What Factors Propelled The Growth Of The Switchgear And Switchboard Apparatus Market In The Past?
The switchgear and switchboard apparatus market has seen considerable growth due to a variety of factors.
• The market size for switchgear and switchboard apparatus has seen robust growth in recent times. It is projected to increase from $179.97 billion in 2024 to a whopping $190.44 billion in 2025, which depicts a compound annual growth rate (CAGR) of 5.8%.
Contributing factors to the growth during the historical period include the electrification of industries, urban development and infrastructure advancements, the expansion of power generation capacity, compliance with safety and regulations, and requirements for replacement and modernisation.
How Will The Switchgear And Switchboard Apparatus Market Size Evolve In The Foreseeable Future?
The switchgear and switchboard apparatus market is expected to maintain its strong growth trajectory in upcoming years.
• The market for switchgear and switchboard apparatus is projected to experience consistent growth in the forthcoming years. The market valuation is predicted to rise to $228.43 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 4.7%.
Factors contributing to the projected growth during the forecast period include the incorporation of renewable energy sources, grid resilience and reliability, initiatives for smart grids, transportation electrification, energy efficiency, and commitment to environmental sustainability. The forecast period is also expected to witness major trends such as the application of solid-state circuit breakers, the expansion of the medium voltage switchgear market, the use of air-insulated switchgear for indoor applications, the creation of advanced monitoring and control platforms, and the integration of energy storage systems with switchgear.
What Are The Key Drivers Fueling Growth In The Switchgear And Switchboard Apparatus Market?
The market for switchgear and switchboard apparatus is expected to rise due to an increasing demand for electricity generation. Reliable power supply has become a critical component for economic growth and eradication of poverty. The surge in industrialization and urbanization necessitates a stable supply of electricity, and the dependability of this electricity supply greatly lies on the efficiency of the switchgear. This makes the call for electricity generation a major factor propelling the market for switchgear and switchboard apparatus within the forecast duration. For example, the Department for Energy Security and Net Zero, a UK-based government department, reported in December 2023, a record breaking 39.9 terawatt-hours of electricity generation from renewables in the fourth quarter, epitomizing a 4.9% rise from the corresponding period in 2022. Further, renewable sources touched a record high making up 47.3% of the total electricity generation. Hence, the expected growth in the switchgear and switchboard apparatus market can primarily be attributed to the increasing demand for electricity generation.
What Are The Core Segments Of The Globa 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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Which Emerging Trends Are Reshaping The Switchgear And Switchboard Apparatus Market Size?
In recent years, there has been a growing need for the implementation of electric substations, aiming to quickly reinstate the normal power supply during emergencies. The utilization of mobile substations facilitates the reestablishment of power in outdoor settings or unexpected situations and are specifically constructed to deliver temporary power as swiftly as possible. These mobile substations integrate a generator, transformer, metal-enveloped switchgear, outdoor load interrupter switches, and breakers, which are deployed for network augmentations, and provisional switching stations. For instance, Siemens, a German technology firm, supplied two mobile substations for national grid SA, and Aktif group provided 10 mobile substations to Iraq's ministry of electricity. Hence, the increasing adoption of mobile substations has emerged as a recent trend that is expected to favorably affect the switchgear and switchboard apparatus market.
Who Are the Key Players 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.
What are the Regional Insights into the Switchgear And Switchboard Apparatus Market?
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.
