Press Release
Press Release
According to a new report by EMR titled, ‘The Australia Switchgear Market Report and Forecast 2024-2032’, the market attained a value of nearly USD 1.27 billion in 2023. The market is estimated to grow at a CAGR of 5.9% between 2024 and 2032 to reach around USD 2.12 billion by 2032.
The Australia switchgear market growth is fuelled by the rapid expansion and upgradation of electrification infrastructure, along with increasing demand for electrical networks. Switchgear, comprising components like fuses, relays, switches, and circuit breakers, regulates and protects electrical equipment in power systems.
The Australia market for switchgear is expected to be aided by surging electricity generation and consumption as well as the shifting dynamics of the power generation industry. Such factors are significantly increasing the requirement for energy transmission and distribution in the country.
Fig.: Australian Electricity Generation from Renewable Sources in Gigawatt Hours 2017-2022
There is a rising demand for eco-friendly switchgear, which does not contain SF6. Such switchgears use dry and clean dry air as an alternative to greenhouse gases like SF6, hence lowering carbon footprint. With the rising emphasis on eco-conscious practices and increasing efforts to reduce environmental impact within the power sector, the demand for eco-friendly switchgear is likely to substantially rise in the forecast period.
Besides, smart switchgears, that can increase the efficiency, reliability, and safety of power systems, are gaining significant popularity in Australia. They are equipped with intelligent electronic devices (IEDs) and sensors to enable advanced diagnostics and ensure system integrity. Additionally, they boast real-time monitoring and predictive maintenance features, enabling prompt fault detection and system failure prevention.
Market players' adoption of favourable strategies to enhance digital switchgear production fuels the market growth. For instance, Schneider Electric (OTCMKTS: SBGSY) introduced a medium voltage digital switchgear line in August 2022, featuring shunt vacuum interruption (SVI) and pure air insulation technology. This move not only signifies a step towards sustainability but also underscores the company's commitment to innovation and meeting evolving consumer demands for efficient and eco-friendly solutions.
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The major players in the Australia switchgear market are Schneider Electric SE, Siemens AG, ABB Ltd., Eaton Plc, Hitachi Ltd., Toshiba Corp., Mitsubishi Electric Corp., RPS Switchgear Limited, Tamco Switchgear Malaysia SDN BHD, Insulect Australia Pty Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Voltage |
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Breakup by Installation |
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Breakup by Insulation |
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Breakup by End Use |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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