Press release
High Voltage Switchgear Industry Outlook 2025-2029: Market Set to Cross $14.57 Billion Milestone
High Voltage Switchgear
How Large Will the High Voltage Switchgear Market Size By 2025?
In recent times, there has been impressive growth in the market size of high voltage switchgear. It's anticipated that the market, currently valued at $11 billion as of 2024, will expand to $11.63 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 5.7%. This growth during the historical period can be traced back to the expansion of the electrical grid, industrial progress, technological innovations, and infrastructure development.
How Big Is the High Voltage Switchgear Market Size Expected to Grow by 2029?
The market size for high voltage switchgear is set to witness significant expansion in the coming years, reaching a value of $14.58 billion in 2029 at a compound annual growth rate (CAGR) of 5.8%. The surge in growth anticipated in the forecast period is due to factors such as renewable energy integration, grid modernization, electrification movements, grid robustness, and digital twin technologies. The main trends anticipated during the forecast span encompass grid modernization, integration of renewable energy, intelligent grids, digital substations, and gas-insulated switchgear (gis).
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Which Key Market Drivers Powering High Voltage Switchgear Market Expansion and Growth?
The high-voltage switchgear market is anticipated to be propelled by an increased need for electricity generation. Electricity availability is crucial for economic growth and alleviating poverty. The advancement of urbanization and industrialization necessitates a consistent supply of electricity. The dependability of this electricity supply is largely reliant on the efficacy of the switchgear. Thus, the demand for electricity is fostering the need for high-voltage switchgear during the forecast period. For instance, the IEA, an autonomous intergovernmental organization based in France, predicts that the global demand for electricity generation will increase by 2.1% annually until 2040, which is double the growth rate of primary energy demand.
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Which Fast-Growing Trends Are Poised to Disrupt the High Voltage Switchgear Market?
Firms in the electronics and telecommunications sector are broadening their utilization of mobile substations. The establishment of these mobile substations facilitates the revival of electricity supply in outdoor environments or unexpected situations, and are purposefully engineered to deliver interim power provisions swiftly. Furthermore, these transportable substations feature components like generators, transformers, metal-clad switchgear, outdoor load break switches, and breakers, which are employed for network expansion and temporary switching centers. For instance, the Swiss-based multinational corporation - ABB Group, designed a mobile substation for the Italian railway system. Consequently, the trend of utilizing mobile substations for on-demand energy generation is on the rise in the market.
What Are the Emerging Segments in the High Voltage Switchgear Market?
The high voltage switchgear market covered in this report is segmented -
1) By Product Standard: IEC Stardard, ANSI Standard
2) By Component: Circuit Breakers, Relays, Other Components
3) By Application: Transmission And Distribution Network, Manufacturing And Processing, Infrastructure And Transportation
Subsegments:
1) By IEC Standard: IEC 62271, IEC 60071, IEC 60376, IEC 60364
2) By ANSI Standard: ANSI C37.20.2, ANSI C37.20.3, ANSI C37.60, ANSI C37.90
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Who Are the Global Leaders in the High Voltage Switchgear Market?
Major companies operating in the high voltage switchgear market include ABB Ltd., General Electric Company, Crompton Greaves Limited, Fuji Electric Co. Ltd., Hitachi Ltd., Hyosung Corporation, Mitsubishi Electric Corporation, Toshiba Corporation, Siemens Aktiengesellschaft, Eaton Corporation plc, Schneider Electric SE, China XD Electric Co. Ltd., Henan Pinggao Electric Co. Ltd., Hyundai Heavy Industries Co. Ltd., Nissin Electric Co. Ltd., Shanghai Siyuan Electric Co. Ltd., Bharat Heavy Electricals Limited, LSIS Co. Ltd., Shenyang High-Voltage Switchgear Co. Ltd., Energomash, New Northeast Electric Group High Voltage Switchgear Co. Ltd., Shandong Taikai High-volt Switchgear Co. Ltd., Larsen & Toubro Limited, Hubbell Incorporated, Powell Industries Inc., Rittal GmbH & Co. KG, Meidensha Corporation, Iljin Electric Co. Ltd., Ormazabal Velatia S.L., Alstom SA, OJSC Power Machines, Howard Industries Inc., Koncar Distribution and Special Transformers Inc., Ormazabal, Raychem RPG Private Limited, SPX Transformer Solutions Inc., Tianan Electric Group Co. Ltd., Transformers and Rectifiers (India) Limited, Triad Magnetics, Voltamp Transformers Limited
Which are the Top Profitable Regional Markets for the High Voltage Switchgear Industry?
Asia-Pacific was the largest region in the high voltage switchgear market in 2023. Western Europe was the second-largest region in the high voltage switchgear market analysis. The regions covered in the high voltage switchgear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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