North America Switchgear Market
North America Switchgear Market will grow at a 6.6% CAGR between 2024 and 2032, propelled by the rise of smart grid technologies and innovations in switchgear technology. As smart grids evolve, the demand for advanced switchgear solutions—offering enhanced monitoring, control, and efficiency—grows.
Innovations like digital and smart switchgear not only bolster performance and reliability but also seamlessly integrate with modern grid systems. This pivot towards smarter, adaptable solutions fuels market expansion, addressing the rising demand for a modernized and efficient electrical infrastructure.
For instance, in May 2022, Schneider Electric rolled out its SureSeT MV switchgear for North America, taking the place of the Masterclad solution. The compact, state-of-the-art switchgear boasts superior digital operation management. It underscores a market trend favoring enhanced digital management and superior performance in switchgear applications. Such advancements highlight a burgeoning market appetite for innovative, space-efficient solutions that harness advanced technology for heightened operational efficiency and reliability.
The North American switchgear industry categorizes itself based on voltage, insulation, current, application, and region.
The oil segment is poised for significant growth between 2024 and 2032, thanks to its pivotal role in industrial applications and energy infrastructure. The oil sector's heavy reliance on switchgear for electrical distribution and system reliability fuels this demand. Ongoing investments in upgrading oil refineries and production facilities further amplify the need for robust, high-performance switchgear. Moreover, technological advancements in switchgear designed for harsh environments bolster the oil segment's market share.
The residential segment is set for a notable surge through 2032, spurred by rising investments in home automation and energy-efficient technologies. As households embrace smart home systems and upgrade their electrical infrastructure for enhanced safety and efficiency, the appetite for advanced switchgear solutions grows. Furthermore, a boom in home construction and renovation amplifies the demand for modern, reliable switchgear. The emphasis on bolstering residential energy management and safety plays a pivotal role in the segment's market prominence.
Canada switchgear industry is on track for significant growth from 2024 to 2032, driven by robust infrastructure development and a surge in energy efficiency investments. Efforts to modernize its electrical grid and embracing renewable energy sources creates a strong demand for advanced switchgear. Supportive government initiatives and a rise in industrial activities will further propel the equipment demand. Canada's strategic focus on bolstering grid reliability and energy management positions it as a key player in the North American switchgear landscape.
- Chapter 1 Research Methodology
- 1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
- 1.2 Base estimates and calculations
- 1.2.1 Market estimates & forecast parameters
- 1.2.2 Key trends for market estimates
- 1.3 Forecast model
- 1.4 Primary research & validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
- 1.5 Market Definitions
- Chapter 2 Industry Insights
- 2.1 Industry ecosystem analysis
- 2.2 Detailed qualitative analysis on the underserved part of the North America switchgear market
- 2.3 Regulatory landscape
- 2.3.1 Global
- 2.3.2 North America
- 2.3.2.1 U.S
- 2.3.2.1.1 IEC vs ANSI Switchgear - Understanding the Global Standards
- 2.3.2.1.2 ANSI and IEEE voltage classes
- 2.3.2.1.3 30 CFR § 56.12020 - Protection of persons at switchgear.
- 2.3.2.1.4 The U.S. approval system for electrical switchgear
- 2.3.2.1.5 Sulfur Hexafluoride (SF6)
- 2.3.2.1.6 Key Elements of the Regulation
- 2.3.2.1.7 Environmental Objectives
- 2.3.2.1.8 Affected Entities
- 2.3.2.2 Canada
- 2.3.2.2.1 National Standard of Canada - Domestic
- 2.3.2.2.2 C
- 22.2 NO. 31-14 - Switchgear assemblies
- 2.3.2.3 Mexico
- 2.3.2.3.1 Mexico Market Access for Safety Requirements
- 2.4 Industry impact forces
- 2.4.1 Growth drivers
- 2.4.1.2 Refurbishment and retrofit of the existing grid infrastructure
- 2.4.1.3 Integration of a resilient & sustainable energy infrastructure
- 2.4.2 Industry pitfalls & challenges
- 2.4.2.1 Limited technological advancement in developing regions
- 2.4.2.2 High dependency on imports
- 2.5 Growth potential analysis
- 2.6 Porter's Analysis
- 2.6.1 Bargaining power of supplier
- 2.6.2 Bargaining power of buyer
- 2.6.3 Threat of new entrants
- 2.6.4 Threat of substitutes
- 2.7 PESTEL Analysis
- Chapter 3 Competitive Landscape, 2023
- 3.1 Introduction
- 3.2 Company market share, by voltage, 2023
- 3.2.1 Low
- 3.2.2 Medium
- 3.2.3 High
- 3.3 Strategic outlook
- 3.3.1 Hitachi Energy Ltd.
- 3.3.1.1 Product delivery
- 3.3.2 ABB
- 3.3.2.1 Product Launch
- 3.3.3 Siemens
- 3.3.3.1 Investment
- 3.3.3.2 Product Launch
- 3.3.3.3 Agreements
- 3.3.4 GE
- 3.3.4.1 Contract
- 3.3.4.2 Product Launch
- 3.3.5 Mitsubishi Electric Corporation
- 3.3.5.1 Agreements
- 3.3.6 Schneider Electric
- 3.3.6.1 Product Launch
- 3.3.7 Hyosung Corporation
- 3.3.7.1 Agreement
- 3.3.8 Chint Group
- 3.3.8.1 Agreement
- 3.3.9 Eaton
- 3.3.9.1 Investments
- 3.3.9.2 Contract
- 3.3.9.3 Acquisition
- 3.3.10 Lucy Group Ltd.
- 3.3.10.1 Acquisition
- 3.3.11 Toshiba Corporation
- 3.3.11.1 Collaboration
- 3.4 Innovation & technology landscape
- 3.4.1 ABB
- 3.4.2 Siemens
- 3.4.3 Schneider Electric
- 3.4.4 Lucy Group Ltd.
- Chapter 4 Market, By Voltage
- 4.1 Key trends
- 4.2 Low
- 4.3 Medium
- 4.4 High
- Chapter 5 Market, By Insulation
- 5.1 Key trends
- 5.2 Air
- 5.3 Gas
- 5.4 Oil
- 5.5 Vacuum
- Chapter 6 Market, By Current
- 6.1 Key trends
- 6.2 AC
- 6.3 DC
- Chapter 7 Market, By Application
- 7.1 Key trends
- 7.2 Residential
- 7.3 Commercial & industrial
- 7.4 Utility
- Chapter 8 Market, By Country
- 8.1 U.S.
- 8.2 Canada
- 8.3 Mexico
- Chapter 9 Company Profiles
- 9.1 ABB
- 9.1.1 Global Overview
- 9.1.2 Market/Business Overview
- 9.1.3 Financial Data
- 9.1.4 Product Landscape
- 9.1.5 Strategic Outlook
- 9.1.6 SWOT Analysis
- 9.2 CG Power & Industrial Solutions Ltd.
- 9.2.1 Global Overview
- 9.2.2 Market/Business Overview
- 9.2.3 Financial Data
- 9.2.4 Product Landscape
- 9.2.5 SWOT Analysis
- 9.3 CHINT Group
- 9.3.1 Global Overview
- 9.3.2 Market/Business Overview
- 9.3.3 Financial Data
- 9.3.4 Product Landscape
- 9.3.5 Strategic Outlook
- 9.3.6 SWOT Analysis
- 9.4 E + I Engineering
- 9.4.1 Global Overview
- 9.4.2 Market/Business Overview
- 9.4.3 Financial Data
- 9.4.4 Product Landscape
- 9.4.5 SWOT Analysis
- 9.5 Eaton
- 9.5.1 Global Overview
- 9.5.2 Market/Business Overview
- 9.5.3 Financial Data
- 9.5.4 Product Landscape
- 9.5.5 Strategic Outlook
- 9.5.6 SWOT Analysis
- 9.6 Fuji Electric Co., Ltd
- 9.6.1 Global Overview
- 9.6.2 Market/Business Overview
- 9.6.3 Financial Data
- 9.6.4 Product Landscape
- 9.6.5 SWOT Analysis
- 9.7 G&W Electric
- 9.7.1 Global Overview
- 9.7.2 Market/Business Overview
- 9.7.3 Financial Data
- 9.7.4 Product Landscape
- 9.7.5 Strategic Outlook
- 9.7.6 SWOT Analysis
- 9.8 General Electric
- 9.8.1 Global Overview
- 9.8.2 Market/Business Overview
- 9.8.3 Financial Data
- 9.8.4 Product Landscape
- 9.8.5 Strategic Outlook
- 9.8.6 SWOT Analysis
- 9.9 HD HYUNDAI ELECTRIC CO., LTD.
- 9.9.1 Global Overview
- 9.9.2 Market/Business Overview
- 9.9.3 Financial Data
- 9.9.4 Product Landscape
- 9.9.5 SWOT Analysis
- 9.10 Hitachi
- 9.10.1 Global Overview
- 9.10.2 Market/Business Overview
- 9.10.3 Financial Data
- 9.10.4 Product Landscape
- 9.10.5 Strategic Outlook
- 9.10.6 SWOT Analysis
- 9.11 HYOSUNG HEAVY INDUSTRIES
- 9.11.1 Global Overview
- 9.11.2 Market/Business Overview
- 9.11.3 Financial Data
- 9.11.4 Product Landscape
- 9.11.5 Strategic Outlook
- 9.11.6 SWOT Analysis
- 9.12 Lucy Group Ltd.
- 9.12.1 Global Overview
- 9.12.2 Market/Business Overview
- 9.12.3 Financial Data
- 9.12.4 Product Landscape
- 9.12.5 Strategic Outlook
- 9.12.6 SWOT Analysis
- 9.13 Mitsubishi Electric Corporation
- 9.13.1 Global Overview
- 9.13.2 Market/Business Overview
- 9.13.3 Financial Data
- 9.13.4 Product Landscape
- 9.13.5 Strategic Outlook
- 9.13.6 SWOT Analysis
- 9.14 Ormazabal
- 9.14.1 Global Overview
- 9.14.2 Market/Business Overview
- 9.14.3 Financial Data
- 9.14.4 Product Landscape
- 9.14.5 SWOT Analysis
- 9.15 Powell Industries
- 9.15.1 Global Overview
- 9.15.2 Market/Business Overview
- 9.15.3 Financial Data
- 9.15.4 Product Landscape
- 9.15.5 SWOT Analysis
- 9.16 Regal Rexnord Corporation
- 9.16.1 Global Overview
- 9.16.2 Market/Business Overview
- 9.16.3 Financial Data
- 9.16.4 Product Landscape
- 9.16.5 SWOT Analysis
- 9.17 Schneider Electric
- 9.17.1 Global Overview
- 9.17.2 Market/Business Overview
- 9.17.3 Financial Data
- 9.17.4 Product Landscape
- 9.17.5 Strategic Outlook
- 9.17.6 SWOT Analysis
- 9.18 Siemens
- 9.18.1 Global Overview
- 9.18.2 Market/Business Overview
- 9.18.3 Financial Data
- 9.18.4 Product Landscape
- 9.18.5 Strategic Outlook
- 9.18.6 SWOT Analysis
- 9.19 TOSHIBA CORPORATION
- 9.19.1 Global Overview
- 9.19.2 Market/Business Overview
- 9.19.3 Financial Data
- 9.19.4 Product Landscape
- 9.19.5 Strategic Outlook
- 9.19.6 SWOT Analysis
- 9.20 WEG
- 9.20.1 Global Overview
- 9.20.2 Market/Business Overview
- 9.20.3 Financial Data
- 9.20.4 Product Landscape
- 9.20.5 SWOT Analysis
- Chapter 10 Appendix
- 10.1 Research Practices
Research Assistance
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