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Global Switchboard Market 2024 : SWOT Analysis Of Key Driving Factors For Growing CAGR Value
Switchboard Global Market Report 2024
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According to The Business Research Company's, The switchboard market size has grown steadily in recent years. It will grow from $93.09 billion in 2023 to $96.7 billion in 2024 at a compound annual growth rate (CAGR) of 3.9%. The growth in the historic period can be attributed to growth in industrialization and infrastructure development, urbanization and commercial construction, expansion of power generation and distribution networks, upgrades and retrofitting of electrical systems, safety and compliance standards.
The switchboard market size is expected to see steady growth in the next few years. It will grow to $109.41 billion in 2028 at a compound annual growth rate (CAGR) of 3.1%. The growth in the forecast period can be attributed to growing renewable energy integration, smart buildings and energy efficiency, infrastructure modernization initiatives, electrification of transportation, resilience and grid reliability. Major trends in the forecast period include shift towards eco-friendly insulation materials, increased customization for specific industries, enhanced connectivity with industrial iot (iiot), implementation of fault-tolerant design, adoption of cloud-based monitoring and analytics.
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Market Drivers and Trends:
Increasing manufacturing efficiency of products for longer durability increases demand for the switchboards. Major companies are highly focusing on innovations to design switchboards. Incorporation of new technologies within the production tends to improve its efficiency and service life of the products. For instance, Shanghai municipal government and ABB signed a memorandum and invested about $2.4 billion in China for upgradation of functionality in building smart city with smart manufacturing for efficient and safe connectivity in Shanghai's local enterprises. Increase in efficiency drives the demand for switchboard, thereby contributing to the switchboard market growth.
Ethernet connected switchboards are widely being used in household and commercial buildings to save energy and reduce maintenance costs. Switchboards can be connected to a computer through an Ethernet cable. Electricity use, system status and other data is transmitted to the computer through the Ethernet cable. Data obtained on the computer is analysed by energy experts and suggestions to minimize energy consumption. For example, Enerlin'x system manufactured by Schneider is a smart panel that transmits energy consumption data to computer through Ethernet and Modbus interfaces. Some of the major companies manufacturing Ethernet connected switchboards include Schneider Electric, Southwire Company LLC., Siemens AG and Prysmian Group.
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Major Key Players of the Market:
Siemens AG, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Eaton Corporation plc, Emerson Process Management Co., Delta Electronics Inc., Rockwell Automation Inc., Leoni AG, Vertiv Holdings Co., Chint Group Co. Ltd., Rittal GmbH & Co. KG, Crompton Greaves Limited, Powell Industries Inc., CandS Electric Ltd., Industrial Electric Mfg, Natus Medical Incorporated, ROMAC Electrical Power Equipment Inc., Nilsen Electric Pty Ltd., Mastervolt B.V., Merriam-Webster Inc., CUBIC Modular Systems A/S, Larson Electronics LLC, Rolla Pty Ltd., Aussie Switchboards Pty Ltd., Powerwell Pty Ltd., Gulf Electrical Distribution Apparatuses Co. Ltd., Kounis Electrical Supply Pty Ltd.
Switchboard Market 2024 Key Insights:
• The switchboard market size is expected to see steady growth in the next few years. It will grow to $109.41 billion in 2028 at a compound annual growth rate (CAGR) of 3.1%.
• Rising Manufacturing Efficiency And Technological Innovations Drive Growth In The Switchboard Market
• Ethernet-Connected Switchboards Enhance Energy Efficiency And Reduce Maintenance Costs In Household And Commercial Buildings
• Asia-Pacific was the largest region in the switchboard market in 2023
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