Global Switchgear Market Report and Forecast 2024-2032

Global Switchgear Market Outlook

The global switchgear market reached a value of about USD 111.96 billion in 2023. The market is further expected to grow at a CAGR of 6% in the forecast period of 2024-2032 to reach a value of approximately USD 188.66 billion by 2032.

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Increased Demand for Low Switchgears to Augment the Switchgear Industry Growth

Based on voltage type, low switchgears accounted for a major share in the industry in 2020. This can be attributed to the need for enhanced protection in power distribution equipment and the rapid infrastructural developments across the globe. Meanwhile, the market growth for medium and high voltage switchgears is being driven by the increasing focus on upgrading the old infrastructure and the rising investments in the transmission and distribution infrastructure.

The Asia Pacific to Dominate the Global Switchgear Industry

The Asia Pacific is expected to witness a robust demand for switchgears in the forecast period. The region is expected to account for a major industry share, driven by the expansion of the power distribution equipment industry and the rising investments toward rural electrification in developing nations like India, China, and Indonesia. The rapid industrial and infrastructural developments in these countries are providing enhanced growth opportunities for the market expansion. The increasing demand for electricity, coupled with the upgrades and expansion of the electrification infrastructure, has significantly contributed to the market growth in the Asia Pacific. Meanwhile, the growing investments in renewable energy projects in North America and Europe are expected to favour the industry growth in the forecast period.

Switchgear: Market Segmentation

Switchgear refers to an electrical component made up of electrical disconnect switches, fuses or circuit breakers. In an electric power system, switchgears are used to protect, monitor, and control electrical equipment. In addition, switchgear can de-energise an equipment to allow work to be done as well as clear downstream faults to allow the smooth flow of current load.

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By voltage type, the market is divided into:

• Low Voltage
• Medium Voltage
• High Voltage

Based on installation type, the industry can be bifurcated into:

• Outdoor
• Indoor

The market is divided based on insulation type into:

• Air
• Gas
• Oil
• Vacuum

On the basis of application, the industry can be categorised into:

• T&D Utility
• Commercial
• Industrial
• Residential

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increasing Investments in T&D Infrastructure and the Rising Global Demand for Electricity to Bolster the Growth of the Switchgear Industry

The rising investments in T&D infrastructure is the major factor propelling the growth of the switchgear industry. This is further backed by the increasing demand for electricity and the rapid industrialisation and urbanisation across the globe. In developed countries like the United States and other Western European nations, the increasing investments in cleaner energy sources to reduce carbon emissions are expected to significantly contribute to the industry growth in the coming years. However, fluctuation in key raw material prices like copper, aluminium, and others may hamper the industry growth as switchgear cost is raw material intensive.

Over the forecast period, increase in innovation, such as the integration of smart monitoring technology and digital solutions across power grid infrastructure, and the growing focus on safety and sustainability are expected to further accelerate the market growth.

Key Industry Players in the Global Switchgear Market

The report gives a detailed analysis of the following key players in the global switchgear market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• ABB Ltd.
• Mitsubishi Electric Corporation
• Siemens AG
• Eaton Corporation plc
• Toshiba Energy Systems & Solutions Corporation
• Hitachi, Ltd.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report