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Switchgear Market Key Drivers, Size, Trends, Growth, Outlook 2024-2033
Switchgear Market Key Drivers
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
Medtronic plc, Johnson & Johnson, Stryker Corporation, NuVasive, Inc., Zimmer Biomet Holdings, Inc., Globus Medical, Inc., Orthofix Medical Inc., SeaSpine Holdings Corporation, RTI Surgical, B. Braun Melsungen AG, Changzhou Meditech Trading Co. Ltd, Shuzhou Sunan Zimmered Medical Instrument Co. LTD, Narang Medical Limited, Atlas Surgical, Auxein Medical, Teijin Nakashima Medical Co, Seikagaku Corporation, Anatomics, New Zealand Spine (NZOA), Amedica Corporation, BIO.MORPH, Evispine, POZVONOQ, SpineGuard, Alphatec Holdings Inc., Integra Life Sciences, Benvenue Medical, Neoortho, DePuy Snythes, GMReis, OSTEOMED Implantes, Shaarani Group, Babil Medical Equipment, PRODORTH-RD MEDİKAL, Mikron Makina, Osimplant, Tria Spine, Norm Medical, Southern Medical (Pty) Ltd, SASpine, EliteSurgical, TiTaMED, iSpine, GE Healthcare.
Switchgear Market 2024 Key Insights:
• 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%.
• Growing Demand For Electricity Generation Driving The Switchgear Market
• Increasing Demand For Mobile Substations Driving The Switchgear Market
• Asia-Pacific was the largest region in the switchgear market in 2023
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