Switchgear Market worth $201.35 billion by 2030, growing at a CAGR of 6.71% - Exclusive Report by 360iResearch

The "Switchgear Market by Voltage (1-36 kV, 36-72.5 kV, < 1 kV), Equipment (Circuit Breakers, Fuses, Isolators), Insulation Media, End-User, Installation - Global Forecast 2024-2030" report has been added to 360iResearch.com's offering.

The Global Switchgear Market to grow from USD 127.75 billion in 2023 to USD 201.35 billion by 2030, at a CAGR of 6.71%.

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A switchgear is an electrical device that ensures safety, control, and reliability in the transmission and distribution of electric power by protecting, controlling, and isolating various electrical system elements. It is employed for applications encompassing voltage levels ranging from low to high, including residential, industrial, and utility sectors. The primary purpose of a switchgear is to safeguard electronic equipment by preventing electrical overloads and short circuits. Rising demand for electricity owing to rapid urbanization and industrialization in developing countries, expansion of smart grids, and increasing investments in renewable energy sources are leading to increased demand for switchgear. However, high initial costs associated with developing and installing advanced switchgear, complex manufacturing processes requiring skilled labor, and fluctuating raw material prices affecting overall production costs may adversely impact the production and usage of switchgear by the end-use sectors worldwide. Moreover, the integration of advanced communication and automation technologies into modern devices and the ongoing deployment of microgrids in remote locations is expected to increase the deployment of switchgear in the end-use applications globally.

The switchgear market represents a developing landscape in the Americas due to its well-established power infrastructure, continuous upgrades of aging electrical infrastructure, and requirements for renewable energy integration into existing grids. South America experiences a similar trend due to rapid urbanization leading to higher electricity consumption levels across major cities, driving demand for efficient electrical components, including switchgear. The APAC region represents growing markets for switchgear attributed to economic development resulting in rapid urbanization & industrialization investments in smart grid technology development, renewable energy projects, and infrastructure upgrades to improve their power distribution networks. Moreover, governments in the APAC region promote rural electrification initiatives, further fueling the demand for electrical components such as switchgear. The EMEA region's switchgear market is primarily driven by the need to modernize existing European infrastructure and address growing energy demands in emerging economies within the Middle East and Africa and stringent government regulations. In addition to this push for green energy transition in Europe, Middle Eastern countries invest heavily in developing robust power infrastructures to support their economic growth. However, the growing emphasis of the switchgear manufacturers on R&D and securing patents for cutting-edge switchgear are anticipated to increase their deployment in the electrical grid infrastructure across the globe.

Market Segmentation & Coverage:

This research report categorizes the Switchgear Market in order to forecast the revenues and analyze trends in each of following sub-markets:

Based on Voltage, market is studied across 1-36 kV, 36-72.5 kV, < 1 kV, and > 72.5. The > 72.5 commanded largest market share of 32.84% in 2023, followed by 36-72.5 kV.

Based on Equipment, market is studied across Circuit Breakers, Fuses, Isolators, Relays, and Switches. The Circuit Breakers commanded largest market share of 24.51% in 2023, followed by Switches.

Based on Insulation Media, market is studied across Air, Fluid, and Gas. The Air commanded largest market share of 62.69% in 2023, followed by Gas.

Based on End-User, market is studied across Commercial & Residential Infrastructure, Manufacturing & Process Industries, and Transmission & Distribution Utilities. The Transmission & Distribution Utilities commanded largest market share of 52.91% in 2023, followed by Manufacturing & Process Industries.

Based on Installation, market is studied across Indoor and Outdoor. The Indoor commanded largest market share of 61.77% in 2023, followed by Outdoor.

Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Asia-Pacific commanded largest market share of 38.73% in 2023, followed by Europe, Middle East & Africa.

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FPNV Positioning Matrix:

The FPNV Positioning Matrix is essential for assessing the Switchgear Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).

Market Share Analysis:

The Market Share Analysis offers an insightful look at the current state of vendors in the Switchgear Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.

Key Company Profiles:

The report delves into recent significant developments in the Switchgear Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Abunayyan Holding, ACTOM (Pty) Ltd, ALSTOM SA, Bharat Heavy Electricals Limited, CG Power and Industrial Solutions Limited, China Transpowers Electric Co., Limited, CHINT Group Corporation, E-Abel, Eaton Corporation PLC, ELEKTROBUDOWA Sp. z o. o., Fuji Electric Co., Ltd., Gelpag Advanced Technology GmbH, General Electric Company, Havells India Limited, Hitachi, Ltd., Hubbell Incorporated, Hyosung Heavy Industries Corporation, Hyundai Electric & Energy Systems Co., Ltd., Industrial Electric Mfg., Kirloskar Electric Co. Ltd., Larsen & Toubro Limited, Legrand SA, Lucy Group Ltd., Meidensha Corporation, Mitsubishi Electric Corporation, NOJA Power Switchgear Pty Ltd, nuventura GmbH, OMRON Corporation, Orecco Electric, Panasonic Holdings Corporation, Peco Industries, Powell Industries, Inc., Power Grid Components, Inc., Regal Rexnord Corporation, Schneider Electric SE, Siemens AG, Switchgear Power Systems LLC, Tavrida Electric AG, Toshiba Corporation, Vertiv Holdings Co, WEG S.A., and ZPUE SA.

Key Topics Covered:

1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Switchgear Market, by Voltage
7. Switchgear Market, by Equipment
8. Switchgear Market, by Insulation Media
9. Switchgear Market, by End-User
10. Switchgear Market, by Installation
11. Americas Switchgear Market
12. Asia-Pacific Switchgear Market
13. Europe, Middle East & Africa Switchgear Market
14. Competitive Landscape
15. Competitive Portfolio

The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

The report answers questions such as:
1. What is the market size and forecast of the Switchgear Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Switchgear Market?
3. What is the competitive strategic window for opportunities in the Switchgear Market?
4. What are the technology trends and regulatory frameworks in the Switchgear Market?
5. What is the market share of the leading vendors in the Switchgear Market?
6. What modes and strategic moves are considered suitable for entering the Switchgear Market?

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