Switchgear Market predicted to grow $120.1 billion by 2027 | Schneider Electric, ABB, General Electric, and Eaton, Siemens

According to the new market research report, the global switchgear market is expected to reach USD 120.1 billion by 2027 from an estimated USD 90.9 billion in 2022, at a CAGR of 5.7% from 2022 to 2027.

Switchgear is an integral part of an electric power system. Switchgear protects electrical hardware from incorrect situations. Electrical switchgear is used in low and high-voltage power transformers and is connected to electric supply networks. It de-energizes the system so that maintenance and repairs can be performed to fix problems. With a range of controls enclosed in a metal container, electrical switchgear regulates, protects, and isolates a power system. This is a critical system in industrial environments and electrical utilities that deal with electrical failures or need to de-energize equipment for maintenance.

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Asia Pacific is expected to account for the largest market size during the forecast period.

Asia Pacific region is expected to dominate the switchgear market during the forecast period. According to International Monetary Fund (IMF), the economy of the Asia Pacific region is estimated to grow by 4.9% in the fiscal year 2022. The growth slowdown resulting from the COVID-19 pandemic in 2020 significantly affected the region, which saw its economy decline by ~1.5% in 2020. As a result, the energy demand fell substantially but has rebounded since the lifting of lockdown measures and the full-scale resumption of industrial & manufacturing sectors in the region. Furthermore, the growth of population in the region increases the burden on the housing infrastructure and will compel economies to focus on expanding public housing infrastructure. The continued growth in the Asia Pacific region in almost all major industrial sectors is expected to drive the demand for switchgears during the forecast period.

This research report categorizes the switchgear market based on insulation, installation, voltage, current, end user, and region.
Based on insulation, the switchgear market has been segmented as follows:

Gas-insulated Switchgears
Air-insulated Switchgears
Others

Based on installation, the switchgear market has been segmented as follows:

Indoor
Outdoor

Based on voltage, the switchgear market has been segmented as follows:

Low (up to 1 kV)
Medium (2-36 kV)
High (Above 36 kV)

Based on current, the switchgear market has been segmented as follows:

AC
DC

Based on end user, the switchgear market has been segmented as follows:

Transmission & Distribution Utilities
Industries
Commercial & Residential
Other End Users

Based on the region, the switchgear market has been segmented as follows:

North America
Asia Pacific
South America
Europe
Middle East & Africa

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Key Players

Siemens (Germany), ABB (Switzerland), Schneider Electric (France), Mitsubishi Electric (Japan), General Electric (US), Eaton (Ireland), Legrand (France), Hitachi (Japan), Hyundai Electric (South Korea), Fuji Electric (Japan), and Toshiba (Japan).

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This release was published on openPR.