What Factors Propelled The Growth Of The Switchgear Market In The Past?
The switchgear market has seen considerable growth due to a variety of factors.
• In recent times, there has been significant growth in the switchgear market size. This is expected to expand further, increasing from its current value of $87.67 billion in 2024, to an estimated $94.17 billion in 2025. This growth, projected at a compound annual growth rate (CAGR) of 7.4%, can be traced back to the heightened power usage, government policies that promote the sector's growth, and the economic advancement of emerging markets.
What are the Market Size and Expected Growth Rates for the Switchgear Market?
The switchgear market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipations for the switchgear market are quite positive, with robust advancements expected within the next several years. Projected to reach a valuation of $119.24 billion by 2029, this signifies a compound annual growth rate (CAGR) of 6.1%.
The growth drivers during this forecast period are numerous, including rising electricity demands, increased prevalence of electric transit, investment in renewable energies, heightened electricity needs from the manufacturing sector, interest rates fluctuations, the replacement of outdated switchgears, and effective load management and balancing. Furthermore, the period will likely see a greater emphasis on digital technologies, product innovation to meet evolving needs within the power generation sector, investment in eco-friendly solutions, incorporation of internet of things (IoT) in switchgears for automation and energy manipulation, promotion of automatic switchgear within power generation and transmission fields for smart grid execution, and the design and promotion of specialized switchgears for critical industries.
Which Drivers Are Accelerating Growth In The Switchgear Market?
The switchgear market is anticipated to be propelled by the increasing requirement for power generation. Electricity availability, due to its crucial role in promoting economic growth and mitigating poverty, is key. Continuous power supply, necessary for the growth of industrialization and urbanization, relies significantly on switchgear performance. Consequently, power generation demand is stimulating switchgear demand over the predicted period. For example, under the Specified Policies Scenario, global electricity demand is climbing at a 2.1% annual rate till 2040, a growth rate twice that of primary energy by 2040.
What Are The Key Segments Within The Global Switchgear Market?
The switchgear market covered in this report is segmented –
1) By Product Type: High Voltage, Medium Voltage, Low Voltage
2) By Insulation: Gas Insulated Switchgear (GIS), Air Insulated Switchgear (AIS), Other Insulations
3) By Installation: Indoor, Outdoor
4) By End-User: Residential, Commercial, Industrial, Utilities
Subsegments:
1) By High Voltage: Gas-Insulated Switchgear (GIS), Air-Insulated Switchgear (AIS), Hybrid Switchgear, Circuit Breakers And Disconnectors For High Voltage
2) By Medium Voltage: Metal-Enclosed Switchgear, Outdoor Switchgear, Ring Main Units (RMUs), Vacuum Circuit Breakers
3) By Low Voltage: Molded Case Circuit Breakers (MCCB), Miniature Circuit Breakers (MCB), Switchboards And Panelboards, Distribution Boards And Fuse Boards
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How Are New Trends Impacting The Size Of The Switchgear
Over the past years, there has been a surge in demand for the installation of electric substations to swiftly reinstate normal power supply during emergencies. Deploying mobile substations offers a solution for power restoration in outdoor environments or unexpected situations, optimally engineered to supply temporary power as quickly as feasible. Furthermore, these mobile substations entail a generator, transformer, metal-clad switchgear, outdoor load break switches, and breakers, utilized for extending networks, and temporary switchgear stations. For instance, Siemens supplied two mobile substations for national grid SA and Aktif group provisioned ten mobile substations for the ministry of electricity in Iraq. Hence, the rising usage of mobile substations represents a recent trend positively influencing the switchgear market.
Who Are the Key Players in the Switchgear Market?
Major companies operating in the switchgear market include:
• ABB Ltd
• Schneider Electric
• Siemens AG
• Mitsubishi Electric Corporation
• Eaton Corporation Inc
• Hitachi Ltd.
• Toshiba Corporation
• Hyundai Electric & Energy Systems Co. Ltd.
• Larsen & Toubro Limited
• Havells India Limited
• LS ELECTRIC Co. Ltd.
• Hyosung Heavy Industries
• Meidensha
• Nissin Electric
• Shihlin Electric
• CHEM
• Fortune Electric
• Anchor Electricals Pvt Ltd
• CG Power and Industrial Solutions Limited
• Orecco Electric
• Tamco
• Tenaga Switchgear
• GE T&D India Ltd
• Bharat Heavy Electrical Limited
• Legrand India Private Limited
• Industrial Solutions Limited
• Fuji Electric
• Lucy Electric
• Twyver Switchgear
• SwitchGear Company NV
• Alan Electrical Limited
• Electroshield Samara
• Alstom
• IZVA LLC
• SIVAR
• S&C Electric Company
• Powell Industries
• G&W Electric
• Noja Power
• Abunayyan Holding Company
• BMC Manufacturing
• TIEPCO
• Wahah Electric Supply Company of Saudi Arabia Ltd. (WESCOSA)
• KFB Holding Group
• Afcon
• Matelec Group
• Egyptian German Electrical Manufacturing Co.
What are the Regional Insights into the Switchgear Market?
Asia-Pacific was the largest region in the switchgear market in 2024. Western Europe was the second-largest region in the global switchgear market analysis. The regions covered in the switchgear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
