Switchgears are used to protect, control, and isolate electrical equipment through protection switches, circuit breakers, and other devices. They are an essential part of power distribution systems, providing circuit protection as well as reducing the risk of electric shocks. With the worldwide expansion of renewable energy from sources like wind and solar power, there is a growing need for switchgear that can handle intermittent power sources as they come online and go offline.
The global switchgear market is estimated to be valued at US$ 127.13 billion in 2024 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased demand from the renewable energy sector has been a key driver of growth in the switchgear market. As countries aim to transition to cleaner sources of energy generation as part of their climate change goals, investments in wind and solar farms are growing rapidly. Switchgear designed to integrate intermittent renewable sources safely and reliably into the grid is crucial. Medium voltage switchgear in particular sees higher demand from renewable energy projects. Leading switchgear manufacturers have responded by developing new product lines tailored for renewable applications. Advanced switchgear with greater fault current withstand capability and communication-enabled technologies allow for easier monitoring and control of electricity flows from renewable installations. This focus on the renewable energy transition will be a defining trend that shapes further expansion of the global switchgear market between 2024 to 2031.
Segment Analysis
The global switchgear market is segmented by insulation type, voltage, application, and region. Based on insulation type, the market is segmented into gas insulated, air insulated, and oil insulated switchgear. The gas insulated segment dominates the market, accounting for over 35% share in 2024. Gas insulated switchgear provides higher reliability and fewer fire hazards than air insulated switchgear, making it popular for use in confined spaces and hazardous areas.
Key Takeaways
The Global Switchgear Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The global switchgear market is estimated to be valued at US$ 127.13 billion in 2024 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024 to 2030.
Regional analysis shows that Asia Pacific region is expected to witness the fastest growth during the forecast period. Factors such as rapid industrialization and infrastructure development projects are driving the growth of switchgear market in Asia Pacific region. China and India are expected to be the dominating markets in the region.
Key players operating in the switchgear market are Nanjing HEC Switchgear Co., Ltd., ABB, Schneider Electric, Mitsubishi Electric Corporation, Siemens Energy, Toshiba International Corporation, CG Power and Industrial Solutions Limited, Powell Industries Inc., Hyosung Corporation, and Eaton. Switchgear manufacturers are focusing on new product launches and partnerships with utility providers to strengthen their presence across regions.
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https://www.marketwebjournal.com/switchgear-market-size-market-share-analysis/
