Switchgear Market Will Reach USD 157,045.5 Million By 2030

In 2021, the global switchgear market was worth around USD 93,432.6 million, and it is projected to advance at a 5.9% CAGR from 2022 to 2030, hitting USD 157,045.5 million in 2030, as per P&S Intelligence.

This growth can be ascribed to the advancement in energy distribution infrastructure and rising construction activities. Basically, the market is rising because of the increasing energy need in the developed and emerging countries, as well as technological enhancements and acceptance of automation.

Based on insulation type, the gas-insulated switchgear category is predicted to develop at the highest CAGR, of approximately 7%, in the coming years, credited to the increasing industrialization and urbanization rates and several government initiatives in order to reduce CO2 emission, armed with the growth of the electrical grid.

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In 2021, The indoor category had the larger switchgear market share worldwide and is projected to experience a CAGR of 6.0% in the coming years. This can be credited to the fact that indoor switchgear is more secure, has a relatively lower price, is less prone to harm in harsh weather conditions, decreases the danger of electrocution, because of its grounded metal enclosures; is simple to preserve, robust, and occupies less space than outdoor variants.

Moreover, the trend of smart houses is boosting the demand for smart indoor switchgear, which is equipped with IoT, and therefore offers, predictive diagnostics, real-time monitoring, and accurate safety against electrical faults.

In 2021, low-voltage variants had the largest market share, and their sales are projected to be worth USD 85 billion by 2030. They are three-phase power distribution items that are made to supply electric energy of up to 6,000 A at up to 1,000 Volts. They are utilized for motor control centers (MCCs) and other feeder circuits.

The electricity infrastructure is obsolete in numerous countries, and it is being pushed to achieve more than it was intended. Worldwide, advanced technology, devices, and controls are utilized to update the grid, to make it smarter and stronger. Smart grids can collaborate and interact to offer energy in a more effective and dependable manner.

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Therefore, they can minimize the frequency and duration of power outages, and the effect of storms; restore service rapidly when outages happen and enhance capacity.

Additionally, a rising number of governments across the globe are focusing on smart grid technology as a planned infrastructure expenditure that will allow long-term financial growth and support them to fulfill their emission reduction objectives.

Hence, advancement in energy distribution infrastructure and rising building activities, and the expanding energy need in the developed and emerging countries, as well as technological enhancements and acceptance of automation, are some major factors driving the switchgear industry.

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