Press release
Switchboard Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share
Switchboard Market Share
Enhanced product manufacturing efficiency for extended longevity boosts the switchboard market. Prominent companies are prioritizing innovation for switchboard design. The utilization of novel technologies in production can amplify its efficacy and the product's lifespan. A case in point, the Shanghai municipal government and ABB, a Swiss technology firm, formalized an agreement and injected roughly $2.4 billion in China to augment functionalities in establishing a smart city with smart manufacturing for effective and secure linkage in Shanghai's local businesses. The surge in efficiency escalates the demand for switchboards, therefore fostering growth in the switchboard market.
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What growth opportunities are expected to drive the switchboard market's CAGR through 2034?
The switchboard market has seen consistent expansion in the past few years, with projections indicating growth from $92.3 billion in 2024 to $96.27 billion in 2025, suggesting an impressive compound annual growth rate (CAGR) of 4.3%. Factors driving this historical growth include industrial expansion and infrastructure development, increased rate of urbanization and commercial construction, wider power generation and distribution networks, modernization and refurbishment of electrical systems, and adherence to safety and compliance standards.
The market size of switchboards is forecasted to undergo constant growth over the upcoming years, reaching a value of $109.19 billion in 2029 with a 3.2% CAGR. This growth during the forecast period can be credited to factors like rising integration of renewable energy, energy efficiency, and smart buildings, progress towards modernized infrastructure, the shift towards electric transportation, and a focus on resilience and grid reliability. Noteworthy trends for the forecast period encompass the shift towards environmentally friendly insulation materials, high-level customization to cater to specific industries, improved connectivity via industrial IoT (IIoT), the application of fault-tolerant designs, and the growing popularity of cloud-based monitoring and analytic tools.
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What are the emerging trends shaping the future of the switchboard market?
The use of Ethernet-connected switchboards has dramatically increased in both homes and commercial properties due to their ability to conserve energy and curb maintenance costs. These switchboards can be linked to a computer using an Ethernet cable, which allows for the transmission of information regarding electricity usage, system functions, and other relevant details. Energy industry professionals can then analyze the delivered data to advise on ways of reducing energy usage. An example of this is the Enerlin'x system, produced by Schneider, a digital automation and energy management firm based in France. The smart panel communicates the data regarding energy utilization to a computer via Ethernet and Modbus interfaces. Recognized corporations producing Ethernet-connected switchboards encompass Schneider Electric, Southwire Company LLC., Siemens AG, and the Prysmian Group.
Which growth-oriented segments of the switchboard market are leading the industry's development?
The switchboard market covered in this report is segmented -
1) By Type: Low-Voltage, Middle-Voltage, High-Voltage
2) By Product Standard: IEC Standard, ANSI Standard
3) By End Users: Industrial, Residential, Commercial, Other End-Users
Subsegments:
1) By Low-Voltage: Distribution Switchboards, Motor Control Centers (MCC), Residential Switchboards
2) By Middle-Voltage: Substation Switchboards, Industrial Switchboards, Commercial Switchboards
3) By High-Voltage: Transmission Switchboards, Switching Stations, Utility Switchboards
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What regions are leading the charge in the switchboard market?
Asia-Pacific was the largest region in the switchboard market in 2024. Western Europe was the second-largest region in the global switchboard market share. The regions covered in the switchboard market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the switchboard market?
Major companies operating in the switchboard market include 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., Vertiv Holdings Co., Chint Group Co. Ltd., Rittal GmbH & Co. KG, Crompton Greaves Limited, Powell Industries Inc., CandS Electric Ltd., Industrial Electric Mfg, ROMAC Electrical Power Equipment Inc., Nilsen Electric Pty Ltd., Mastervolt B.V., 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.
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What Is Covered In The Switchboard Global Market Report?
•Market Size Forecast: Examine the switchboard market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the switchboard market for a structured understanding.
•Key Players Overview: Analyze major players in the switchboard market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the switchboard market.
•Segment Contributions: Evaluate how different segments drive overall growth in the switchboard market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the switchboard market.
•Industry Challenges: Identify potential risks and obstacles affecting the switchboard market.
•Competitive Landscape: Review strategic developments in the switchboard market, including expansions, agreements, and new product launches.
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