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Top Market Shifts Transforming the Switchgear Market Landscape: Key Insights
Switchgear Market
What Is the Expected CAGR for the Switchgear Market Through 2025?
There has been robust growth in the size of the switchgear market over the recent years. The projection for this market shows a growth from $85.93 billion in 2024 to $90.62 billion in 2025, marking a compound annual growth rate (CAGR) of 5.5%. The growth experienced in the historical period can be traced back to the increase in power consumption, beneficial governmental initiatives, and economic expansion in emerging markets.
What's the Projected Size of the Global Switchgear Market by 2029?
The market size for switchgear is expected to witness substantial growth in the upcoming years, escalating to $114.29 billion in 2029 with a compound annual growth rate (CAGR) of 6.0%. This surge during the forecast period can be ascribed to elements like the rising demand for electricity, the expanding application of electricity in transportation, investments towards renewable energy, increased electricity requirement from manufacturing industries, aligning interest rates, replacement of outdated switchgears, and management and balancing of load. Key trends during this forecast period encompass emphasizing on digital technologies, focusing on innovation in product development to cater to the evolving needs of the power generation industry, investing in environment-friendly solutions to reduce environmental impact, utilizing internet of things (IoT) enabled switchgears for automation in operations and energy management, promoting the automation of switchgear within power generation and transmission sectors to facilitate smart grid operations, and the development and promotion of specialized switchgear for essential industries.
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Top Growth Drivers in the Switchgear Industry: What's Accelerating the Market?
The switchgear market is expected to be propelled by the increasing need for electricity generation. The significance of electricity availability has been recognized as vital for economic progress and the reduction of poverty. The growth of industrialization and urbanization necessitates a steady supply of electricity, and the dependability of this supply is largely reliant on the functioning of the switchgear. As a result, the requirement for electricity generation is fueling the need for switchgear over the projection period. For example, in the Specified Policies Scenario, the global demand for electricity is set to ascend at a rate of 2.1% annually until 2040, twice the pace of primary energy growth by the same year.
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Which Fast-Growing Trends Are Poised to Disrupt the Switchgear Market?
There's been a noticeable surge in the need for electric substation installations over recent years, with the goal to promptly restore stable power supply during emergency situations. The deployment of mobile substations, which are capable of restoring electrical power in outdoor or unforeseen scenarios, are purpose-built to deliver on-demand temporary power supply. These portable substations come equipped with a generator, transformer, metal-clad switchgear, outdoor load break switches, and breakers. These equipment are utilized for network expansions as well as temporary switching stations. For instance, Siemens and Aktif group have been active in this domain, delivering mobile substations to national grid SA and the ministry of electricity Iraq respectively. Consequently, the mounting implementation of mobile substations represents a prevailing trend that has been positively influencing the switchgear market.
What Are the Main Segments in the Switchgear Market?
The switchgear market covered in this report is segmented -
1) By Product Type: High Voltage, Medium Voltage, Low Voltage
2) By Insulation: Gas Insulated Switchgear (GIS), Air Insulated Switchgear (AIS), Other Insulations
3) By Installation: Indoor, Outdoor
4) By End-User: Residential, Commercial, Industrial, Utilities
Subsegments:
1) By High Voltage: Gas-Insulated Switchgear (GIS), Air-Insulated Switchgear (AIS), Hybrid Switchgear, Circuit Breakers And Disconnectors For High Voltage
2) By Medium Voltage: Metal-Enclosed Switchgear, Outdoor Switchgear, Ring Main Units (RMUs), Vacuum Circuit Breakers
3) By Low Voltage: Molded Case Circuit Breakers (MCCB), Miniature Circuit Breakers (MCB), Switchboards And Panelboards, Distribution Boards And Fuse Boards
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Which Top Companies are Driving Growth in the Switchgear Market?
Major companies operating in the switchgear market include ABB Ltd, Schneider Electric, Siemens AG, Mitsubishi Electric Corporation, Eaton Corporation Inc, Hitachi Ltd., Toshiba Corporation, Hyundai Electric & Energy Systems Co. Ltd., Larsen & Toubro Limited, Havells India Limited, LS ELECTRIC Co. Ltd., Hyosung Heavy Industries, Meidensha, Nissin Electric, Shihlin Electric, CHEM, Fortune Electric, Anchor Electricals Pvt Ltd, CG Power and Industrial Solutions Limited, Orecco Electric, Tamco, Tenaga Switchgear, GE T&D India Ltd, Bharat Heavy Electrical Limited, Legrand India Private Limited, Industrial Solutions Limited, Fuji Electric, Lucy Electric, Twyver Switchgear, SwitchGear Company NV, Alan Electrical Limited, Electroshield Samara, Alstom, IZVA LLC, SIVAR, S&C Electric Company, Powell Industries, G&W Electric, Noja Power, Abunayyan Holding Company, BMC Manufacturing, TIEPCO, Wahah Electric Supply Company of Saudi Arabia Ltd. (WESCOSA), KFB Holding Group, Afcon, Matelec Group, Egyptian German Electrical Manufacturing Co.
Which Regions Will Dominate the Switchgear Market Through 2029?
Asia-Pacific was the largest region in the switchgear market in 2024. Western Europe was the second-largest region in the global switchgear market analysis. The regions covered in the switchgear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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