Press release
2025-2034 High Voltage Switchgear Market Outlook: Key Drivers, Emerging Challenges, and Strategic Insights
High Voltage Switchgear Market
What Will the High Voltage Switchgear Industry Market Size Be by 2025?
The size of the high voltage switchgear market has seen gradual and consistent growth in recent years. It is projected to increase from $10.78 billion in 2024 to $11.18 billion in 2025, witnessing a compound annual growth rate (CAGR) of 3.8%. Several factors such as the expansion of the electrical grid, industrial growth, technological progress, and infrastructure development are responsible for the growth experienced in the historical phase.
What's the Long-Term Growth Forecast for the High Voltage Switchgear Market Size Through 2029?
The market size of high voltage switchgear is anticipated to witness robust expansion in the coming years, forecasted to reach $13.97 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.7%. This growth during the forecast period is mainly due to factors like the incorporation of renewable energy, modernization of the grid, electrification tendencies, resilience of the grid, and the advent of digital twin technologies. Major predicted trends for the forecast period encompass modernization of the grid, integration of renewable energy, development of smart grids, digitizing substations, and the utilization of gas-insulated switchgear (gis).
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What Are the Key Growth Drivers Fueling the High Voltage Switchgear Market Expansion?
Predictions indicate that the demand for power generation will boost the high-voltage switchgear market. Reliable electricity access is considered crucial for fostering economic progress and alleviating poverty. Urbanization and industrial growth necessitate a steady flow of electricity, and how dependable this power supply is heavily relies on the switchgear performance. Consequently, the call for power drives the need for high-voltage switchgear within the projected period. For example, the France-based independent intergovernmental organization, IEA, anticipates the global demand for electricity production to increase annually by 2.1% through to 2040, a rate that's double the primary energy demand.
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What Are the Key Trends Driving High Voltage Switchgear Market Growth?
Companies in the electronics and telecommunications sector are progressively adopting the use of mobile substations. These mobile substations, which allow the recovery of electricity outdoors or in unexpected situations, are equipped to deliver immediate temporary power supplies. They consist of components such as generators, transformers, metal-clad switchgear, outdoor load break switches, and breakers, which aid in extending networks and acting as temporary switching stations. A prime example of this is the mobile substation crafted by the ABB Group, a Swiss multinational corporation, for the Italian railway network. This highlights the growing trend in the market of utilizing mobile substations for on-demand power generation.
How Is the High Voltage Switchgear Market Segmented?
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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Which Companies Are Leading the Charge in High Voltage Switchgear Market Innovation?
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 Regions Are Leading the Global High Voltage Switchgear Market in Revenue?
Asia-Pacific was the largest region in the high voltage switchgear market in 2024. 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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