Press release
Switchgear And Switchboard Apparatus Market Size Projected To Reach $228.43 Billion By 2034 With A Cagr Of 4.7%
Switchgear And Switchboard Apparatus
What Is the Expected Switchgear And Switchboard Apparatus Market Size During the Forecast Period?
In prior years, there has been substantial growth in the size of the switchgear and switchboard apparatus market. A projected rise from $179.97 billion in 2024 to $190.44 billion in 2025, indicating a compound annual growth rate (CAGR) of 5.8%, is expected. This past growth is ascribed to various factors including industrial electrification, urbanization, infrastructure enhancement, expansion of power generation capacity, adherence to safety and regulatory standards, as well as needs for replacement and modernization.
The market for switchgear and switchboard apparatus is predicted to experience consistent growth in the coming years. It is projected to reach $228.43 billion by 2029, with a compound annual growth rate (CAGR) of 4.7%. The projected growth during the forecast period could be due to the integration of renewable energy sources, resilience and reliability of the grid, initiatives for smart grid, transportation electrification, energy efficiency, and environmental sustainability. Key trends during the forecast period would include the use of solid-state circuit breakers, growth of the medium voltage switchgear market, incorporation of air-insulated switchgear in indoor settings, the creation of sophisticated monitoring and control platforms, and the amalgamation of energy storage systems with switchgear.
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What Are the High-Growth Segments in the Switchgear And Switchboard Apparatus Market?
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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What Key Drivers Are Expected to Influence Future Switchgear And Switchboard Apparatus Market Growth?
The switchgear and switchboard apparatus market is expected to be influenced by the rising demand for electricity generation. The economic growth and poverty reduction are heavily reliant on electricity accessibility. The relentless electricity needs of growing industrialization and urbanization are dependent on the reliability of the power supply, whose effectiveness hinges on the switchgear's performance. Thus, the pressing need for electricity generation is sparking the demand for switchgear and switchboard apparatus throughout the forecast period. For instance, the Department for Energy Security and Net Zero, a governmental department in the UK, reported that as of December 2023, renewable electricity production had hit an unprecedented high of 39.9 terawatt-hours, a 4.9% increase compared to the same quarter in 2022. Additionally, renewables set a new record, contributing 47.3 percent of electricity production. Consequently, the burgeoning demand for electricity generation is set to propel the growth of the switchgear and switchboard apparatus market.
Which Companies Hold the Largest Share Across Different Switchgear And Switchboard Apparatus Market Segments?
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.
What Trends Are Driving Growth in The Switchgear And Switchboard Apparatus Market?
In recent years, there has been a growing demand for the setting up of electric substations to quickly reinstate regular electricity supply in the event of emergencies. The employment of mobile substations facilitates the recovery of electric power under outdoor or unexpected situations, and they are specifically engineered to offer a temporary power supply as promptly as possible. Additionally, these mobile substations come equipped with a generator, transformer, metal-clad switchgear, outdoor load break switches, and breakers, all of which are used for network expansion and temporary switching stations. For example, two mobile substations were supplied to the national grid SA by Siemens, a technology company based in Germany, while the Aktif group provided 10 mobile substations to the ministry of electricity in Iraq. As such, the increasing use of mobile substations is a recent trend that will have a positive effect on the switchgear and switchboard apparatus market.
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What Are the Emerging Geographies for The Switchgear And Switchboard Apparatus Market Growth?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Switchgear And Switchboard Apparatus Market?
2. What is the CAGR expected in the Switchgear And Switchboard Apparatus Market?
3. What Are the Key Innovations Transforming the Switchgear And Switchboard Apparatus Industry?
4. Which Region Is Leading the Switchgear And Switchboard Apparatus Market?
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