Switchgear Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Switchgear Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Switchgear Market

The switchgear market size was valued at USD 105.43 billion in 2019, and the market is now projected to be USD 242.53 billion by 2032, exhibiting a CAGR of 6.89% during the forecast period of 2020-2032.

The COVID-19 pandemic has held back the switchgear market growth. The imposition of lockdown by the governments has decreased the demand for power from the trades. The investment in grid contracts has also declined at a faster rate which hindered the market growth. Various companies have shut down their manufacturing sites and processing. The supply chain disruption has reduced availability of raw materials and has postponed many activities related to the power projects. Hence, the pandemic has impeded market expansion.

The switchgear market share globally has increased because of the growing industrial infrastructures and the positive outlook for generating renewable power. The rising energy demand to reinforce fast urbanization and increasing awareness for the new generation merger is propelling the market growth. The equipment is generally used in complex electrical substations which maintain the stability of the voltage. The utilization of switching components in a range of sectors such as banks, government offices, and other buildings are boosting demand for the product and consequently enhancing the market growth.

The market trends are upgrading of deteriorating power infrastructure and rising introduction of smart monitoring and control units are fueling the market growth. The increasing demand for energy is needed for a reliable and stable power transmission and distribution network. This is because of the rising number of blackouts. The lack of expenditures, aging infrastructure, and improper regulation for modernization of the grid are forcing companies to upgrade the system. The incorporation of advanced technologies for producing smart monitoring and control units, digital solutions and other features in the grid network are accelerating the market growth.

Comprehensive Analysis of Switchgear Market

The switchgear market and power & energy industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional evaluation considering the dominant supply and demand forces that impact the power & energy industry. These segmentations are methodically segregated by types of insulation, installation, voltage, and end-user. The insulations include gas, air, oil, and vacuum. However, the installations are indoor and outdoor. The voltages include low, medium, and high. Similarly, the end-users involve T&D utility, industrial, commercial & residential.

The Asia Pacific region is conducive to the global switchgear market, leading to a recall of USD 45.98 billion due to the existence of large plants and developing modernization of the region are supporting the market growth.

The top players in the market play an essential role in the power & energy industry assuring industrial prospectus growth and setting market values. These players include ABB (Zurich, Switzerland), Misubishi Electric (Tokyo, Japan), Schneider Electric (Rueil, Malmaison, France), Hitachi (Tokyo, Japan), Kirloskar Electric Co. Ltd. (Pune, India), Siemens Energy (Munich, Germany), Hubbell Incorporated (Connecticut, United States), Toshiba International Corporation (Texas, United States), CG Power and Industrial Solutions Limited (Mumbai, India), Fuji Electric Co., LTD. (Tokyo, Japan), Powell (Texas, United States), L&T Electrical & Automation (Mumbai, India), HYUNDAI ELECTRIC & ENERGY SYSTEMS CO., LTD. (South Korea), Hyosung Corporation (Seoul, South Korea), Lucy Electric (Oxford, UK), and E+I Engineering (Donegal, Ireland), these market players provide a level-playing competitive landscape.

In August 2019, Wind turbine manufacturer MHI Vestas has signed a conditional agreement with Mitsubishi Electric Europe B.V. and Taiwanese Shihlin Electric Co. for providing high voltage switchgear components by 2022 for the local market.

Segmentation Table

Global Switchgear Market Scope

ATTRIBUTE DETAILS

Study Period 2016-2027

Base Year 2019

Forecast Period 2020-2027

Historical Period 2016-2018

Unit Value (USD Billion)

SegmentationBy Insulation

Gas

Air

Oil

Vacuum

By Voltage

Low

Medium

High

By Installation

Indoor

Outdoor

By End-User

T&D Utility

Industrial

Commercial & Residential

By Geography

North America (U.S. and Canada)

Europe (U.K., Germany, France, Italy, Spain, and Rest of Europe)

Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia- Pacific)

Latin America (Brazil, Mexico, and Rest of Latin America)

The Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)


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