Press Release

Global Switchgear Market Was Valued at USD 88.44 Billion in 2023, Expects 6.3% CAGR Growth by 2030

The Global Switchgear Market size was valued at USD 88.44 billion in 2023 and is projected to grow at a CAGR of around 6.3% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. Several favorable factors, including surging construction activities in emerging economies, increasing demand for cost-effective and efficient power distribution systems, modernization of power grids, and increasing investments in renewable sectors in both developed and developing nations are expected to contribute to the growth trend anticipated by the Global Switchgear market.

Furthermore, the Asia-Pacific region's surging energy needs, upgrading of old coal-fired power plants, and progress in smart infrastructure development are expected to benefit the Switchgear Market globally. Likewise, Europe is witnessing a significant rise in the utilization of intelligent switchgear owing to strict emission policies.

Additionally, global adoption rates have been receiving a considerable boost from efficient electricity transportation via high-voltage direct current (HVDC) transmission systems over long distances. Therefore, taking into account these factors it appears that the Switchgear Industry would continue expanding in the forthcoming years, further states the research report, “Global Switchgear Market Analysis, 2024.”

Global Switchgear Market Segmentation Analysis

Air-Insulated Segment to Seize Significant Market Share

Based on the insulation segment, the market is further bifurcated into Air-Insulated Switchgear, Gas-Insulated Switchgear, and Others (Oil Insulated Switchgear, Vacuum Insulated Switchgear). Of all, the Air-Insulated segment captured around 70.5% market share of the Global Switchgear Market in 2023. This is owing to its suitability for low to medium-voltage applications in residential & commercial settings as well as expanding distribution networks. Critical electrical elements like circuit breakers, earth switches, and disconnectors enable effective regulation while using air insulation technology that is environmentally friendly making it an economical choice over gas-insulated switchgear (GIS), given its uncomplicated construction capabilities.

Asia-Pacific, particularly China to Outperform Other Regions

The Asia-Pacific region is expected to dominate the Switchgear Market during the forecast period, with countries like China, India, and Japan leading the way. This dynamic region includes major economies and emerging markets, such as Australia, South Korea, and ASEAN countries. Growth in these markets has spurred demand for switchgear across various sectors, including power distribution, transmission, and residential and commercial applications, as well as in transportation industries.

Moreover, the manufacturing sector, in particular, is driving up demand for switchgear due to cost advantages. Additionally, countries like China, Japan, and India are setting ambitious goals for natural gas and renewable energy production, leading to increased power generation requirements and further fueling the demand for switchgear.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including ABB, General Electric, Siemens, Schneider Electric, Eaton, Mitsubishi Electric Corporation, Powell Industries, Havells India Ltd., Bharat Heavy Electricals Limited (BHEL), HD Hyundai Electric Co. Ltd., Hubbell, Fuji Electric Co. Ltd., Hitachi Ltd., Legrand, CG Power and Industrial Solutions Ltd., and Others, are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the Global Switchgear Market?
3. What key factors would propel and impede the industry across the region?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various regions?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?