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Global Switchgear Market Size, Share, Growth Analysis With Key Players, Trends And Forecast To 2033
Global Switchgear Market
Switchgear Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $117.86 billion In 2028 At A CAGR Of 6.4% :
The switchgear market size has grown strongly in recent years. It will grow from $85.71 billion in 2023 to $92.02 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to rise in power consumption, favorable government initiatives, and economic growth in emerging markets.
The switchgear market size is expected to see strong growth in the next few years. It will grow to $117.86 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to increasing demand for electricity, growing use of electricity in transportation, investments in renewable energy, increasing demand for electricity from manufacturing, interest rates, replacement of old switchgears, and load management and balance . Major trends in the forecast period include focusing on digital technologies, focusing on developing innovative products to meet the changing requirements of the power generation industry, investing in eco-efficient solutions for minimizing the impact on the environment, deploying internet of things (iot) enabled switchgears for automated operations and energy management, promoting automated switchgear within power generation and transmission industries to adopt smart grid operations, and developing and promoting specialized switchgear for critical industries.
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Switchgear Market Major Segments
The switchgear market covered in this report is segmented -
1) By Product Type: High Voltage, Medium Voltage, Low Voltage
2) By Insulation: Gas Insulated Switchgear (GIS), Air Insulated Switchgear (AIS), Other Insulations
3) By Installation: Indoor, Outdoor
4) By End-User: Residential, Commercial, Industrial, Utilities
Key Driver - Growing Demand For Electricity Generation Driving The Switchgear Market
The demand for electricity generation is projected to drive the switchgear market. The availability of electricity has become essential for economic development and poverty alleviation. Development of industrialization, urbanization requires continuous electricity supply, and the reliability of the electrical supply depends heavily on the performance of the switchgear. Therefore, the demand for electricity generation is driving the demand for switchgear in the forecast period. For instance, global demand for electricity rises at 2.1% per year to 2040 in the Specified Policies Scenario, double the rate of primary energy growth by 2040.
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Prominent Trend - Increasing Demand For Mobile Substations Driving The Switchgear Market
The last few years witnessed a rising demand for installation of electric substations to restore normal power supply as fast as possible in case of emergencies. The installation of mobile substations enables the restoration of electricity under outdoor conditions or in unforeseen circumstances and is functionally designed to provide temporary power supplies as soon as possible. Also, these mobile substations incorporate generator, transformer, metal-clad switchgear, outdoor load break switches and breakers, which are used for network extensions, and temporary switching stations. For instance, Siemens delivered two mobile substations for national grid SA, and Aktif group delivered 10 mobile substations to the ministry of electricity Iraq. Therefore, increasing the adoption of mobile substations is one of the latest trends that will positively impact the switchgear market.
Switchgear Market Players
Major companies operating in the switchgear market report are ABB Ltd, Schneider Electric, Siemens AG, Mitsubishi Electric Corporation, Eaton Corporation Inc, Hitachi Ltd., Toshiba Corporation, Hyundai Electric & Energy Systems Co. Ltd., Larsen & Toubro Limited, Havells India Limited, LS ELECTRIC Co. Ltd., Hyosung Heavy Industries, Meidensha, Nissin Electric, Shihlin Electric, CHEM, Fortune Electric, Anchor Electricals Pvt Ltd, Havells India Ltd, CG Power and Industrial Solutions Limited, Orecco Electric, Tamco, Tenaga Switchgear, GE T&D India Ltd, Bharat Heavy Electrical Limited, Legrand India Private Limited, Industrial Solutions Limited, Fuji Electric, Lucy Electric, Twyver Switchgear, SwitchGear Company NV, Alan Electrical Limited, Electroshield Samara, Alstom, IZVA LLC, SIVAR, S&C Electric Company, Powell Industries, G&W Electric, Noja Power, Abunayyan Holding Company, BMC Manufacturing, TIEPCO, Wahah Electric Supply Company of Saudi Arabia Ltd. (WESCOSA), KFB Holding Group, Afcon, Matelec Group, Egyptian German Electrical Manufacturing Co.
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the switchgear market in 2023. Western Europe was the second-largest region in the global switchgear market analysis. The regions covered in the switchgear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Switchgear Market Report Structure
3. Switchgear Market Trends And Strategies
4. Switchgear Market - Macro Economic Scenario
5. Switchgear Market Size And Growth
…..
27. Switchgear Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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