The Switchgear Market is expected to grow at 5.5% CAGR by 2031.

Global switchgear market was worth USD 89.7 million in 2022. It is expected to grow to USD 145.23 trillion by 2031. This will result in a 5.5% CAGR over the 2023-2031 forecast period. The market for switchgear is expected to increase due to increased awareness of the new generation and increasing energy demand to sustain rapid urbanization.

New York, United States of America, January 19, 2023 (GLOBE NEWSWIRE). — A switchgear, a machine that controls, protects, and turns on or off electrical equipment, is used in the United States. It includes circuit breakers, switches, and fuses. Switchgear is an accessory that allows power transformers to be equipped with both high- and low-voltage sides. It cuts off electricity to the equipment for testing, maintenance, fault-finding, and maintenance. Traditional circuit breakers, connectors, or transformers make up the traditional switchgear. The new switchgear can use both magnetic actuation and the Internet of Things to create smart grids that work better and are more reliable. Industrialization, infrastructure investments, and other factors are driving the market for switchgear to expand. The market’s value will continue to rise due to the increasing use of eco-friendly and innovative technologies.

Investments in energy infrastructure and other renewable energy sources are driving the switchgear industry. Investing in rural infrastructure across Asia-Pacific countries is expected to boost market value. Pradhanmantri Sahaj Bilgi Har Ghar Yojana, an Indian scheme that supplies electricity to all homes, is one example. These developments have resulted in high demand for switchgear.

The Internet of Things (IoT) has made switchgear more intelligent. It can anticipate potential problems and take preventative steps before they occur. The system’s reliability and efficiency is further enhanced by real-time data and better visibility. Smart switchgear can reduce electricity consumption and help to lower residential and commercial building power consumption. Schneider Electric, for example, has developed a line medium-voltage switchgear which is more reliable, secure, and simpler. It’s also ready for smart grid.

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Market growth is driven by an increase in investment in renewable energy and in development of the industrial infrastructure
The market for switchgear is expected to grow due to increasing awareness of the new generation mix, and growing energy demand to support rapid urbanization. They are used to stabilize voltage in complex electrical substations. These devices must be resistant to extreme weather conditions and a range of operating voltages.

Due to technological advancements, switching components are increasingly used in commercial applications. Construction and expansion The development of new industrial structures such as banks, power plants and government offices could further increase the industry’s growth.

The favorable government policies and subsidies that support new technology and rising investment in renewable energy sources are expected to lead to a better market environment.

As global efforts to reduce carbon emissions increase and the public becomes more aware about the benefits of renewable power production, switch equipment will become more common. The adoption of switchgear components and the demand for switchgear is expected to be driven by the construction of new T&D lines by bulk power generation facilities using onshore and offshore solar, wind, and hydro sources.

The efficiency of electrical switchgear equipment installed outdoors can be affected by harsh environmental factors like temperature, pressure, humidity, and water leaking from ground. To improve reliability and practicality, regulatory agencies have developed strict specifications and norms to address the atmospheric conditions.

Due to the complex IoT-based controls system, this equipment has seen a significant price increase. It is a complex, costly, and detailed response. The switchgear market will continue to grow slowly due to high capital costs and difficult environmental conditions.

Report Scope

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Regional Insights
North America is the dominant market and is expected grow at a substantial CAGR during this forecast period. North America will contribute significantly to the global switchgear industry during the forecast period. According to the North American Renewable Integration Study, (NARIS), the region is diversifying their energy source portfolio by investing in the solar, wind, and hydropower sectors. Grid modernization and capacity improvement of existing systems will drive demand. The widespread adoption of IoT has seen the switchgear market continue to grow. Switchgear incorporates new technology to be more reliable, advanced, and easily accessible from anywhere.

The Europe Switchgear Market is expected to grow at a faster CAGR over the forecasted time. Switchgear equipment is required to protect electrical substations from unstable climate conditions and variable operating voltage. These power sector equipment can be used to reduce power outages, increase power distribution networks, and improve the overall demand. Europe’s switchgear industry is experiencing significant growth due to large capacity expansions made possible by renewable energy sources. The European Switchgear Market continues to grow because of the European Union’s attention to energy efficiency.

The Asia-Pacific switchgear industry held the largest global share in 2018, and it is expected to maintain this position for the duration of the projection period. China and India are investing heavily in their infrastructure, rural, industrial and infrastructure sectors. Transmission lines and distribution networks were quickly built. The rising demand for renewable energie from India will drive the industry of switchgear to expand.

Here are the Key Highlights

• The global Switchgear market size Was valued at USD 89.7 trillion in 2022 Projected to have a value in excess of USD 145.23 Billion by 2031Registering a CAGR of 5.5% The forecast period 2023-2031

• Based on voltage levelIt is sub-segmented in Low Voltage (Medium Voltage), Medium Voltage and High Voltage. The market’s dominant switch gear is the Medium Voltage.

• Based on type of installationThe segment can be further divided into Indoor and Outdoor types.

• Based on end-useIt can be sub-segmented as follows: Industrial, Residential, Commercial, and Utilities.

Competitive Landscape

• Schneider Electric

• Siemens

• ABB

• Hyosung

• Hyundai

• CG Power

• Hitachi, Eaton

• General Electric

• Toshiba

• Mitsubishi

• Powell

• Larsen and Toubro

• Elektrobudowa

• Hubbell

• Lucy Electric (UK).

• SEL

• Fuji Electric.

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Segmentation of the Global Switchgear Market
By Voltage Level

• Low Voltage

• Medium Voltage

• High Voltage

By Installation 

BY End-Use

• Industrial

• Residential

• Commercial

• Utilities

By Region

• North America

• Europe

• Asia-Pacific

• LAMEA

TABLE OF CONTENT

1. Introduction

   1. Market Definition

   2. Market Scope

2. Research Methodology

   1. Primary Research

   2. Research Methodology

   3. Assumptions & Exclusions

   4. Secondary Data Sources

3. Market Overview

   1. Report Segmentation & Scope

   2. Analyse of the Value Chain Switchgear Market

   3. Key Market Trends

      1. Drivers

      2. Restraints

      3. Opportunities

   4. Porter’s Five Forces Analysis

      1. Suppliers have the ability to bargain

      2. Bargaining power of buyers

      3. Substitution Threat

      4. New Threats

      5. Rivalry between Competitors

   5. Market Share Analysis

4. Overview of the Voltage Level

   1. Introduction

      1. Market Size & Forecast

   2. Low Voltage

      1. Market Size & Forecast

   3. Medium Voltage

      1. Market Size & Forecast

5. Installation Overview

   1. Introduction

      1. Market Size & Forecast

   2. Outdoor Type

      1. Market Size & Forecast

   3. Indoor Type

      1. Market Size & Forecast

6. Regional Overview

   1. Introduction

      1. Market Size & Forecast

   2. America

      1. North America

      2. U.S.

         1. By Voltage Level

         2. By Installation

      3. Canada

         1. By Voltage Level

         2. By Installation

      4. Mexico

         1. By Voltage Level

         2. By Installation

      5. Latin America

         1. By Voltage Level

         2. By Installation

   3. Europe

      1. Market Size & Forecast

      2. Germany

         1. By Voltage Level

         2. By Installation

      3. France

         1. By Voltage Level

         2. By Installation

      4. U.K.

         1. By Voltage Level

         2. By Installation

      5. Italy

         1. By Voltage Level

         2. By Installation

      6. Spain

         1. By Voltage Level

         2. By Installation

      7. Rest of Europe

         1. By Voltage Level

         2. By Installation

   4. Asia Pacific

      1. Market Size & Forecast

      2. Japan

         1. By Voltage Level

         2. By Installation

      3. China

         1. By Voltage Level

         2. By Installation

      4. Australia

         1. By Voltage Level

         2. By Installation

      5. India

         1. By Voltage Level

         2. By Installation

      6. South Korea

         1. By Voltage Level

         2. By Installation

      7. Rest of Asia-Pacific

         1. By Voltage Level

         2. By Installation

   5. Middle East & Africa

      1. Market Size & Forecast

      2. Saudi Arabia

         1. By Voltage Level

         2. By Installation

      3. South Africa

         1. By Voltage Level

         2. By Installation

      4. Kuwait

         1. By Voltage Level

         2. By Installation

      5. Rest of Middle East & Africa

         1. By Voltage Level

         2. By Installation

7. Profil of a Company

   1. Schneider Electric

      1. Company Overview

      2. Financial Performance

      3. Recent Developments

      4. Product Portfolio

   2. Siemens

      1. Company Overview

      2. Financial Performance

      3. Recent Developments

      4. Product Portfolio

   3. ABB

      1. Company Overview

      2. Financial Performance

      3. Recent Developments

      4. Product Portfolio

8. Conclusion & Recommendation

9. Acronyms & Abbreviations

Table of Content and Figure https://straitsresearch.com/report/switchgear-market/toc

Market News

• In July 2022The Schneider Electric (SE), Retail Pavilion will be the company’s first omnichannel retail outreach.

• In June 2022Schneider Electric presented new research and innovations that will prepare the IT infrastructure to support Net Zero operations.

• In November 2022Siemens Mobility and Hamburger Hochbahn will create the next-generation train management system for Hamburg’s U2 and U4 lines.

• November 2022The Digital Business Platform Siemens Xcelerator accelerates digital transformation

• In November 2022Simcenter Cloud HPC (Simons) opened up advanced simulation to a wider audience.

• October 2022ABB has published ABB Review’s new issue with connectivity as the central theme.

• In November 2022ABB successfully separated from Acceleron.

News Media

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