Press release
Switchgear Industry Report 2025-2034: Market Dynamics, Trends, And Forecasts
Switchgear
What Is the Expected Switchgear Market Size During the Forecast Period?
In recent times, there has been significant growth in the switchgear market size. It is projected to increase from $87.67 billion in 2024 to $94.17 billion in 2025, with a compound annual growth rate (CAGR) of 7.4%. The surge observed during the historical period can be associated with an increase in power consumption, suitable government initiatives, and economic progress in evolving markets.
The switchgear market is forecasted to witness substantial expansion in the near future, reaching $119.24 billion by 2029 with a compound annual growth rate (CAGR) of 6.1%. The projected increase during this timeframe can be ascribed to aspects such as the surge in electricity usage, its widespread application in the transportation sector, investments made in renewable energy sources, amplified electricity requirement from the manufacturing sector, interest rates fluctuations, replacement of aging switchgears, and effective load handling and balance. Key trends during this forecast period encompass embracing digital technologies, striving to create cutting-edge products to satisfy the evolving needs of power generation sector, capitalizing on eco-friendly solutions to lessen environmental impact, implementing IOT-enabled switchgears for automated processes and energy management, endorsing automated switchgears in the power production and conveyance sectors to facilitate smart grid operations, and designing and encouraging the usage of specialized switchgears for critical industry operations.
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What Are the High-Growth Segments in the Switchgear Market?
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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What Key Drivers Are Expected to Influence Future Switchgear Market Growth?
The forecast for increased demands for electricity production is anticipated to boost the switchgear market. Access to electricity has gradually become crucial for economic growth and the reduction of poverty. Expansions in industrialization and urbanization require a consistent electricity supply, and the dependability of this supply is directly linked to the effectiveness of the switchgear. Hence, the surge in electricity generation demands is propelling the market demand for switchgear. For example, global electricity demand is expected to increase at a rate of 2.1% annually until 2040 in the Specified Policies Scenario, twice the growth rate of primary energy by 2040.
Which Companies Hold the Largest Share Across Different Switchgear Market Segments?
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.
What Trends Are Driving Growth in The Switchgear Market?
There has been an increased demand for electric substation installations over the past few years to ensure rapid restoration of normal power supply during emergencies. These mobile substations not only allow the resumption of electricity in outdoor or unforeseen environments, but are also specifically crafted to provide immediate temporary power supplies. These units include components like a generator, transformer, metal-clad switchgear, outdoor load break switches and breakers, often used for network extensions and temporary switching stations. For example, Siemens provided two mobile substations for National Grid SA, and Aktif Group supplied 10 mobile substations to the Ministry of Electricity Iraq. Thus, the growing uptake of mobile substations emerges as a key trend positively influencing the switchgear market.
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What Are the Emerging Geographies for The Switchgear Market Growth?
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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Switchgear Market?
2. What is the CAGR expected in the Switchgear Market?
3. What Are the Key Innovations Transforming the Switchgear Industry?
4. Which Region Is Leading the Switchgear Market?
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