Global Switchgear Market Share Is Expected To Grow At A CAGR Of 5.8% By 2030

21-Jun-2023 | Facts and Factors

According to the Facts & Factors report, the global switchgear market size was nearly $91.1 billion in 2022 and is set to increase to about $121.2 billion by 2030 along with securing the highest CAGR of 5.8% from 2023 to 2030.  glonbal-switchgear-market-share

A switching device is an integration of a slew of components including switches, current & voltage transformers, relays, isolators, fuses, switches, circuit breakers, and various other devices for improving operations. The rise in the use of switching equipment in transmission & distribution networks is likely to boost the demand for switchgear in the upcoming years. Furthermore, a switchgear device finds a plethora of applications in complex electric substations, thereby helping the latter withstand oscillating voltage operations in a volatile environment.   

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Browse the full report “Switchgear Market Size, Share, Growth Analysis Report By Insulation (Gas-Insulated Switchgear and Air-Insulated Switchgear), By Installation (Indoor and Outdoor), By Voltage (Low, Medium, and High), By Current (AC and DC), By End-User (Transmission & Distribution Utilities, Commercial Sector, and Residential Sector), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030”  at https://www.fnfresearch.com/switchgear-market  

Rising industrialization and urbanization will translate into humungous demand for switchgear in various sectors. An increase in renewable energy trends will boost the growth of the switchgear market across the globe. Emerging economies such as India are upgrading as well as deploying new transmission lines & distribution networks for infrastructural development, thereby driving global switchgear market trends. Favorable government laws for restricting power outages along with the need for reinforcing power distribution networks will boost global market trends. A rise in funding for developing strong power infrastructure will propel the global market expansion.

Nevertheless, strict laws limiting GHG emissions and strict EU laws as well as the Paris Agreement related to reducing environmental degradation can put brakes on the growth of the global switchgear industry. However, the onset of the Industrial 4.0 revolution and the launching of smart technologies will open new growth opportunities for the industry across the globe.

switchgear-market-size

Segmental Overview:

global switchgear market is segregated into insulation, installation, voltage, end-user, current, and region.   

The insulation segment of the switchgear market is subdivided into gas-insulated switchgear and air-insulated switchgear segments. Furthermore, the gas-insulated switchgear segment, which accrued over 50% of the global market share in 2022, is anticipated to retain its segment dominance in the years ahead. The segmental surge in the upcoming years can be attributed to the massive use of thermoplastics in the food & beverages sector owing to its high mechanical strength, production ease, and cost proficiency. Additionally, thermoplastics find large-scale applications in lightweight constructions, storage tanks, window frames, and panels.  

On the basis of current, the switchgear industry across the globe is divided into AC and DC segments. The AC segment, which amassed nearly 40% of the industry share in 2022, is anticipated to record the fastest CAGR in the upcoming years. The expansion of the segment in the projected timeline can be subject to the penetration of AC switchgear tools in the utility and residential sectors.  

In terms of end-user, the switchgear market across the globe is segmented into transmission & distribution utilities, commercial sector, and residential sector segments. Moreover, the transmission & distribution utilities segment, which dominated the segmental growth in 2022, is anticipated to record the fastest CAGR in the forthcoming years. The segmental growth over the forecast timeline can be owing to a massive increase in the renewable and non-renewable energy demand.

Based on the installation, the global switchgear market is divided into indoor and outdoor segments.

On the basis of voltage, the switchgear industry across the globe is sectored into low, medium, and high segments.

Regional Overview:

Furthermore, the Asia-Pacific region, which amassed over half of the global switchgear market share in 2022, is anticipated to register the fastest CAGR over the anticipated timeframe. The regional market growth over 2023-2030 can be subject to the presence of giant industries such as manufacturing & processing in the countries such as India and China.

Furthermore, developing countries are allocating huge funds for power infrastructural growth requiring a strong grid infrastructure. In addition to this, the large-scale presence of product manufacturers in the sub-continent will account lucratively for regional market growth.

Report Scope

Report Attribute

Details

Market Size in 2022

USD 91.1 Billion

Projected Market Size in 2030

USD 121.2 Billion

CAGR Growth Rate

5.8% CAGR

Base Year

2022

Forecast Years

2023-2030

Key Market Players

CG Power and Industrial Solutions Limited, Fuji Electric Co. Ltd., Eaton Corporation PLC, Hitachi Ltd., General Electric Company, Meidensha Corporation, Larsen & Toubro Limited, Toshiba Corporation, Powell Industries Inc., Havells India Ltd., ABB Ltd., Schneider Electric, Mitsubishi Electric Corporation, Siemens AG, and others.

Key Segment

By Insulation, Installation, Voltage, Current, End-User, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

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Competitive Landscape:

Key players in the global switchgear market include CG Power and Industrial Solutions Limited, Fuji Electric Co. Ltd., Eaton Corporation PLC, Hitachi Ltd., General Electric Company, Meidensha Corporation, Larsen & Toubro Limited, Toshiba Corporation, Powell Industries Inc., Havells India Ltd., ABB Ltd., Schneider Electric, Mitsubishi Electric Corporation, and Siemens AG.

 Recent Developments:

  • In the first quarter of 2023, ABB Ltd., a leading digital tech firm based in Switzerland., declared the commissioning of a factory unit in Nashik for producing gas-insulated switchgear. Such initiatives are likely to expand the scope of the switchgear market in India and across the Asia-Pacific zone.
  • In the second half of 2022, Fuji Electric Co., Ltd., a Japanese electrical equipment manufacturing company, introduced VC-V20A-1 switchgear. The strategic move is anticipated to provide impetus to activities such as product developments as well as product launches. This will embellish the global industry trends.
  • In the third quarter of 2022, Schneider Electric entered into a strategic alliance with ARDECO for manufacturing power & energy tech tools such as switchgear and control panels in the UAE. The move is projected to spur the expansion of switchgear business space in the Middle East region.  

The global switchgear market is segmented as follows:

By Insulation 

  • Gas-Insulated Switchgear
  •  Air-Insulated Switchgear

By Installation 

  • Indoor
  • Outdoor

By Voltage 

  • Low
  • Medium
  • High

By Current 

  • AC
  • DC

By End-User

  • Transmission & Distribution Utilities
  • Commercial Sector
  • Residential Sector

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Kuwait
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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