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.
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. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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