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Top Factor Driving High Voltage Switchgear Market Growth in 2025: Increasing Need For Electricity Fuels Growth In The High-Voltage Switchgear Market
High Voltage Switchgear Global Market Report 2025
In the past few years, the size of the high voltage switchgear market has significantly enlarged. There is a predicted increase from $11 billion in 2024 to $11.63 billion in 2025, mirroring a compound annual growth rate (CAGR) of 5.7%. Factors such as the expansion of the electrical grid, industrial growth, technological innovation, and infrastructure development have contributed to this robust growth in the historical period.
In the upcoming years, the high voltage switchgear market is projected to experience robust growth, reaching a size of $14.58 billion in 2029 at a compound annual growth rate (CAGR) of 5.8%. Several factors are pushing this growth in the forecast period, such as the integration of renewable energy, modernization of the grid, electrification trends, grid resilience, and the introduction of digital twin technologies. Expected trends for this period are the modernization of the grid, the integration of renewable energy, the emergence of smart grids, digital substations, and gas-insulated switchgear (gis).
What Are the Primary Growth Drivers for the High Voltage Switchgear Market?
The high-voltage switchgear market is anticipated to be propelled by the increasing need for electricity production. Economic growth and combating poverty substantially depend on the existence of electricity. The advancement of urbanization and industrialization necessitates an uninterrupted supply of electricity, with the reliability of such a supply heavily relying on the functionality of the switchgear. As such, the demand for electricity is stimulating the need for high-voltage switchgear during the forecast period. For instance, the IEA, an autonomous intergovernmental organization based in France, predicts that the global demand for electricity generation will rise at a rate of 2.1% annually until 2040, a pace that is double that of the primary energy demand.
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Who Are the Dominant Companies Influencing High Voltage Switchgear Market Trends?
Major companies operating in the high voltage switchgear market include ABB Ltd., General Electric Company, Crompton Greaves Limited, Fuji Electric Co. Ltd., Hitachi Ltd., Hyosung Corporation, Mitsubishi Electric Corporation, Toshiba Corporation, Siemens Aktiengesellschaft, Eaton Corporation plc, Schneider Electric SE, China XD Electric Co. Ltd., Henan Pinggao Electric Co. Ltd., Hyundai Heavy Industries Co. Ltd., Nissin Electric Co. Ltd., Shanghai Siyuan Electric Co. Ltd., Bharat Heavy Electricals Limited, LSIS Co. Ltd., Shenyang High-Voltage Switchgear Co. Ltd., Energomash, New Northeast Electric Group High Voltage Switchgear Co. Ltd., Shandong Taikai High-volt Switchgear Co. Ltd., Larsen & Toubro Limited, Hubbell Incorporated, Powell Industries Inc., Rittal GmbH & Co. KG, Meidensha Corporation, Iljin Electric Co. Ltd., Ormazabal Velatia S.L., Alstom SA, OJSC Power Machines, Howard Industries Inc., Koncar Distribution and Special Transformers Inc., Ormazabal, Raychem RPG Private Limited, SPX Transformer Solutions Inc., Tianan Electric Group Co. Ltd., Transformers and Rectifiers (India) Limited, Triad Magnetics, Voltamp Transformers Limited
How Is the High Voltage Switchgear Market Evolving?
Companies in the electronic and telecommunications sectors are escalating their use of mobile substations. The utilization of these mobile substations is essential in restoring electricity in outdoor settings or unexpected situations, and they are especially constructed to provide temporary power supplies in the shortest time frames. These substations also include elements such as generators, transformers, metal-clad switchgear, outdoor load break switches and breakers. These components are commonly used for expanding networks and temporary switching stations. As an example, ABB Group, a Swiss multinational corporation, has created a mobile substation for the Italian railway network. Hence, the trend of resorting to mobile substations for on-demand energy generation is steadily growing in the market.
What Are the Different Segmentations in the High Voltage Switchgear Market?
The high voltage switchgear market covered in this report is segmented -
1) By Product Standard: IEC Stardard, ANSI Standard
2) By Component: Circuit Breakers, Relays, Other Components
3) By Application: Transmission And Distribution Network, Manufacturing And Processing, Infrastructure And Transportation
Subsegments:
1) By IEC Standard: IEC 62271, IEC 60071, IEC 60376, IEC 60364
2) By ANSI Standard: ANSI C37.20.2, ANSI C37.20.3, ANSI C37.60, ANSI C37.90
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Which Region Is at the Forefront of the High Voltage Switchgear Market?
Asia-Pacific was the largest region in the high voltage switchgear market in 2023. Western Europe was the second-largest region in the high voltage switchgear market analysis. The regions covered in the high voltage switchgear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What Is Covered In The High Voltage Switchgear Global Market Report?
- Market Size Analysis: Analyze the High Voltage Switchgear Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the High Voltage 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 High Voltage Switchgear Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the High Voltage Switchgear Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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