Switchgear Market by Voltage (1–36 kV, 36–72.5 kV, < 1 kV), Equipment (Circuit Breakers, Fuses, Isolators), Insulation Media, End-User, Installation - Global Forecast 2024-2030

Switchgear Market by Voltage (1–36 kV, 36–72.5 kV, < 1 kV), Equipment (Circuit Breakers, Fuses, Isolators), Insulation Media, End-User, Installation - Global Forecast 2024-2030

The Switchgear Market size was estimated at USD 127.75 billion in 2023 and expected to reach USD 136.29 billion in 2024, at a CAGR 6.71% to reach USD 201.35 billion by 2030.

A switchgear is an electrical device that ensures safety, control, and reliability in the transmission and distribution of electric power by protecting, controlling, and isolating various electrical system elements. It is employed for applications encompassing voltage levels ranging from low to high, including residential, industrial, and utility sectors. The primary purpose of a switchgear is to safeguard electronic equipment by preventing electrical overloads and short circuits. Rising demand for electricity owing to rapid urbanization and industrialization in developing countries, expansion of smart grids, and increasing investments in renewable energy sources are leading to increased demand for switchgear. However, high initial costs associated with developing and installing advanced switchgear, complex manufacturing processes requiring skilled labor, and fluctuating raw material prices affecting overall production costs may adversely impact the production and usage of switchgear by the end-use sectors worldwide. Moreover, the integration of advanced communication and automation technologies into modern devices and the ongoing deployment of microgrids in remote locations is expected to increase the deployment of switchgear in the end-use applications globally.

Regional Insights

The switchgear market represents a developing landscape in the Americas due to its well-established power infrastructure, continuous upgrades of aging electrical infrastructure, and requirements for renewable energy integration into existing grids. South America experiences a similar trend due to rapid urbanization leading to higher electricity consumption levels across major cities, driving demand for efficient electrical components, including switchgear. The APAC region represents growing markets for switchgear attributed to economic development resulting in rapid urbanization & industrialization investments in smart grid technology development, renewable energy projects, and infrastructure upgrades to improve their power distribution networks. Moreover, governments in the APAC region promote rural electrification initiatives, further fueling the demand for electrical components such as switchgear. The EMEA region's switchgear market is primarily driven by the need to modernize existing European infrastructure and address growing energy demands in emerging economies within the Middle East and Africa and stringent government regulations. In addition to this push for green energy transition in Europe, Middle Eastern countries invest heavily in developing robust power infrastructures to support their economic growth. However, the growing emphasis of the switchgear manufacturers on R&D and securing patents for cutting-edge switchgear are anticipated to increase their deployment in the electrical grid infrastructure across the globe.

Market Insights

• Market Dynamics
  
  The market dynamics represent an ever-changing landscape of the Switchgear Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
  • Market Drivers
    • Replacement of aging grid infrastructure across countries
    • Growing focus on industrial infrastructure and renewable energy sources
    • Market Restraints
      • High cost of switchgear and maintenance requirements
      • Market Opportunities
        • Growing investment in smart grid and adoption of high voltage direct current (HVDC) technology
        • Rising number of data centers and adoption of eco-efficient switchgear
        • Market Challenges
          • Environmental and safety regulations for Sulfur Hexafluoride (SF6) switchgears
          • Market Segmentation Analysis
            • Voltage: Substantial usage of > 72.5 kV in large electrical infrastructures
            • Equipment: Significant penetration of circuit breakers in switchgear
            • Insulation Media: Extensive demand for switchgear with air-based insulation media
            • End-User: Proliferating use of switchgear in transmission & distribution utilities
            • Installation: Expanding applications of outdoor switchgear in energy distribution systems
            • Market Disruption Analysis
            • Porter’s Five Forces Analysis
            • Value Chain & Critical Path Analysis
            • Pricing Analysis
            • Technology Analysis
            • Patent Analysis
            • Trade Analysis
            • Regulatory Framework Analysis
            FPNV Positioning Matrix
            
            The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Switchgear Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
            
            Market Share Analysis
            
            The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Switchgear Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
            
            Recent Developments
            • ABB to Launch the Latest and Narrowest in their AIS MV Switchgear Technology Designed with Higher Sustainability Targets at ADIPEC 2023
              
              ABB Ltd. introduced its latest and most compact AIS MV switchgear technology at ADIPEC 2023. This new technology has been developed to achieve higher sustainability goals, boasting improved safety features and streamlined maintenance processes. By prioritizing sustainability, ensuring safety, and simplifying maintenance, ABB aims to provide the industry with an advanced switchgear solution that meets the market's evolving needs.
              
              Sustainable Switchgear Technology Firm Nuventura Secures EUR 25 Million in Series A Funding, to Accelerate Global Energy Industry’s Transition away from Harmful Greenhouse Gases
              
              Nuventura, a SF6-free, Medium Voltage (MV) Gas Insulated Switchgear (GIS) technologies provider, secured a EUR 25 million investment in its Series A round. With this latest investment, the company expanded Nuventura's product portfolio and manufacturing capabilities to support the energy industry's transition away from greenhouse gas-based technology infrastructure, which poses significant harm to the environment.
              
              ABB Invests INR 10 Million In Local Medium-Voltage Switchgear Manufacturing Capability
              
              ABB Ltd. invested INR 10 million to expand its local switchgear manufacturing capabilities. The establishment of this new facility is expected to strengthen ABB's presence in the South African market and create employment opportunities for local talent. This investment reaffirms ABB's commitment to delivering high-quality switchgear solutions and supporting the growth of the local economy.
            Strategy Analysis & Recommendation
            
            The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Switchgear Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
            
            Key Company Profiles
            
            The report delves into recent significant developments in the Switchgear Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Abunayyan Holding, ACTOM (Pty) Ltd, ALSTOM SA, Bharat Heavy Electricals Limited, CG Power and Industrial Solutions Limited, China Transpowers Electric Co., Limited, CHINT Group Corporation, E-Abel, Eaton Corporation PLC, ELEKTROBUDOWA Sp. z o. o., Fuji Electric Co., Ltd., Gelpag Advanced Technology GmbH, General Electric Company, Havells India Limited, Hitachi, Ltd., Hubbell Incorporated, Hyosung Heavy Industries Corporation, Hyundai Electric & Energy Systems Co., Ltd., Industrial Electric Mfg., Kirloskar Electric Co. Ltd., Larsen & Toubro Limited, Legrand SA, Lucy Group Ltd., Meidensha Corporation, Mitsubishi Electric Corporation, NOJA Power Switchgear Pty Ltd, nuventura GmbH, OMRON Corporation, Orecco Electric, Panasonic Holdings Corporation, Peco Industries, Powell Industries, Inc., Power Grid Components, Inc., Regal Rexnord Corporation, Schneider Electric SE, Siemens AG, Switchgear Power Systems LLC, Tavrida Electric AG, Toshiba Corporation, Vertiv Holdings Co, WEG S.A., and ZPUE SA.
            
            Market Segmentation & Coverage
            
            This research report categorizes the Switchgear Market to forecast the revenues and analyze trends in each of the following sub-markets:
            • Voltage
              • 1–36 kV
              • 36–72.5 kV
              • < 1 kV
              • > 72.5
              • Equipment
                • Circuit Breakers
                • Fuses
                • Isolators
                • Relays
                • Switches
                • Insulation Media
                  • Air
                  • Fluid
                  • Gas
                  • End-User
                    • Commercial & Residential Infrastructure
                    • Manufacturing & Process Industries
                    • Transmission & Distribution Utilities
                    • Installation
                      • Indoor
                      • Outdoor
                      • Region
                        • Americas
                          • Argentina
                          • Brazil
                          • Canada
                          • Mexico
                          • United States
                            • California
                            • Florida
                            • Illinois
                            • New York
                            • Ohio
                            • Pennsylvania
                            • Texas
                            • Asia-Pacific
                              • Australia
                              • China
                              • India
                              • Indonesia
                              • Japan
                              • Malaysia
                              • Philippines
                              • Singapore
                              • South Korea
                              • Taiwan
                              • Thailand
                              • Vietnam
                              • Europe, Middle East & Africa
                                • Denmark
                                • Egypt
                                • Finland
                                • France
                                • Germany
                                • Israel
                                • Italy
                                • Netherlands
                                • Nigeria
                                • Norway
                                • Poland
                                • Qatar
                                • Russia
                                • Saudi Arabia
                                • South Africa
                                • Spain
                                • Sweden
                                • Switzerland
                                • Turkey
                                • United Arab Emirates
                                • United Kingdom
                                
                                
                                Please Note: PDF & Excel + Online Access - 1 Year