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Switchgear Market

Switchgear Market Size, Share & Trends Analysis Report By Insulation (Gas-insulated Switchgears, Air-insulated Switchgears), Installation (Indoor, Outdoor), Current (AC, DC), Voltage (Low (up to 1 kV), Medium (2–36 kV), High (Above 36 kV), End User, By Region, And Segment Forecasts, 2024-2031

Report ID : 1674 | Published : 2024-06-10 | Pages: 180 | Format: PDF/EXCEL

The Global Switchgear Market Size is valued at 86.82 billion in 2023 and is predicted to reach 136.85 billion by the year 2031 at a 5.56% CAGR during the forecast period for 2023-2031.

The necessity for a wide variety of electrical equipment has increased due to the rapid growth of power in rural regions and rising energy output. Significant switchgear market trends anticipated to fuel market expansion include growing regional government aims for supplying electricity to rural areas and increased investment in this sector. It is an electrical element that controls, keeps track of, and regulates a circuit. It guarantees operating safety, cost-effectiveness, and availability in various residential, commercial, industrial, and utility applications. 

https://www.insightaceanalytic.com/images_data/928494372.JPG

Intricate electrical substations typically require switchgear technology to tolerate varying operating voltage under hazardous climatic circumstances. Building new industrial infrastructure, such as power plants for secure operations, is also predicted to spur market expansion. More government backing for the latest technology and rising investments in renewable energy development are expected to improve the business environment. 

Recent Developments:

  • In May 2022, For the North American market, Schneider Electric, one of the world's pioneers in energy management and automation digital transformation, introduced its new SureSeT MV switchgear solution. SureSeT is a solution to satisfy clients' increased operational efficiency and space optimization demand.

Competitive Landscape:

Few of the major Switchgear market players are:

  • ABB,
  • CG Power And Industrial Solutions
  • Eaton,
  • Elektrobudowa
  • Fuji Electric,
  • General Electric,
  • Hitachi Hyundai Electric,
  • Hyosung
  • Legrand,
  • Lucy Electric
  • Mitsubishi Electric,
  • Schneider Electric,
  • Sécheron
  • Siemens,
  • Toshiba 

Market Segmentation:

The Switchgear market is segmented on insulation, installation, voltage, current, and end-user. Based on insulation, the market is segregated as gas-insulated switchgear, air-insulated switchgear, and others. The installation segment includes indoor and outdoor. By voltage, the market is segmented into low (up to 1kV), medium (2-36kV), and high (above 36 kV). The current segment includes Ac and DC. The end-user consists of transmission & distribution utilities, industries, commercial & residential, and others.

Based On Voltage, The Low Voltage Segment Is Accounted As A Major Contributor In The Switchgear Market

Low voltage switchgear has a 1.1 kV AC maximum capacity. They are intended to switch and protect electrical equipment. Products for low-voltage switchgear are used by a wide range of businesses, including those in the process industry, manufacturing firms, suppliers of renewable energy, utilities, and companies that make rail equipment, particularly in the wind and solar industries. Additionally, it is anticipated that the ongoing infrastructure renovation projects will accelerate market expansion across all industries.

Gas Insulated Switchgears Segment Witness Growth At A Rapid Rate

The fastest growth is projected for the gas-based insulation. In areas with limited space or areas exposed to high levels of pollution, gas-insulated switch gears are typically fitted. Longer life is provided by its compact design and robust structure, which guard against environmental deterioration. They are a popular option among end users because to their minimal danger of explosion and oil leakage as well as decreased running expenses.

In The Region, The North America Switchgear Market Holds Significant Revenue Share

The Kingdom of Saudi Arabia (KSA), Qatar, the United Arab Emirates (UAE), and Kuwait are anticipated to be the major drivers of market expansion. The nations of the Gulf Cooperation Council (GCC) are investing extensively in their power sectors to increase their generation capacity.

The market for switchgear in the Middle East is anticipated to benefit from the transmission and distribution segment's predicted financial growth. The KSA economy is predicted to grow quickly in a range of industries, including plastics, petrochemicals, power, and water. The quick commercial infrastructure developments are expected to lead to major growth in Qatar and the United Arab Emirates. The Egyptian switchgears market is anticipated to be supported by growing market reforms for increased efficiency and optimal investments in the power sector.

Switchgear Market Report Scope:

Report Attribute

Specifications

Market size value in 2023

USD 89.82 Bn

Revenue forecast in 2031

USD 136.85 Bn

Growth rate CAGR

CAGR of 5.56% from 2024 to 2031

Quantitative units

Representation of revenue in US$ Billion, and CAGR from 2024 to 2031

Historic Year

2019 to 2023

Forecast Year

2024-2031

Report coverage

The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends

Segments covered

Insulation, Installation, Voltage, Current, And End-User

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia

Competitive Landscape

Siemens, ABB, Schneider Electric, Mitsuibishi Electric, General Electric, Eaton, Legrand, Hitachi Hyundai Electric, Fuji Electric, and Toshiba.

Customization scope

Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape.

Pricing and available payment methods

Explore pricing alternatives that are customized to your particular study requirements.

Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Switchgear Market Snapshot

Chapter 4. Global Switchgear Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: by Insulation Estimates & Trend Analysis
5.1. by Insulation & Market Share, 2023 & 2031
5.2. Market Current (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Insulation:

5.2.1. Gas insulated
5.2.2. Air-insulated
5.2.3. Others

Chapter 6. Market Segmentation 2: by Installation Estimates & Trend Analysis
6.1. by Installation & Market Share, 2023 & 2031
6.2. Market Current (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Installation:

6.2.1. Indoor
6.2.2. Outdoor

Chapter 7. Market Segmentation 3: by Voltage Estimates & Trend Analysis
7.1. by Voltage & Market Share, 2023 & 2031
7.2. Market Current (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Voltage:

7.2.1. Low (up to 1kV)
7.2.2. Medium (2-36 kV)
7.2.3. High (Above 36 kV)

Chapter 8. Market Segmentation 4: by Current Estimates & Trend Analysis
8.1. by Current & Market Share, 2023 & 2031
8.2. Market Current (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Current:

8.2.1. AC
8.2.2. DC

Chapter 9. Market Segmentation 5: by End-User Estimates & Trend Analysis
9.1. by End-User & Market Share, 2023 & 2031
9.2. Market Current (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by End-User:

9.2.1. Transmission & Distribution
9.2.2. Industries
9.2.3. Commercial & Residential
9.2.4. Others

Chapter 10. Switchgear Market Segmentation 6: Regional Estimates & Trend Analysis

10.1. North America

10.1.1. North America Switchgear Market Revenue (US$ Million) Estimates and Forecasts by Insulation, 2024-2031
10.1.2. North America Switchgear Market Revenue (US$ Million) Estimates and Forecasts by Installation, 2024-2031
10.1.3. North America Switchgear Market revenue (US$ Million) Estimates and Forecasts by Voltage, 2024-2031
10.1.4. North America Switchgear Market revenue (US$ Million) Estimates and Forecasts by Current, 2024-2031
10.1.5. North America Switchgear Market revenue (US$ Million) Estimates and Forecasts by End-User, 2024-2031
10.1.6. North America Switchgear Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

10.2. Europe

10.2.1. Europe Switchgear Market revenue (US$ Million) Estimates and Forecasts by Insulation, 2024-2031
10.2.2. Europe Switchgear Market revenue (US$ Million) Estimates and Forecasts by Installation, 2024-2031
10.2.3. Europe Switchgear Market revenue (US$ Million) Estimates and Forecasts by Voltage, 2024-2031
10.2.4. Europe Switchgear Market revenue (US$ Million) Estimates and Forecasts by Current, 2024-2031
10.2.5. Europe Switchgear Market revenue (US$ Million) Estimates and Forecasts by End-User, 2024-2031
10.2.6. Europe Switchgear Market revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

10.3. Asia Pacific

10.3.1. Asia Pacific Switchgear Market revenue (US$ Million) Estimates and Forecasts by Insulation, 2024-2031
10.3.2. Asia Pacific Switchgear Market revenue (US$ Million) Estimates and Forecasts by Installation, 2024-2031
10.3.3. Asia-Pacific Switchgear Market revenue (US$ Million) Estimates and Forecasts by Voltage, 2024-2031
10.3.4. Asia Pacific Switchgear Market revenue (US$ Million) Estimates and Forecasts by Current, 2024-2031
10.3.5. Asia Pacific Switchgear Market revenue (US$ Million) Estimates and Forecasts by End-User, 2024-2031
10.3.6. Asia Pacific Switchgear Market revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

10.4. Latin America

10.4.1. Latin America Switchgear Market revenue (US$ Million) Estimates and Forecasts by Insulation, 2024-2031
10.4.2. Latin America Switchgear Market revenue (US$ Million) Estimates and Forecasts by Installation, 2024-2031
10.4.3. Latin America Switchgear Market revenue (US$ Million) Estimates and Forecasts by Voltage, 2024-2031
10.4.4. Latin America Switchgear Market revenue (US$ Million) Estimates and Forecasts by Current, 2024-2031
10.4.5. Latin America Switchgear Market revenue (US$ Million) Estimates and Forecasts by End-User, 2024-2031
10.4.6. Latin America Switchgear Market revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

10.5. Middle East & Africa

10.5.1. Middle East & Africa Switchgear Market revenue (US$ Million) Estimates and Forecasts by Insulation, 2024-2031
10.5.2. Middle East & Africa Switchgear Market revenue (US$ Million) Estimates and Forecasts by Installation, 2024-2031
10.5.3. Middle East & Africa Switchgear Market revenue (US$ Million) Estimates and Forecasts by Voltage, 2024-2031
10.5.4. Middle East & Africa Switchgear Market revenue (US$ Million) Estimates and Forecasts by Current, 2024-2031
10.5.5. Middle East & Africa Switchgear Market revenue (US$ Million) Estimates and Forecasts by End-User, 2024-2031
10.5.6. Middle East & Africa Switchgear Market revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

Chapter 11. Competitive Landscape

11.1. Major Mergers and Acquisitions/Strategic Alliances

11.2. Company Profiles


11.2.1. ABB,
11.2.2. CG Power And Industrial Solutions
11.2.3. Eaton,
11.2.4. Elektrobudowa
11.2.5. Fuji Electric,
11.2.6. General Electric,
11.2.7. Hitachi Hyundai Electric,
11.2.8. Hyosung
11.2.9. Legrand,
11.2.10. Lucy Electric
11.2.11. Mitsubishi Electric,
11.2.12. Schneider Electric,
11.2.13. Sécheron
11.2.14. Siemens,
11.2.15. Toshiba.
11.2.16. Other Prominent Players

Segmentation of Switchgear Market-

Switchgear Market By Insulation-

  • Gas insulated
  • Air-insulated
  • Others

https://www.insightaceanalytic.com/images_data/18201577.JPG

Switchgear Market By installation-

  • Indoor
  • Outdoor

Switchgear Market By Voltage-

  • Low (up to 1kV)
  • Medium (2-36 kV)
  • High (Above 36 kV)

Switchgear Market By Current-

  • AC
  • DC

Switchgear Market By End-User-

  • Transmission & Distribution
  • Industries
  • Commercial & Residential
  • Others

Switchgear Market By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • South East Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Frequently Asked Questions

How big is the Switchgear Market?

Switchgear Market expected to grow at a 5.56% CAGR during the forecast period for 2024-2031

Siemens, ABB, Schneider Electric, Mitsuibishi Electric, General Electric, Eaton, Legrand, Hitachi Hyundai Electric, Fuji Electric, and Toshiba

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