ExOne Company and Voxeljet AG among others are some major key players profiled in the research study of the global industrial 3D printing market.

Segmentation Overview of the Global Industrial 3D Printing Market

By Type

• Printers
• Materials (Plastics, Metals, Ceramics, and Other Materials)
• Software (Printing, Design, Inspection, and Scanning)
• Services

By Application

• Automotive
• Aerospace & Defence
• Healthcare
• Printed Electronics
• Foundry & Forging
• Food & Culinary
• Jewellery
• Other Industries

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Global Switchgear Market: Expected to Post a CAGR of 7% over 2020-2027

The "SWITCHGEAR MARKET BY INSULATION (GAS, OIL, AIR, VACUUM); BY VOLTAGE (LOW, MEDIUM, HIGH); BY INSTALLATION (OUTDOOR, INDOOR); BY END-USER (COMMERCIAL & RESIDENTIAL, INDUSTRIAL, T&D UTILITY); BY REGION (NORTH AMERICA, EUROPE, ASIA-PACIFIC, SOUTH AMERICA, AND MIDDLE EAST & AFRICA) AND FORECAST, 2020-2027" report has been added to ReportOcean.com offering.

The global switchgear market is estimated to grow at a CAGR of 7% during the forecast period 2020-2027. The switchgear industry growth is driven by various growth factors such as increasing demand for electricity in rural areas of developing nations coupled with growth in investment in electricity infrastructure. Moreover, initiatives taken by government to upgrade ageing substations in Europe and North America further drives the demand of switchgear worldwide.

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Increasing investments towards development of renewable energy along with favourable government regulations and financial support in the form of subsidies and rebates support the technological advancements in electrical equipment. Increasing focus of government to eliminate overall carbon footprint along with rising awareness related to benefits of using renewable energy for electricity generation will boost the application of switching equipment. Expansion of new infrastructure to support power generation through renewable sources will propel the adoption rate of switching components across the globe. However, price volatility in raw materials such as steel, aluminium and copper may hamper the adoption rate of switchgear components.

India and China accounted for majority of the market share in the APAC switchgear market and acquire ~48% of the share in the global marketplace. The APAC switchgear market growth is also supported by rapid industrialization in Vietnam and Indonesia along with infrastructural development in India and China. While, Europe switchgear market is expected to grow at significant growth, owing to rising focus of regional authorities towards renewable energy to curb carbon emissions.

Medium and low voltage switchgears are being predominantly driven by demand for enhanced protection in power distribution equipment coupled with rapid urbanization and infrastructural development worldwide. Furthermore, the voltage segment includes high voltage category for the overall market study considering voltage segment.

Air-insulated switchgear (AIS) are majorly used in industrial & utility applications, while oil insulated equipment operates uses oil as a key insulating medium which can cause various health issues and combustibility nature of oil insulated switchgear confine its applications hence, allow a small chunk in pie of vacuum segment share. While, the vacuum segment is expected to dominate the market during the forecast period; along with gas insulated switchgear holds a significant share in the insulation segment.

The installation segment of the market is majorly depending upon impact of weather and ventilation conditions along with functional traits. The outdoor installation category is estimated to dominate the global switchgear market, due to its ability to sustain in harsh climatic conditions coupled with economical operations and reliable delivery. While, the indoor installation category is anticipated to grow substantially owing to its safe & secure working, easy maintenance, high durability, compact design and other operational advantages.

The end user segment is divided into Transmission and Distribution Utility, industrial and commercial & residential.

ABB, CG Power and Industrial Solutions Limited, E+I Engineering, Fuji Electric Co., Ltd., Hitachi, Hyosung Corporation, Hyundai Electric & Energy Systems Co., Ltd., Hubbell Incorporated, Kirloskar Electric Co. Ltd., L&T Electrical & Automation, Lucy Electric, Mitsubishi Electric, Powell, Siemens Energy, Schneider Electric and Toshiba International Corporation are some key companies profiled in the research study of the global switchgear market. The competitive landscape of the switchgear industry shows that domestic companies acquire key market share in the emerging economies such as China and India and are stiff competitors for foreign market players in terms of price and quality of switchgears.

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