Global Switchgear Market Outlook to 2028

Global Switchgear Market Outlook to 2028

Rural electrification, increased per capita consumption, and an expansion of infrastructure in the commercial, industrial, and residential sectors had led to a need for a substantial increase in electricity demand and production. The advent of digital technology, energy-efficient transmission and distribution (T&D) policies, smart grid applications, and the active participation of independent power producers (IPPs) have all significantly contributed to replacing aging transmission and distribution networks.

Switchgear is an integrated component that handles power switching, protection, metering, isolating, and controlling. Fuse boxes, relays, isolators, circuit breakers, current and voltage transformers, indicating devices, and lightning arresters are part of switchgear. An electrical failure, such as a short circuit, causes a massive current to flow through an electric setup, causing damage to the structure and disrupting the power supply. Its purpose is to de-energize the setup for maintenance and repair to correct the faulty issues. It is crucial to ensure optimum electrical protection.

Switchgear can be broadly split into conventional switchgear and modular/integrated switchgear. The conventional switchgear comprises various components such as current and voltage transformers, circuit breakers, and disconnectors that are separately connected. A modular/integrated switchgear is a standardized set of bus bars, circuit breaker, relay, and fuse packages that work or pack together.

The global switchgear market involves the sales of switchgear for transmission and distribution, residential and commercial, and industrial applications. The switchgear market growth is likely to be driven by increasing product variations and availability across a range of voltages and power ratings.

Consumers prefer technologically advanced or innovative switchgear. Companies are now increasingly supplying low voltage switchgear with digital components, improving quality, control and providing a cost-effective option for residential and commercial users.

The low voltage switchgear market was the largest segment by product type, accounting for XX.X% of the total in 2020. The medium voltage switchgear market is expected to be the fastest-growing segment, at a CAGR of X.XX%.

Due to the lack of substantial product differentiation, price becomes a necessary criterion for winning contracts in segments with microgrids (DER), mobile substations, charging stations, or some utility projects.

In developing countries, railway electrification, public transit as metro rail, and rising investment in renewable energy sources are all driving demand for medium-voltage switchgear. In India, for example, the rail network is scheduled to be fully electrified by 2023, while other European countries such as the UK are also planning large-scale rail electrification projects during the forecast period.

Some of the Opportunities:

EHVAC and HVDC lines are in greater demand from both onshore and offshore applications.

Markets with growth potential are Brazil, China, Europe, India, Indonesia, the US, and Vietnam.

Some of the Notable trends:

Cost reduction and maintenance reduction have become more prominent.

Grid-tied rooftop solar is becoming increasingly popular

Growing technical advancements in GIS switchgear (SF6 Free)

Rising adoption of Electric vehicles and charging stations.

Blackridge Research's Global Switchgear Market report provides insights into the current global and regional market demand scenario and its outlook.

The study presents a detailed analysis of various factors that affect switchgear market revenue. The study also comprehensively analyses the switchgear market by segmenting it based on geography (North America, Europe, Asia-Pacific, Rest of the World), by Voltages (Low Voltage (LV) Switchgear, Medium Voltage (MV) Switchgear, High Voltage (HV) Switchgear), by Insulation (Oil Insulated Switchgear, Vaccum Insulated Switchgear, Air Insulated Switchgear, Gas Insulated Switchgear), by Installations (Indoor Switchgear, Outdoor Switchgear), and by End-use (Utilities, Industries, Commercial and Residential).

The report also addresses present and future market opportunities, market trends, developments, and the impact of Covid-19 on the switchgear market, critical commercial developments, trends, regions, and segments poised for the fastest-growth, competitive landscape.

Further, the report will include global switchgear market size, demand forecast, growth rates, and trade (imports and exports).
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