Switchboard Global Market To Reach Value Of About $55 Billion In 2025

18 Oct, 2021

The switchboard market consists of sales of switchboards and related services for distribution of electricity from one electrical source to another electrical source. Switchboards refer to the power distribution process system which consists of panels with different switches and indicators to direct and control electricity for functioning in circuits.

Global Switchboard Market Size And Drivers:

The global switchboard market is expected to grow from $30.95 billion in 2020 to $37.12 billion in 2021 at a compound annual growth rate (CAGR) of 19.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $54.62 billion in 2025 at a CAGR of 10%. Increasing manufacturing efficiency of products for longer durability increases demand for the switchboards.

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Trends In The Global Switchboard Market

Ethernet connected switchboards are widely being used in household and commercial buildings to save energy and reduce maintenance costs. Switchboards can be connected to a computer through an Ethernet cable. Electricity use, system status and other data is transmitted to the computer through the Ethernet cable. Data obtained on the computer is analyzed by energy experts and suggestions to minimize energy consumption. For example, Enerlin’x system manufactured by Schneider is a smart panel that transmits energy consumption data to computer through Ethernet and Modbus interfaces. Some of the major companies manufacturing Ethernet connected switchboards include Schneider Electric, Southwire Company LLC, Siemens AG and Prysmian Group.

Global Switchboard Market Segments:
The global switchboard market is further segmented –
By Type: Low-Voltage, Middle-Voltage, High-Voltage
By End Users: Industrial, Residential, Commercial, Other
By Geography: The global switchboard market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.

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Switchboard Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides switchboard market overviews, analyzes and forecasts market size and growth for the global switchboard market, switchboard market share, switchboard market players, switchboard market segments and geographies, switchboard market’s leading competitors’ revenues, profiles and market shares. The switchboard market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.