Pune, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Switchgear Market Size & Overview:
“According to the SNS Insider, The Switchgear Market was valued at USD 97.76 Billion in 2023 and is projected to reach USD 165.01 Billion by 2032, growing at a CAGR of 6.00% from 2024 to 2032.”
The switchgear market is a vital segment of the electrical industry, as it operates as a critical point where electrical power is distributed and controlled. Over the past few years, the switchgear market has experienced significant growth driven by the rising need for electricity, commercial and industrial development, and the attention given to renewable energy sources. Nowadays, the rapidly growing global population and urbanization have led to an extremely high demand for a reliable supply of electricity. The whole year of 2024 in the United States is dedicated to funding the electricity infrastructure and the projects around it, which proves a significant commitment to updating and innovating. The Department of Energy, specifically, is also highly involved in the investments and spends around USD 46 billion in the fiscal year 2024. The budget is spent on a variety of initiatives, including the grid’s upgrade, and programs to enhance energy efficiency and explore new technologies. As a result, new power generation facilities are being built and there is overall improvement in the existing electrical infrastructure, yet both of them need advanced switchgear systems to control the distribution of electrical power and its safety requirements.
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Key Players Covered in this Research Report are:
- Schneider Electric
- Eaton Corporation
- Hyundai CG Power
- Toshiba
- Mitsubishi
- Larsen & Toubro
- Elektrobudowa
- Hubbell
- Lucy Electric
- Powell Industries
- Alstom
- Siemens AG
- BHEL
- TIPECO
- Crompton Greeves
- Meta Switchgear
Switchgear Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 97.76 Billion |
| Market Size by 2032 | USD 165.01 Billion |
| CAGR | CAGR of 6.00% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Segments | • By Voltage (Low, Medium, High) • By Insulation (Air, Gas, Others) • By Installation (Indoor, Outdoor) • By End-Users (Industries, Commercial, Residential, T&D Utilities) |
| Key Growth Drivers | • Modern Switchgear Plays a Crucial Role in Upgrading Power Infrastructure. • Advanced Switchgear Essential for Enhancing Smart Grid Technology and Operations. |
Comprehensive Segment Breakdown Highlights Emerging Opportunities in the Market
By Voltage:
The low voltage segment was the market leader with nearly 67% in 2023. This part is essential for the safe supply of electricity at voltages up to 1,000 volts. The high demand for low voltage switchgear in urban infrastructure, particularly in residential buildings, data centers, and commercial complexes where safety, reliability, and compactness are crucial. Different applications are supported by Schneider Electric’s low voltage switchgear solutions, which deliver dependable performance and protection from electrical faults.
By Insulation:
In 2023, air-insulated switchgear dominated with a 52% market share. This is facilitated by the fact that these devices are cost-efficient, reliable, and require straightforward maintenance. Since air is their main insulating material, they are generally used for medium to high-voltage applications in city and industrial environments. Their popularity in distribution networks, substations, and renewable energy integration has made them the first choice for utilities and industrial facilities.
By Installation:
The outdoor switchgear led the market in 2023 with a 70% market share, considering the increasing requirement for power distribution in rural and isolated locations, in addition to enhancing renewable energy projects. Outdoor switchgear is created to stand up to harsh weather so they are appropriate for substations, transmission lines, and even renewable energy centers like wind farms and solar power plants.
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Key Market Segmentation
BY VOLTAGE
- Low
- Medium
- High
BY INSULATION
- Air
- Gas
- Others
BY INSTALLATION
- Indoor
- Outdoor
BY END-USERS
- Industries
- Commercial
- Residential
- T&D Utilities
Regional Analysis: Comprehensive analysis of regional growth in the Switchgear Market
In 2023, North America dominated the market with its 37% share, and it was related to increasing investments in the modernization of obsolete energy equipment and the development of renewable energy. Specifically, the U.S. and Canada prepared the ground in the region since they require advanced switchgear to enhance the reliability of the grid and make the transmission of energy from renewable sources more manageable. Moreover, because the area is committed to the reduction of carbon emissions, it has widely implemented smart grids and energy-efficient switchgear.
The Asia-Pacific region is developing at the highest rate and by the forecast period of 2024-2032, it is supposed to continue at a rapid pace. Moreover, China, India, and Japan are likely to significantly contribute to the upsurge in demand for switchgear since they require reliable and efficient energy distribution systems. The growing prosperity of the area and the ongoing work on smart grid projects will provide support for improvement.
Recent Developments in the market:
- In March 2024, Siemens introduced a new line of smart medium voltage switchgear designed to enhance grid reliability and efficiency through advanced monitoring and automation features.
- In June 2024, Schneider Electric launched EcoStruxure Power, a comprehensive switchgear solution that integrates energy management and IoT capabilities to optimize power distribution and improve operational efficiency.
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Key Takeaways from the report:
- The Switchgear Market is poised for substantial growth, reaching USD 165.01 Billion by 2032, driven by rising energy demand and infrastructure investments.
- The medium voltage switchgear segment is the fastest-growing, while the low voltage switchgear segment remains dominant.
- Asia-Pacific leads the market in terms of share, with North America emerging as the fastest-growing region.
- Recent product innovations from major players like Siemens, Schneider Electric, and Eaton are shaping the future of switchgear technology.
- The market is characterized by a strong focus on energy efficiency, smart grid integration, and modernization of electrical infrastructure.
TABLE OF CONTENTS – Analysis of Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Switchgear Production Volumes, by Region (2023)
5.2 Switchgear Installation Trends (Historical and Future)
5.3 Supply Chain Metrics for Switchgear Components
5.4 Emerging Technologies in Switchgear Design and Innovation
5.5 Distribution Channel Analysis for Switchgear Products
6. Competitive Landscape
7. Switchgear Market Segmentation, by Voltage
8. Switchgear Market Segmentation, by Insulation
9. Switchgear Market Segmentation, by Installation
10. Switchgear Market Segmentation, by End-Users
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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