Press release
Switchgear And Switchboard Apparatus Market Forecast 2025-2034
Switchgear And Switchboard Apparatus Market Share
The switchgear and switchboard apparatus market is anticipated to be propelled by the increasing demands for electricity generation. It has become critical for economic growth and alleviation of poverty to have a constant supply of electricity. Continuous electrical supply is a necessity for the development of industrialization and urbanization, and the reliability of this supply is significantly reliant on how well the switchgear performs. Hence, the rising demand for electricity generation is expected to boost the switchgear and switchboard apparatus market in the projected period. For example, according to the Department for Energy Security and Net Zero, a UK-based government department, the generation of renewable electricity hit a new record high in December 2023's fourth quarter, with 39.9 terawatt-hours, which is a 4.9% increase compared to the same time in 2022. Furthermore, a new record was set with renewables accounting for 47.3 percent of electricity generation. Consequently, the anticipated demand for electricity generation is presumed to propel the switchgear and switchboard apparatus market.
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What is the projected compound annual growth rate (CAGR) of the switchgear and switchboard apparatus market from 2025 to 2034, and what factors influence it?
In the past few years, there has been a significant increase in the market size of switchgear and switchboard apparatus. This market is projected to expand from $179.97 billion in 2024 to $190.44 billion in 2025, indicating a compound annual growth rate (CAGR) of 5.8%. Factors contributing to the growth during the historic period include the industrial electrification, progression in urbanization and infrastructure, an increase in power generation capacity, compliance with safety and regulations, and the need for replacements and modernization.
The market for switchgear and switchboard apparatus is predicted to experience consistent growth in the coming years. The market size is projected to reach $228.43 billion in 2029 with a compound annual growth rate (CAGR) of 4.7%. This projected growth during the forecast period can be credited to factors like incorporation of renewable energy sources, reliability and resilience of grid, efforts towards smart grid, vehicle electrification, energy efficiency, and focus on environmental sustainability. Key trends expected during this period comprise the integration of solid-state circuit breakers, growth of medium voltage switchgear market, utilization of air-insulated switchgear for in-house uses, creation of advanced monitoring and control platforms, and coupling energy storage systems with switchgear.
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How are the latest trends influencing the growth of the switchgear and switchboard apparatus market?
In recent years, there's been an increasing demand for the setup of electric substations to quickly resume regular power supply during emergencies. The deployment of portable substations allows for the recovery of electrical services in outdoor settings or unexpected situations, designed with a primary function to offer temporary power as promptly as possible. These portable stations include components like a generator, transformer, metal-clad switchgear, outdoor load break switches and breakers, which are utilized for network extensions and temporary switching stations. For example, Siemens, a German technology firm, supplied two portable substations for the national grid SA, while Aktif group provided ten portable substations to Iraq's ministry of electricity. Therefore, the rising usage of mobile substations constitutes one of the most recent trends set to positively influence the switchgear and switchboard apparatus market.
What are the major segments of the switchgear and switchboard apparatus market and their role in driving growth?
The switchgear and switchboard apparatus market covered in this report is segmented -
1) By Product Type: Switchboard, Switchgear
2) By Application: Industry, Manufacture, Other Applications
3) By End-User: Residential, Commercial, Industrial
Subsegments:
1) By Switchboard: Power Distribution Boards, Lighting Distribution Boards, Motor Control Switchboards
2) By Switchgear: Air-Insulated Switchgear (AIS), Gas-Insulated Switchgear (GIS), Hybrid Switchgear, Medium-Voltage Switchgear, Low-Voltage Switchgear
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Which regions are key players in the growth of the switchgear and switchboard apparatus market?
Asia-Pacific was the largest region in the switchgear and switchboard apparatus market in 2024. Western Europe was the second-largest region in the global switchgear and switchboard apparatus market share. The regions covered in the switchgear and switchboard apparatus 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 and switchboard apparatus market?
Major companies operating in the switchgear and switchboard apparatus market include 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, Fuji Electric Co. Ltd., Hubbell Incorporated, Nilsen Holdings Ltd, Hyosung Corporation, CG Power and Industrial Solutions Limited, Powell Industries Inc., Lucy Electric LLC, ROMAC Industries Inc., GEDAC ELECTRIC LTD, Kounis Group, Aussie Switchboards Pty Ltd, Elektrobudowa SA, IEM - Instrumentation Engineering & Manufacturing, CandS Electric Co. Ltd., Mastervolt B.V., Hyundai Heavy Industries Co. Ltd.
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What Is Covered In The Switchgear And Switchboard Apparatus Global Market Report?
•Market Size Forecast: Examine the switchgear and switchboard apparatus market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the switchgear and switchboard apparatus market for a structured understanding.
•Key Players Overview: Analyze major players in the switchgear and switchboard apparatus market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the switchgear and switchboard apparatus market.
•Segment Contributions: Evaluate how different segments drive overall growth in the switchgear and switchboard apparatus market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the switchgear and switchboard apparatus market.
•Industry Challenges: Identify potential risks and obstacles affecting the switchgear and switchboard apparatus market.
•Competitive Landscape: Review strategic developments in the switchgear and switchboard apparatus market, including expansions, agreements, and new product launches.
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