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Switchgear and Switchboard Apparatus Market Trends 2024: Global Insights and Projections
Switchgear and Switchboard Apparatus Market Trends
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According to The Business Research Company's, The switchgear and switchboard apparatus market size has grown strongly in recent years. It will grow from $178.8 billion in 2023 to $188.73 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to electrification of industries, urbanization and infrastructure development, power generation capacity expansion, safety and regulatory compliance, replacement and modernization needs.
The switchgear and switchboard apparatus market size is expected to see steady growth in the next few years. It will grow to $227.27 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to integration of renewable energy sources, grid resilience and reliability, smart grid initiatives, electrification of transportation, energy efficiency and environmental sustainability. Major trends in the forecast period include incorporation of solid-state circuit breakers, expansion of medium voltage switchgear market, adoption of air-insulated switchgear for indoor applications, development of advanced monitoring and control platforms, integration of energy storage systems with switchgear.
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Market Drivers and Trends:
The demand for electricity generation is projected to drive the switchgear and switchboard apparatus market. The availability of electricity has become essential for economic development and poverty alleviation. Development of industrialization and 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 and switchboard apparatus 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 the 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 a 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 the 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 and switchboard apparatus market.
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Major Key Players of the Market:
Siemens AG, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd, Bharat Heavy Electricals Limited (BHEL), Toshiba Corporation, Larsen & Toubro Limited (L&T), Eaton Corporation PLC, Alstom SA, Fuji Electric Co. Ltd., Leoni AG, Hubbell Incorporated, Nilsen Holdings Ltd, Hyosung Corporation, CUBIC Corporation, CG Power and Industrial Solutions Limited, Powell Industries Inc., Lucy Electric LLC, ROMAC Industries Inc., Merriam-Webster Inc., VCARE TECHNOLOGIES, GEDAC ELECTRIC LTD, Kounis Group, Aussie Switchboards Pty Ltd, Elektrobudowa SA, Saluja Exim Limited, IEM - Instrumentation Engineering & Manufacturing, CandS Electric Co. Ltd., Mastervolt B.V., Hyundai Heavy Industries Co. Ltd.
Switchgear And Switchboard Apparatus Market 2024 Key Insights:
• The switchgear and switchboard apparatus market size is expected to see steady growth in the next few years. It will grow to $227.27 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%.
• Increasing Demand For Electricity Generation Powers Growth In The Switchgear And Switchboard Apparatus Market
• Growing Demand For Mobile Substations Drives Positive Impact On The Switchgear And Switchboard Apparatus Market
• Asia-Pacific was the largest region in the switchgear and switchboard apparatus market in 2023
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