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Evolving Market Trends In The Switchboard Industry: Ethernet-Connected Switchboards Enhance Energy Efficiency And Reduce Maintenance Costs In Household And Commercial Buildings
Switchboard
How Big Is the Switchboard Market Size Expected to Be by 2034?
In recent times, the market size of the switchboard has experienced consistent growth. Its projection is to increase from $92.3 billion in 2024 to $96.27 billion in 2025, at a compound annual growth rate (CAGR) of 4.3%. The escalation during the historic period can be accredited to an increase in industrialization and infrastructure development, metropolitanisation, and commercial construction, the extension of power generation and distribution networks, renovations and the modernization of electrical systems, and adherence to safety and compliance standards.
Over the coming years, the switchboard market size is predicted to experience consistent growth. It is forecasted to expand to $109.19 billion by 2029, marking a compound annual growth rate (CAGR) of 3.2%. The projected growth during this period can be credited to factors such as increased integration of renewable energy, the rise of smart buildings and energy efficiency, efforts to modernize infrastructure, transportation electrification, and the focus on resilience and grid reliability. The forecast period is also anticipated to see the rise of key trends including the transition to eco-friendly insulation materials, tailored customization for particular industries, improved connectivity via industrial IoT (IIoT), the application of fault-tolerant designs, and the embrace of cloud-based monitoring and analytics.
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What Are the Emerging Segments Within the Switchboard Market?
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 Long-Term Drivers Are Shaping Switchboard Market Trends?
Improving the manufacturing effectiveness of goods to enhance their lifespan boosts the demand for switchboards. Major firms are intensively centered around advancements to develop switchboards. The implementation of modern technologies in the production process tends to amplify its efficiency and extend the product's service life. For example, the Shanghai municipal government and ABB, a technology firm based in Switzerland, inked a memorandum and pumped approximately $2.4 billion into China to upscale the functionality in constructing a smart city with smart manufacturing that enables efficient and secure connectivity in Shanghai's local businesses. The surge in efficiency escalates the need for switchboards, thereby aiding the growth of the switchboard market.
Who Are the Top Competitors in Key Switchboard Market Segments?
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.
What Switchboard Market Trends Are Gaining Traction Across Different Segments?
The use of switchboards connected via Ethernet is increasingly prevalent in both residential and commercial properties, as a method to conserve energy and lower maintenance expenses. These switchboards are linked to a computer using an Ethernet cable, enabling the transmission of information such as electricity usage and system condition. Specialists in energy then assess this data and propose ways to lessen energy use. For instance, Schneider, a French company specializing in digital automation and energy management, is producing a smart panel named the Enerlin'x system in 2022. This panel communicates data regarding energy consumption to a computer using Ethernet and Modbus interfaces. Large corporations including Schneider Electric, Southwire Company LLC., Siemens AG, and Prysmian Group are among those manufacturing Ethernet linked switchboards.
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Which Regions Are Becoming Hubs for Switchboard Market Innovation?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Switchboard Market?
2. What is the CAGR expected in the Switchboard Market?
3. What Are the Key Innovations Transforming the Switchboard Industry?
4. Which Region Is Leading the Switchboard Market?
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