Press release
Switchgear Market Revenue Report with Forecast to 2034
The global Switchgear market is estimated to reach over USD 159.7 Billion by 2034, exhibiting a CAGR of 5.8% during the forecast period.
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The switchgear market is expected to experience significant growth, primarily driven by the rising demand for power generation. Access to reliable electricity has become increasingly vital for fostering economic development and alleviating poverty. Continuous and stable power supply is essential for advancing industrialization and urbanization, and the reliability of electrical infrastructure heavily depends on the performance of switchgear systems. Consequently, the growing need for efficient and uninterrupted power generation is projected to drive market demand for switchgear throughout the forecast period. For example, under the Specified Policy Scenario, the growth rate of primary energy consumption is anticipated to double by 2040, while global electricity demand is expected to increase at an annual rate of 2.1%.
The installation of electric substations has also gained importance in recent years, particularly for restoring power supply swiftly during emergencies. Mobile substations are increasingly being utilized as a practical solution to address temporary power needs during adverse weather conditions or unforeseen disruptions. These mobile units are equipped with key components such as generators, transformers, metal-clad switchgear, load break switches, breakers, and temporary switching stations-enabling rapid deployment and reliable service continuity.
List of Prominent Players in the Switchgear Market:
• ABB,
• CG Power And Industrial Solutions
• Eaton,
• Elektrobudowa
• Fuji Electric,
• General Electric,
• Hitachi Hyundai Electric,
• Hyosung
• Legrand,
• Lucy Electric
• Mitsubishi Electric,
• Schneider Electric,
• Sécheron
• Siemens,
• Toshiba
Market Dynamics:
Drivers-
The global outbreak of COVID-19 significantly impacted trade and supply chain operations, leading to a decline in demand from commercial and industrial sectors. Shortages in raw materials and labor further hindered the growth of the switchgear market. Lockdown-induced transportation restrictions delayed the procurement of raw materials and the distribution of finished goods. Additionally, manufacturing shutdowns and supply chain disruptions across several countries contributed to limited market growth during the pandemic.
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Challenges:
One of the primary challenges facing the switchgear market is the volatility in raw material prices. This fluctuation is largely due to the availability of lower-quality materials at reduced costs, which can compromise product performance and increase the likelihood of insulation failure, short circuits, and other malfunctions.
Regional Trends:
The Asia Pacific region dominated the global switchgear market in 2021 and is projected to maintain its leading position. This growth is primarily driven by rapid urbanization, industrial development, and the rising demand for electricity in emerging economies such as China and India. The increasing deployment of renewable energy solutions, along with the integration of smart technologies in power transmission and distribution networks, further contributes to the market's expansion in the region.
Recent Developments:
• In May 2022, For the North American market, Schneider Electric, one of the world's pioneers in energy management and automation digital transformation, introduced its new SureSeT MV switchgear solution. SureSeT is a solution to satisfy clients' increased operational efficiency and space optimization demand.
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Segmentation of Switchgear Market-
By Insulation-
• Gas insulated
• Air-insulated
• Others
By installation-
• Indoor
• Outdoor
By Voltage-
• Low (up to 1kV)
• Medium (2-36 kV)
• High (Above 36 kV)
By Current-
• AC
• DC
By End-User-
• Transmission & Distribution
• Industries
• Commercial & Residential
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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