The Switchgear by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Switchgear, The switchgear market size has grown strongly in recent years. It will grow from $85.71 billion in 2023 to $92.02 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to rise in power consumption, favorable government initiatives, and economic growth in emerging markets.
The switchgear market size is expected to see strong growth in the next few years. It will grow to $117.86 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to increasing demand for electricity, growing use of electricity in transportation, investments in renewable energy, increasing demand for electricity from manufacturing, interest rates, replacement of old switchgears, and load management and balance . Major trends in the forecast period include focusing on digital technologies, focusing on developing innovative products to meet the changing requirements of the power generation industry, investing in eco-efficient solutions for minimizing the impact on the environment, deploying internet of things (iot) enabled switchgears for automated operations and energy management, promoting automated switchgear within power generation and transmission industries to adopt smart grid operations, and developing and promoting specialized switchgear for critical industries.
The demand for electricity generation is projected to drive the switchgear market. The availability of electricity has become essential for economic development and poverty alleviation. Development of industrialization, urbanization requires continuous electricity supply, and the reliability of the electrical supply depends heavily on the performance of the switchgear. Therefore, the demand for electricity generation is driving the demand for switchgear in the forecast period. For instance, global demand for electricity rises at 2.1% per year to 2040 in the Specified Policies Scenario, double the rate of primary energy growth by 2040.
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The switchgear market covered in this report is segmented –
1) By Product Type: High Voltage, Medium Voltage, Low Voltage
2) By Insulation: Gas Insulated Switchgear (GIS), Air Insulated Switchgear (AIS), Other Insulations
3) By Installation: Indoor, Outdoor
4) By End-User: Residential, Commercial, Industrial, Utilities
Top Major Players
ABB Ltd.
Schneider Electric
Siemens AG
Mitsubishi Electric Corporation
Eaton Corporation Inc.
The last few years witnessed a rising demand for installation of electric substations to restore normal power supply as fast as possible in case of emergencies. The installation of mobile substations enables the restoration of electricity under outdoor conditions or in unforeseen circumstances and is functionally designed to provide temporary power supplies as soon as possible. Also, these mobile substations incorporate generator, transformer, metal-clad switchgear, outdoor load break switches and breakers, which are used for network extensions, and temporary switching stations. For instance, Siemens delivered two mobile substations for national grid SA, and Aktif group delivered 10 mobile substations to the ministry of electricity Iraq. Therefore, increasing the adoption of mobile substations is one of the latest trends that will positively impact the switchgear market.
The switchgear market report table of contents includes:
1. Executive Summary
2. Switchgear Market Characteristics
3. Switchgear Market Trends And Strategies
4. Switchgear Market - Macro Economic Scenario
5. Global Switchgear Market Size and Growth
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31.15. CG Power and Industrial Solutions Limited
32. Global Switchgear Market Competitive Benchmarking
33. Global Switchgear Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Switchgear Market
36. Appendix
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