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Switchboard Market Landscape 2025: Forecast Data and Growth Strategy Insights
Switchboard
How Large Will the Switchboard Market Size By 2025?
The market size for switchboards has steadily increased over the recent years. From 2024 to 2025, the market is set to grow from $92.3 billion to $96.27 billion, powered by a compounded annual growth rate (CAGR) of 4.3%. The historical growth of this market can be linked to factors such as escalations in industrialization along with infrastructural development, spread of urbanization and commercial construction, expansion within power generation and distribution networks, upgrading and retrofitting of electrical systems, and adherence to safety and compliance standards.
How Big Is the Switchboard Market Size Expected to Grow by 2029?
Expectations are set for the switchboard market size to experience consistent expansion over the upcoming years. It's projected to rise to a value of $109.19 billion by 2029, with a compound annual growth rate (CAGR) of 3.2%. The expected growth during the forecasted period can be ascribed to factors such as increased integration of renewable energy, the emergence of smart buildings and energy efficiency, modernization efforts in infrastructure, the electrification of transport, and the aim for resilience and grid reliability. Key trends during this period are expected to be the move towards green insulation materials, heightened customization for specific sectors, improved connectivity due to the industrial Internet of Things (IIoT), the utilization of fault-tolerant designs, and the adoption of cloud-based monitoring and analytical tools.
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Which Key Market Drivers Powering Switchboard Market Expansion and Growth?
The rise in product manufacturing efficiency that results in enhanced longevity fuels the switchboard market. Prominent companies are primarily paying attention to introducing innovations in switchboard designs. The infusion of novel technologies in production potentially enhances product efficiency and lifespan. For example, a memorandum was signed between the Shanghai municipal government and ABB, a Switzerland-based tech firm, pledging an investment of around $2.4 billion in China for enhancing features for the construction of a smart city with intelligent manufacturing, offering effective and secure connectivity to Shanghai's local businesses. The surge in efficiency leads to a higher demand for switchboards, which in turn drives the growth of the switchboard market.
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Which Fast-Growing Trends Are Poised to Disrupt the Switchboard Market?
Switchboards connected via Ethernet are increasingly used in residential and commercial properties for energy conservation and cost reduction in maintenance. These switchboards can be linked to a computer utilizing an Ethernet cable. Data related to electricity usage, system status, and other information is then relayed to the computer through this cable. Energy specialists assess the data collected on the computer, offering suggestions for lowering energy usage. Schneider for instance, a French digital automation and energy management organization, manufactured the Enerlin'x system in 2022. This smart panel sends data on energy consumption to a computer via Ethernet and Modbus interfaces. Schneider Electric, Southwire Company LLC., Siemens AG, and Prysmian Group are a few of the major companies involved in the production of Ethernet-connected switchboards.
What Are the Emerging Segments in 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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Who Are the Global Leaders in the Switchboard Market?
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.
Which are the Top Profitable Regional Markets for the Switchboard Industry?
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.
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