Press release
Switchgear Market: A Rise in Power Consumption Fuels Growth, Estimated CAGR of 6.1% by 2029
Switchgear Market Size
What Is The Projected Market Size Of The Global Switchgear Market And Its Growth Rate?
•The market size of the switchgear industry is expected to grow from $87.67 billion in 2024 to $94.17 billion in 2025 with a CAGR of 7.4%.
•It is projected to further expand to $119.24 billion by 2029, experiencing a CAGR of 6.1%.
What Is Driving The Growth In The Switchgear Market?
The switchgear market's growth is primarily driven by the burgeoning demand for electricity generation. The availability of electricity is essential for economic progress and poverty reduction. The development of industrialization requires reliable electric supply, and the reliability of this supply is heavily dependent on the performance of the switchgear. Global demand for electricity is said to rise at 2.1% per year up to 2040, thereby propelling the demand for switchgear.
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Who Are the Key Players Driving Switchgear Market Growth?
Key players in the switchgear market include:
•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
What Are The Key Trends In The Switchgear Market?
Key trends in the switchgear market include:
•Focusing on digital technologies
•Developing innovative products to meet the changing requirements of the power generation industry
•Investing in eco-efficient solutions to minimize environmental impact
•Deploying IoT enabled switchgears for automated operations and energy management
•Promoting automated switchgear within power generation and transmission industries to adopt smart grid operations
•Developing and promoting specialized switchgear for critical industries
What Are The Segments Of The Global Switchgear Market?
The global switchgear market is segmented by:
•Product Type: High Voltage, Medium Voltage, Low Voltage
•Insulation: Gas Insulated Switchgear (GIS), Air Insulated Switchgear (AIS), Other Insulations
•Installation: Indoor, Outdoor
•End-User: Residential, Commercial, Industrial, Utilities
Which Region Leads The Switchgear Market?
Asia-Pacific was the largest region in the switchgear market in 2024, followed by Western Europe as the second largest. The market report covers other key regions including Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Switchgear Market Global Market Report?
- Market Size Analysis: Analyze the Switchgear Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Switchgear Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Switchgear Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Switchgear Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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