Switchgears

Switchgears

Global Switchgears Market to Reach US$101.2 Billion by 2030

The global market for Switchgears estimated at US$72.4 Billion in the year 2023, is expected to reach US$101.2 Billion by 2030, growing at a CAGR of 4.9% over the analysis period 2023-2030. Low Voltage Switchgears, one of the segments analyzed in the report, is expected to record a 4.6% CAGR and reach US$48.7 Billion by the end of the analysis period. Growth in the Medium Voltage Switchgears segment is estimated at 5.5% CAGR over the analysis period.

The U.S. Market is Estimated at US$19.5 Billion While China is Forecast to Grow at 8.1% CAGR

The Switchgears market in the U.S. is estimated at US$19.5 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$21.7 Billion by the year 2030 trailing a CAGR of 8.1% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 2.5% and 4.0% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.2% CAGR.

Global Switchgear Market - Key Trends and Drivers Summarized

Switchgears, essential components of electrical power systems, are used for controlling, protecting, and isolating electrical equipment to ensure stability and safety in energy supply. These devices, which include circuit breakers, disconnectors, and fuses, are critical in managing power flow and preventing damage during electrical surges, thereby safeguarding the network. Beyond protection, switchgear also allows for equipment maintenance, testing, and fault clearance, enhancing safety and reliability. As switchgears handle excessive currents that could lead to system failures or fires, they are vital in modern power systems for both protection and operational management, playing an indispensable role in maintaining continuous and secure energy distribution.

The switchgear market is experiencing strong growth driven by the global increase in energy demands and the expansion of renewable energy sources, which require effective integration into existing power grids. This growth is particularly pronounced in emerging markets across Asia, Africa, and South America, where rapid industrialization and infrastructure projects are underway. In developed nations, the aging electrical infrastructure necessitates extensive modernization, which includes the upgrading of existing switchgears to enhance system reliability and efficiency. These factors collectively contribute to a dynamic market environment, where the demand for advanced switchgear solutions is continuously rising to meet the evolving needs of an increasingly electrified world.

Innovative developments in switchgear technology, such as the integration of smart functionalities, IoT technologies, and advancements in modular and gas-insulated switchgear (GIS) systems, are setting new standards in the field. Smart switchgears, which feature real-time monitoring and predictive maintenance capabilities, are becoming more prevalent, enhancing operational efficiency and grid stability, especially in urban settings where space is limited. Moreover, GIS systems are favored in dense urban areas due to their compact design and reduced maintenance needs. As the energy sector continues to evolve, the switchgear market is moving towards more sustainable solutions, with innovations aimed at reducing environmental impact and improving energy efficiency in power management systems, marking a significant shift towards sustainability in the industry.

Select Competitors (Total 124 Featured) -

• ABB Ltd.
• CG Power and Industrial Solutions Ltd.
• Eaton Corporation PLC
• Fuji Electric Co., Ltd.
• Hitachi Industrial Equipment Systems Co., Ltd.
• Hubbell Power Systems, Inc.
• Hyosung Corporation
• Iljin Electric
• Larsen & Toubro Ltd.
• Meidensha Corporation
• Mitsubishi Electric Corporation
• Ormazabal
• Powell Industries, Inc.
• Rittal GmbH & Co. KG
• Schneider Electric SA
• Siemens AG
• Toshiba Transmission & Distribution Systems (India) Pvt., Ltd.

Please note: Reports are sold as single-site single-user licenses. Electronic versions require 24-48 hours as each copy is customized to the client with digital controls and custom watermarks. The Publisher uses digital controls protecting against copying and printing is restricted to one full copy to be used at the same location.

The latest version of Adobe Acrobat Reader is required to view the report. Upon ordering an electronic version, the Publisher will provide a link to download the purchased report.

Prior to fulfillment of an order, the client will be required to sign a document detailing the purchase terms for a publication from this publisher.