Switchgear Market Emerging Trends, Advancement, Growth and Business Opportunities 2022 to 2030

In 2021, the switchgear market hit $93,432.6 million in revenue; it is advancing at a rate of 5.9% from 2021 to 2030 to reach a $157,045.5 million value by 2030. It is ascribed to the improved power distribution infrastructure and increasing construction activities led by infrastructure development. Due to the expansion of the industrial sector, there is an increased demand for energy in both developed and developing countries, led by increased automation and technological improvements.

Top Key Players Switchgear Market are:
ABB Ltd.
Schneider Electric
Hyundai Electric & Energy Systems Co. Ltd.
Hitachi Ltd.
Toshiba Corporation
Siemens AG
Hyosung Corporation
General Electric Company
Mitsubishi Electric Corporation
Legrand

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Low-voltage variants have captured the largest switchgear market share, ascribed to the three-phase power distribution products designed for electricity supply of a capacity of 6,000 Amperes at up to 1,000 Volts. Low-voltage variants are usually used for motor control centers and switchboards. The common usage of low-voltage switchgear involves power supply to low-voltage switchboards, other feeder and branch circuits and LV-MCCs. They are highly utilized in mining, manufacturing, utility, petrochemicals, water treatment and other sectors for power supply.

Under the insulation type segment, the gas-insulated switchgear category is expected to advance significantly, attributed to the rapid urbanization and expansion of the industrial sector and the electric grid. The initiatives led by the government to reduce carbon emissions lead to market proliferation. For example, in April 2021, Siemens Energy got the most significant order of sulfur-hexafluoride-free gas-insulated switchgear for Finland, amounting to 10 bays. The replacement of SF6 with GIS will result in clean air in the environment as it has zero global warming potential.

APAC holds a significant switchgear market share, amounting to 45% of the revenue. It is expected to retain the same position in the market in the coming years. China dominates the APAC market as compared to other nations. The power generation sector is expanding to cater to the requirements of China's rising population resulting in the expansion of the market in the country. According to Boston University Global Development Policy Center, the FDIs and Development led to overseas power generation capacity amounting to 106.2 GW in China from 2000 to 2018.

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Europe stands next to APAC in the switchgear market, amounting to a 20% revenue share, attributed to the increasing awareness of the environment and demand for energy for transmission technologies. The industrial sector contributed significantly to major countries of the region, such as Germany, the U.K., France, Spain and Italy. The U.K. government's pledge to build 500,000 homes by 2022 has also resulted in a market proliferation. The emergence of industrial and advanced robotics equipment drives the market growth in the above-mentioned countries.

The improvements in the smart grid infrastructure boost the switchgear market. There is a growing need to make advancements to the grid by utilizing innovative technology, controls and equipment for building smarter and more robust infrastructure. Smart grids generate power more efficiently in a reliable manner by interacting and collaborating. They reduce the instances of power outages for long durations. Smart grids are also effective during bad weather as they quickly restore the services by adding new capacity.

Therefore, the expansion of the industrial sector leading to increased demand for energy to generate power drives the market.

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