Switchgear Market: Future Insights, Size, Share, Prominent Players, Opportunities and Business Strategies, Challenges & Developments, Regional Study and Forecast 2031

The global switchgear market is estimated to be worth 86.82 billion in 2023 and is expected to grow to 136.85 billion by 2031, with a compound annual growth rate (CAGR) of 5.56% within the forecast period of 2023-2031.

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The demand for power generation is expected to propel the switchgear market. The availability of electricity has become increasingly important in the pursuit of economic growth and poverty reduction. Continuous electricity supply is necessary for the development of industrialization and urbanization, and the switchgear's performance significantly influences the electrical supply's reliability. Consequently, the demand for switchgear is influenced by the necessity for power generation during the projection period. For instance, the rate of primary energy increase by 2040 is doubled under the Specified Policy Scenario, while the annual growth rate of global electricity demand is 2.1%.

In recent years, implementing electric substations has become more imperative to promptly restore a consistent power supply during emergencies. By installing mobile substations, power can be repaired in the event of inclement weather or other emergencies. Additionally, these installations are designed to provide temporary power sources as quickly as possible.

Additionally, these transportable substations are equipped with a generator, transformer, metal-clad switchgear, transient switching stations, outdoor load break switches and breakers, and outdoor load break switches and breakers that are utilized for network extensions. For example, Siemens supplied the national grid SA with two mobile substations, while the Iraqi Ministry of Energy acquired ten mobile substations from the Aktif company. Therefore, the switchgear industry will benefit from the recent trend of increased deployment of mobile substations.

List of Prominent Players in the Switchgear Market:

• Legrand,
• Lucy Electric
• Mitsubishi Electric,
• Schneider Electric,
• Sécheron
• Fuji Electric,
• General Electric,
• Hitachi Hyundai Electric,
• Hyosung
• ABB,
• CG Power And Industrial Solutions
• Eaton,
• Elektrobudowa
• Siemens,
• Toshiba

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Market Dynamics:
Drivers-

The global spreading of the COVID-19 virus affects commerce. The global market was adversely affected by supply chain disruptions and a decline in demand from the industrial and commercial sectors. The necessity for expansion was further complicated by labour and raw material shortages. The acquisition of raw materials and the transfer of finished products were delayed due to the lockdown's transport restrictions. Transportation delays, supply chain disruptions, and the cessation of manufacturing operations in several countries influenced the pandemic's constrained growth. Nevertheless, the switchgear market is expected to experience growth in the aftermath of the pandemic as a result of economic expansion and the adoption of automation technologies.

Challenges:

Fluctuating raw material prices are impeding the switchgear market's expansion. Price fluctuations are precipitated by the availability of materials of inferior quality at reduced prices. The probability of insulation layer breakdown, short circuits, and other defects increases when low-quality products are employed. Consequently, it is anticipated that market expansion will be impeded by inconsistent pricing for the switchgear's fundamental materials. For example, Raw Materials are the most costly variable cost associated with the production of passive electronic components, as per a May 2020 article published by TTI, Inc., a US-based electronic corporation.

Regional Trends:

Asia Pacific will maintain its position as the global market leader in 2021 due to the ongoing trend of industrialization and urbanization. The economic expansion of developing countries such as China and India has led to an increase in energy demand, which in turn has led to the increased use of the product in the production of renewable energy. The expansion of the market in the region is facilitated by the integration of smart technology and the increased use of transmission and distribution utilities.

Recent Developments:

• In May 2022, Schneider Electric, a global leader in energy management and automation digital transformation, introduced its new SureSeT MV switchgear solution for the North American market. In order to meet the demands of clients for space optimization and increased operational efficiency, SureSeT is a solution.

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Segmentation of Switchgear Market-

By Insulation-
• Air-insulated
• Gas insulated
• Others

By installation-
• Outdoor
• Indoor

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

By Current-
• AC
• DC

By End-User-
• Transmission & Distribution
• Industries
• Commercial & Residential
• Others

By Region-

North America-
• The US
• Canada
• Mexico

Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America-
• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.