Switchgear Market Size, Share & Trends Analysis Report By Voltage Type (Low, Medium, High), By Insulation (Air, Gas), By Installation, By End-use, By Region, And Segment Forecasts, 2023 - 2030

Switchgear Market Size, Share & Trends Analysis Report By Voltage Type (Low, Medium, High), By Insulation (Air, Gas), By Installation, By End-use, By Region, And Segment Forecasts, 2023 - 2030

Switchgear Market Growth & Trends

The global switchgear market size is expected to reach USD 160.07 billion by 2030, expanding at a CAGR of 6.6% from 2023 to 2030, according to a recent report from Grand View Research, Inc. The industrial and commercial sectors in emerging economies have grown significantly in recent years. Urbanization has been a defining feature of the modern era. In emerging economies, cities have advanced in an unprecedented manner as rural residents migrate to urban areas for better economic opportunities and improved living standards. This migration has prompted a surge in construction and infrastructure projects, from housing to transportation networks, expanding industrial and commercial activities.

The industrial and commercial sectors thrive due to the availability of reliable and efficient electrical distribution systems, ensuring a steady and uninterrupted electricity supply to various establishments. Switchgear maintains the safety and continuity of electrical supply in industrial facilities, commercial buildings, data centers, and infrastructure projects. As economies develop infrastructure, the rapid growth in electricity demand strains grids and distribution networks, underscoring the necessity for switchgear systems that are capable of efficient electricity distribution across different sectors.

The market for switchgear depends on raw materials such as copper, aluminum, steel, and insulating materials. However, the prices of these raw materials are subject to frequent fluctuations, which can have significant implications for the industry. Sudden increases in material prices can lead to higher production expenses, putting pressure on manufacturers to find ways to absorb or pass on these additional costs. As a result, the challenges posed by navigating uncertainties in material costs make it difficult for manufacturers to effectively plan production schedules and budgets, constraining the switchgear industry’s growth.

The increasing popularity and adoption of electric vehicles (EVs) have led to a surge in demand for charging infrastructure, specifically electric vehicle charging stations. For instance, in March 2023, the Minister of Heavy Industries, an agency of the Indian government, sanctioned Rs. 800 crores (USD 97.3 million) under the Faster Adoption of Manufacturing of Electric Vehicles (FAME) India Scheme Phase II. The amount has been sanctioned for the country’s three Public Sector Undertaking (PSU) oil marketing companies to set up 7,432 fast charging stations for electric vehicles across India. As more people transition from conventional fossil fuel-powered vehicles to electric cars, reliable and efficient charging options become paramount.

Switchgear systems are essential to electrical power systems, designed to control, protect, and isolate electrical equipment. They are responsible for regulating the flow of electricity, managing power distribution, and preventing electrical faults or overloads. In EV charging infrastructure, switchgear systems link the power grid and charging stations, ensuring a smooth and safe flow of electricity to charge the vehicles. They help manage power distribution to multiple charging stations within a charging station network. These systems regulate the flow of electricity, ensuring that each charging station receives an adequate and stable power supply based on demand.

Switchgear Market Report Highlights

• In terms of voltage, the medium voltage segment is anticipated to register the highest CAGR over the forecast period. Medium-voltage switchgear is vital when it comes to guaranteeing the secure and efficient distribution, protection, and management of power in networks operating at medium-voltage levels
• Based on insulation, the gas segment is expected to grow considerably over the forecast period. This growth can be attributed to the increasing need for dependable and efficient power distribution infrastructure, especially in emerging economies
• On the basis of installation, the indoor segment is anticipated to register the highest CAGR over the forecast period. The segment growth is attributed to the ongoing urbanization and infrastructure expansion in developing economies, as they provide space-saving benefits and can be easily integrated into compact urban environments
• The commercial and residential end-use sector is expected to register the highest CAGR from 2023 to 2030. The demand for switchgear is fueled by rapid urbanization and industrialization in the sector, as these processes necessitate effective electrical distribution and protection systems
• The Asia Pacific region is expected to register the highest CAGR over the forecast period. The swift progress of industrialization and urbanization in the region is leading to a growing requirement for electricity, which in turn is driving the demand for switchgear solutions that are efficient and dependable

Please note The report will be delivered in 2-3 business days upon order notification.