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Switchgear And Switchboard Apparatus Market Trends That Will Shape the Next Decade: Insights from Growing Demand For Mobile Substations Drives Positive Impact On The Switchgear And Switchboard Apparatus Market
Switchgear And Switchboard Apparatus
How Large Will the Switchgear And Switchboard Apparatus Market Size By 2025?
The steady expansion of the switchgear and switchboard apparatus market size has been observed in the last few years. The market is projected to advance from a size of $176.38 billion in 2024 to a substantial $183.26 billion in 2025. This signifies a compound annual growth rate (CAGR) of 3.9%. Factors contributing to this upward trend during the historic period include the electrification of industries, rapid urbanization and infrastructure development, the expansion of power generation capacity, safety and regulatory compliance requirements, as well as needs for replacement and modernization.
How Big Is the Switchgear And Switchboard Apparatus Market Size Expected to Grow by 2029?
In the coming years, the market size for switchgear and switchboard apparatus is projected to witness consistent growth, reaching $218.95 billion in 2029 with a 4.5% compound annual growth rate (CAGR). This expected growth during the forecast period is largely credited to factors such as the integration of renewable energy sources, better grid stability and dependability, smart grid endeavours, transport electrification, and goals for energy efficiency and environmental sustainability. Key trends to watch for throughout the forecast period encompass the integration of solid-state circuit breakers, the expansion of the medium voltage switchgear market, the use of air-insulated switchgear in indoor settings, advancement in monitoring and control platforms, and combination of energy storage systems with switchgear.
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Which Key Market Drivers Powering Switchgear And Switchboard Apparatus Market Expansion and Growth?
Projected growth in electricity generation is anticipated to catalyze the market for switchgear and switchboard apparatus. Given that electrical availability is a crucial factor in economic progress and mitigation of poverty, continuous power supply is required for the evolution of industrialization and urbanization. The dependability of such supply is largely contingent upon the effective performance of switchgear. Thus, surging electrical generation needs are set to fuel the market for switchgear and switchboard apparatus. In a case study, the Department for Energy Security and Net Zero, a UK government entity, reported that in the final quarter of 2023, generation of renewable electricity hit a record 39.9 terawatt-hours, a 4.9% upswing from the same timeframe in 2022. Furthermore, renewables attained a new milestone, contributing 47.3 percent to electricity generation. Consequently, the projected spike in electricity generation is anticipated to propel the switchgear and switchboard apparatus market.
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What Long-Term Trends Will Define the Future of the Switchgear And Switchboard Apparatus Market?
In recent years, there's been an uptick in the need for electric substation installations to promptly reinstate regular power flow during emergencies. Mobile substations, which can operate in outdoor environments or unexpected situations, have become crucial for restoring immediate power supplies. These mobile units comprise a generator, transformer, metal-clad switchgear, outdoor load break switches, and breakers, which help in extending networks and as temporary switching stations. An example of this trend is reflected in Siemens, a German tech firm, supplying two mobile substations for the national grid SA, and Aktif group distributing 10 mobile substations to Iraq's ministry of electricity. As such, the rising embracement of mobile substations is a trend positively influencing the switchgear and switchboard apparatus market.
What Are the Emerging Segments in the Switchgear And Switchboard Apparatus Market?
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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Who Are the Global Leaders in the Switchgear And Switchboard Apparatus Market?
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 are the Top Profitable Regional Markets for the Switchgear And Switchboard Apparatus Industry?
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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