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2025 Switchgear And Switchboard Apparatus Industry Trends Report: Long-Term Outlook Through 2034
Switchgear And Switchboard Apparatus Market Size
Switchgear And Switchboard Apparatus Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size of switchgear and switchboard apparatus has experienced significant growth in recent times. The market is expected to escalate from $179.97 billion in 2024 to $190.44 billion in 2025, representing a compound annual growth rate (CAGR) of 5.8%. The driving forces behind this expansion during the historical period can be traced back to the electrification of industries, urban development and infrastructure growth, increased power generation capacity, the need for safety and regulatory compliance, as well as requirements for replacement and modernization.
Switchgear And Switchboard Apparatus Market Size Forecast: What's the Projected Valuation by 2029?
The market for switchgear and switchboard apparatus is projected to experience consistent growth in the upcoming years, with its value expected to reach $228.43 billion in 2029, growing at a compound annual growth rate (CAGR) of 4.7%. The market growth during the forecast period is due to factors such as renewable energy sources integration, grid dependability and robustness, smart grid programs, transportation electrification, energy efficiency, and environmental sustainability. The forecast period will also see key trends including the use of solid-state circuit breakers, growth in the medium voltage switchgear market, the utilization of air-insulated switchgear in indoor settings, the creation of superior monitoring and control platforms, and the incorporation of energy storage systems with switchgear.
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What Are the Drivers Transforming the Switchgear And Switchboard Apparatus Market?
The forecasted requirement for electricity production is expected to fuel the market for switchgear and switchboard apparatus. Electricity is essential for economic growth and poverty reduction. The constant supply of electricity is necessary for industrialization and urbanization progress, and the reliability of the electric supply hinges largely on the performance of the switchgear. Hence, the forecasted demand for power generation is fueling the need for switchgear and switchboard apparatus. For example, in December 2023, the UK's Department for Energy Security and Net Zero reported that in the final quarter of 2023, renewable electricity generation reached an all-time high of 39.9 terawatt-hours, a 4.9% increase from the same period in 2022. Furthermore, renewable energy sources set a new record, making up 47.3% of electricity production. As a result, the predicted demand for electricity production is expected to stimulate the market for switchgear and switchboard apparatus.
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What Long-Term Trends Will Define the Future of the Switchgear And Switchboard Apparatus Market?
In recent years, there has been a surge in demand for the implementation of electric substations to rapidly reinstate regular power supply in emergency situations. Mobile substations, which allow for the resumption of electrical service in outdoor settings or unforeseen events, are specifically designed to offer provisional power as quickly as possible. These portable substations include a generator, transformer, metal-clad switchgear, outdoor load break switches and breakers, all of which are utilized for network extensions and interim switching stations. For example, Siemens, a technology firm based in Germany, supplied two mobile substations for the national grid SA, while the Aktif group delivered 10 to the ministry of electricity in Iraq. Consequently, the growing preference for mobile substations represents an emerging trend that will have a positive effect on the switchgear and switchboard apparatus market.
Which Segments in the Switchgear And Switchboard Apparatus Market Offer the Most Profit Potential?
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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Which Firms Dominate the Switchgear And Switchboard Apparatus Market by Market Share and Revenue in 2025?
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.
Which Regions Offer the Highest Growth Potential in the Switchgear And Switchboard Apparatus Market?
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.
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