Press release
Global Switchgear Market Projected to Surpass $119.24 Billion by 2029 with 6.1% Annual Growth
Switchgear
The anticipation of an increase in electricity generation is set to propel the switchgear market. Electricity accessibility has been deemed crucial for both economic growth and the reduction of poverty. The continual supply of electricity, a requisite for the progression of industrialization and urbanization, largely depends on switchgear performance. Consequently, the requirement for electricity generation prompts the demand for switchgear in the estimated time frame. For example, by 2040, in the Specified Policies Scenario, the global requirement for electricity will climb at 2.1% annually, twice the rate of primary energy expansion.
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What is the projected compound annual growth rate (CAGR) of the switchgear market from 2025 to 2034, and what factors influence it?
The size of the switchgear market has seen substantial growth in recent years. The market value will escalate from $87.67 billion in 2024 to approximately $94.17 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 7.4%. Factors like increased power consumption, supportive government initiatives, and economic advancement in emerging markets can be credited for the growth witnessed in the past.
Robust growth is predicted for the switchgear market size in the coming years, reaching $119.24 billion by 2029, with a compound annual growth rate (CAGR) of 6.1%. The anticipated growth within this period can be ascribed to factors such as the rising demand for electricity, the expansion of power usage in transportation, investment in sustainable energy, the surge in electricity needs from manufacturing sectors, interest rates, substitution of aging switchgears, as well as load management and balancing. The projected period will see a focus on digital technologies, creating innovative products that meet the dynamic needs of the power generation industry, capitalizing in environmentally-friendly solutions to reduce environmental impact, implementing Internet of Things (IoT)-enabled switchgears for automated management of energy, encouraging automated switchgear use in power generation and transmission sectors for smarter grid operations, and the development and promotion of specialized switchgear for crucial industries.
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What trends are poised to drive the future success of the switchgear market?
In recent years, there has been a surge in demand for the establishment of electric substations to swiftly restore power supplies in emergency situations. Utilising mobile substations allows for immediate reinstatement of electricity in outdoor settings or unexpected situations, and they are specifically structured to offer momentary power sources. These substations also include components such as generators, transformers, metal-clad switchgear, outdoor load break switches and breakers, which find use in network extensions and makeshift switching stations. For example, Siemens provided two mobile substations for National Grid SA, while Aktif group supplied 10 mobile substations to Iraq's Ministry of Electricity. Due to these reasons, the growing acceptance of mobile substations is a current trend that will positively influence the switchgear market.
What are the major segments of the switchgear market and their role in driving growth?
The switchgear market covered in this report is segmented -
1) By Product Type: High Voltage, Medium Voltage, Low Voltage
2) By Insulation: Gas Insulated Switchgear (GIS), Air Insulated Switchgear (AIS), Other Insulations
3) By Installation: Indoor, Outdoor
4) By End-User: Residential, Commercial, Industrial, Utilities
Subsegments:
1) By High Voltage: Gas-Insulated Switchgear (GIS), Air-Insulated Switchgear (AIS), Hybrid Switchgear, Circuit Breakers And Disconnectors For High Voltage
2) By Medium Voltage: Metal-Enclosed Switchgear, Outdoor Switchgear, Ring Main Units (RMUs), Vacuum Circuit Breakers
3) By Low Voltage: Molded Case Circuit Breakers (MCCB), Miniature Circuit Breakers (MCB), Switchboards And Panelboards, Distribution Boards And Fuse Boards
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Which regions are key players in the growth of the switchgear market?
Asia-Pacific was the largest region in the switchgear market in 2024. Western Europe was the second-largest region in the global switchgear market analysis. The regions covered in the switchgear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the key firms paving the way for growth in the switchgear market?
Major companies operating 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, LS ELECTRIC Co. Ltd., Hyosung Heavy Industries, Meidensha, Nissin Electric, Shihlin Electric, CHEM, Fortune Electric, Anchor Electricals Pvt Ltd, CG Power and Industrial Solutions Limited, Orecco Electric, Tamco, Tenaga Switchgear, GE T&D India Ltd, Bharat Heavy Electrical Limited, Legrand India Private Limited, Industrial Solutions Limited, Fuji Electric, Lucy Electric, Twyver Switchgear, SwitchGear Company NV, Alan Electrical Limited, Electroshield Samara, Alstom, IZVA LLC, SIVAR, S&C Electric Company, Powell Industries, G&W Electric, Noja Power, Abunayyan Holding Company, BMC Manufacturing, TIEPCO, Wahah Electric Supply Company of Saudi Arabia Ltd. (WESCOSA), KFB Holding Group, Afcon, Matelec Group, Egyptian German Electrical Manufacturing Co.
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What Is Covered In The Switchgear Global Market Report?
• Market Size Forecast: Examine the switchgear market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the switchgear market for a structured understanding.
• Key Players Overview: Analyze major players in the switchgear market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the switchgear market.
• Segment Contributions: Evaluate how different segments drive overall growth in the switchgear market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the switchgear market.
• Industry Challenges: Identify potential risks and obstacles affecting the switchgear market.
• Competitive Landscape: Review strategic developments in the switchgear market, including expansions, agreements, and new product launches.
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