Global Switchgear Market to be Driven by the Increasing Investments in T&D Infrastructure by Leading Companies

ABB Ltd., Mitsubishi Electric Corporation, Siemens AG, Eaton Corporation plc, Toshiba Energy Systems & Solutions Corporation, and Hitachi, Ltd., among others, are the major players in the global market for switchgears.

As per the analysis by Expert Market Research, the global switchgear market is expected to grow at a CAGR of 6% in the forecast period of 2023-2028. The main driver of the switchgear industry's growth is the increase in investments in T&D infrastructure.

An electrical component known as switchgear is made up of circuit breakers, fuses, and electrical disconnect switches. Switchgears are used in an electric power system to safeguard, control, and monitor electrical equipment. Additionally, a switchgear has the ability to de-energise a piece of equipment so that repair can be done on it, as well as to clear upstream faults so that current loads flow smoothly.

Additionally supporting the market is the world's accelerating industrialisation and urbanisation along with the rising need for power. Increased innovation, such as the use of digital solutions and smart monitoring technology across the infrastructure of the power grid, and the increased emphasis on sustainability and safety are anticipated to propel market expansion over the course of the projection period.

The increase in the demand for low switchgears, based on voltage type, accounts for a major share in the switchgear market. Asia Pacific is expected to contribute significantly to the growth of the market during the forecast period because of the rapid industrialisation and infrastructural development. In developed countries of Europe and the United States, the adoption of cleaner sources of energy to reduce carbon emissions will also bolster the growth of the industry.

In June 2021, ABB partnered with Axpo, an established and experienced industrial provider, to work on a project aimed at making green hydrogen more accessible and affordable. To find synergies that will assist the standardised, modularised, efficient, and flexible production of green hydrogen, the initial effort will comprise feasibility studies that investigate strategies to lower operating costs and assure a low carbon footprint.

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Top 6 Global Switchgear Companies:

ABB Ltd.

ABB is a global technology company that energises the transformation of industry and society. The company connects software to its electrification, automation, robotics, and motion portfolio which push the boundaries of technology. They have a workforce of approximately 110,000 employees working in more than 100 countries. They have four main business domains: Electrification, Process Automation, Motion and Robotics & Discrete Automation.

Mitsubishi Electric Corporation

Mitsubishi Electric is one of the world’s leaders in the manufacturing and sale of electric and electronic equipment. They produce refrigerators, dehumidifiers, air purifiers, vacuum cleaners, electric fans, ventilation fans, and water pumps, among others for comfortable living. The company is also expanding into factory automation, automotive, building, energy transportation systems.

Siemens AG

Siemens is a global technology company focussed on industry, infrastructure, transport, and healthcare. It is a top producer of equipment for healthcare facilities as well as technologies for combined cycle turbines for power generation and solutions for power transmission and distribution. It also provides infrastructure for Smart Cities and transportation, automation and software solutions for industry, and healthcare equipment.

Eaton Corporation plc

Eaton is power management company which is dedicated to improving lives by providing power management technologies that are more efficient, sustainable, and safe. The company has a workforce of more than 92,000 employees and are doing business in approximately 175 countries. Eaton is speeding the world's shift to renewable energy and assisting in the resolution of the most pressing power management issues by leveraging the global growth trends of electrification and digitalisation.

Toshiba Energy Systems & Solutions Corporation

Toshiba Energy Systems & Solutions corporation is one of the leading companies which is into the business of development, manufacture and sales of products, systems, and services of energy. It provides combined-cycle power production systems, gas-insulated transformers, power substations, and more. These systems are based on hydrogen.

Hitachi, Ltd.

Hitachi Ltd., a company of the Hitachi Group, delivers solutions in five sectors: Mobility, Smart Life, Industry, Energy, and IT. Construction machinery, electronic systems and equipment, automotive systems, power systems, social infrastructure and industrial systems, smart life and eco-friendly systems, and information and telecommunication systems are all produced and sold by the corporation.

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.