Australia Switchgear Market Report and Forecast 2024-2032

Australia Switchgear Market Report and Forecast 2024-2032

Australia Switchgear Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the Australia switchgear market size reached a value of USD 1.34 billion in 2023. Aided by the increasing demand for electrical supply safety, the rapid expansion of the renewable energy sector, and advancements in switchgear technology, the market is projected to further grow at a CAGR of 4.2% between 2024 and 2032 to reach a value of USD 1.98 billion by 2032.

Switchgear, an integral component of electrical power systems, is used to control, protect, and isolate electrical equipment. It ensures the reliability and safety of the power supply, a critical aspect in the operational efficiency of various industrial sectors, including utilities, industrial, and residential sectors. The sector encompasses a wide range of products, from low-voltage switchgear to high-voltage switchgear, catering to diverse applications.

The Australia switchgear market growth is primarily driven by the modernisation of ageing electrical infrastructure and the increasing investment in renewable energy projects across Australia. The country's commitment to reducing carbon emissions and its ambitious renewable energy targets have led to a surge in the installation of solar and wind power plants, necessitating the adoption of advanced switchgear solutions for efficient energy distribution and management.

Furthermore, the Australian government's regulatory policies promoting energy efficiency and safety standards in electrical installations have underscored the importance of high-quality switchgear. These regulations have spurred innovation in the switchgear market in Australia, with manufacturers focusing on developing technologically advanced, environmentally friendly, and energy-efficient products.

As Australia accelerates its shift towards renewable energy sources, the demand for switchgear capable of managing intermittent power supply increases. The integration of solar and wind energy into the grid requires advanced switchgear solutions that can handle fluctuating voltages and currents, ensuring stability and reliability in power distribution. As per the Australia switchgear market analysis, the demand for compact and modular switchgear is also growing, especially in urban areas where space is limited. These designs not only save valuable space but also offer flexibility in installation and expansion. Compact switchgear is particularly beneficial in densely populated or constrained environments, supporting the expansion of electrical infrastructure without the need for an extensive physical footprint.

As per the Australia switchgear market outlook, the digitalisation trend is making a substantial impact on the switchgear sector. With the integration of the Internet of Things (IoT), switchgear can now offer enhanced functionalities such as real-time monitoring, predictive maintenance, and energy management. This digital transformation enables more efficient grid management and supports the transition to smart grids, where energy efficiency and reliability are paramount.

The rising adoption of energy storage systems, including battery storage, as a complement to renewable energy sources, is influencing Australia switchgear market development. Switchgear that is compatible with ESS is crucial for optimising energy storage and release, contributing to grid stability and energy efficiency. This trend underscores the need for flexible switchgear solutions that can adapt to various energy storage technologies.

One notable trend is the increasing adoption of smart switchgear, equipped with digital capabilities for remote monitoring, control, and diagnostics. This advancement enhances the operational efficiency of power systems, enables predictive maintenance, and minimises downtime. Another significant trend is the shift towards gas-insulated switchgear (GIS), which offers superior performance and reduced space requirements compared to traditional air-insulated switchgear (AIS), contributing to the Australia switchgear market share.

Sustainability and environmental considerations are also influencing market developments, with a growing demand for switchgear that uses eco-friendly insulating gases instead of sulphur hexafluoride (SF6), a potent greenhouse gas. Manufacturers are exploring SF6-free technologies and alternative gases that significantly reduce the environmental impact.

Market Segmentation

The market can be divided based on voltage, installation, insulation, and end use.

Market Breakup by Voltage

• Low
• Medium
• High

Market Breakup by Installation

• Indoor
• Outdoor

Market Breakup by Insulation

• Gas
• Air
• Others

Market Breakup by End Use

• Utilities
• Residential and Commercial
• Industrial

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Australia switchgear market. Some of the major players explored in the report by Expert Market Research are as follows:

• Schneider Electric SE
• Siemens AG
• ABB Ltd.
• Eaton Plc
• Hitachi Ltd.
• Toshiba Corp.
• Mitsubishi Electric Corp.
• RPS Switchgear Limited
• Tamco Switchgear Malaysia SDN BHD
• Insulect Australia Pty Ltd.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.