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Base Year
Historical Year
Forecast Year
The global switchgear market reached a value of about USD 111.96 billion in 2023. The market is further expected to grow at a CAGR of 6.0% in the forecast period of 2024-2032 to reach a value of approximately USD 188.66 billion by 2032.
Global Switchgear Market Report Summary | Description | Value |
Base Year | USD Billion | 2023 |
Historical Period | USD Billion | 2018-2023 |
Forecast Period | USD Billion | 2024-2032 |
Market Size 2023 | USD Billion | 111.96 |
Market Size 2032 | USD Billion | 188.66 |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 6.0% |
CAGR 2024-2032 - Market by Region | Asia Pacific | 6.9% |
CAGR 2024-2032 - Market by Country | India | 7.9% |
CAGR 2024-2032 - Market by Country | China | 6.6% |
CAGR 2024-2032 - Market by Installation Type | Indoor | 6.4% |
CAGR 2024-2032 - Market by Application | T&D Utility | 6.8% |
Market Share by Country 2023 | UK | 3.4% |
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Based on voltage type, low switchgears accounted for a major share in the industry in 2020. This can be attributed to the need for enhanced protection in power distribution equipment and the rapid infrastructural developments across the globe. Meanwhile, the market growth for medium and high voltage switchgears is being driven by the increasing focus on upgrading the old infrastructure and the rising investments in the transmission and distribution infrastructure.
The Asia Pacific is expected to witness a robust demand for switchgears in the forecast period. The region is expected to account for a major industry share, driven by the expansion of the power distribution equipment industry and the rising investments toward rural electrification in developing nations like India, China, and Indonesia. The rapid industrial and infrastructural developments in these countries are providing enhanced growth opportunities for the market expansion. The increasing demand for electricity, coupled with the upgrades and expansion of the electrification infrastructure, has significantly contributed to the market growth in the Asia Pacific. Meanwhile, the growing investments in renewable energy projects in North America and Europe are expected to favour the industry growth in the forecast period.
Switchgear refers to an electrical component made up of electrical disconnect switches, fuses or circuit breakers. In an electric power system, switchgears are used to protect, monitor, and control electrical equipment. In addition, switchgear can de-energise an equipment to allow work to be done as well as clear downstream faults to allow the smooth flow of current load.
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By voltage type, the market is divided into:
Based on installation type, the industry can be bifurcated into:
The market is divided based on insulation type into:
On the basis of application, the industry can be categorised into:
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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CAGR 2024-2032 - Market by | Country |
India | 7.9% |
China | 6.6% |
UK | 5.5% |
USA | 5.3% |
Italy | 4.2% |
Canada | XX% |
Germany | XX% |
France | XX% |
Japan | 4.1% |
Australia | XX% |
Saudi Arabia | XX% |
Brazil | XX% |
Mexico | XX% |
The rising investments in T&D infrastructure is the major factor propelling the growth of the switchgear industry. This is further backed by the increasing demand for electricity and the rapid industrialisation and urbanisation across the globe. In developed countries like the United States and other Western European nations, the increasing investments in cleaner energy sources to reduce carbon emissions are expected to significantly contribute to the industry growth in the coming years. However, fluctuation in key raw material prices like copper, aluminium, and others may hamper the industry growth as switchgear cost is raw material intensive.
Over the forecast period, increase in innovation, such as the integration of smart monitoring technology and digital solutions across power grid infrastructure, and the growing focus on safety and sustainability are expected to further accelerate the market growth.
The report gives a detailed analysis of the following key players in the global switchgear market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Voltage Type |
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Breakup by Installation Type |
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Breakup by Insulation Type |
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the global switchgear market attained a value of nearly USD 111.96 billion.
The market is projected to grow at a CAGR of 6.0% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 188.66 billion by 2032.
The major market drivers include increasing investments in T&D infrastructure, rapid industrialisation and urbanisation, rising demand for electricity, expansion of the key end-use sectors, and growing technological advancements.
The increasing investments in cleaner energy sources, surging product innovations by key players, and the rising demand for sustainable power generation technology are the key trends aiding the market growth.
The major regions in the switchgear market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The leading voltage types of switchgear in the market are low voltage, medium voltage, and high voltage.
The major installation types of switchgear in the market are outdoor and indoor.
The significant insulation types of switchgear in the market are air, gas, oil, and vacuum.
The various applications of switchgear include T&D utility, commercial, industrial, and residential.
The major players in the market are ABB Ltd., Mitsubishi Electric Corporation, Siemens AG, Eaton Corporation plc, Toshiba Energy Systems & Solutions Corporation, and Hitachi, Ltd., among others.
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Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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