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Global Switchgear Market: By Voltage Type: Low Voltage, Medium Voltage, High Voltage; By Installation Type: Outdoor, Indoor; By Insulation Type: Air, Gas, Oil, Vacuum; By Application: T&D Utility, Others; Regional Analysis; Historical Market and Forecast (2016-2026); Value Chain Analysis; Competitive Landscape; Industry Events and Developments

Global Switchgear Market Outlook

The global switchgear market reached a value of about USD 94 billion in 2020. The market is further expected to grow at a CAGR of 6% in the forecast period of 2021-2026 to reach a value of approximately USD 133 billion by 2026.

 

Increased Demand for Low Switchgears to Augment the Switchgear Industry Growth

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 to Dominate the Global Switchgear Industry

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: Industry Definition and Segmentation

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.

By voltage type, the market is divided into:

  • Low Voltage
  • Medium Voltage
  • High Voltage

Based on installation type, the industry can be bifurcated into:

  • Outdoor
  • Indoor

The market is divided based on insulation type into:

  • Air
  • Gas
  • Oil
  • Vacuum

On the basis of application, the industry can be categorised into:

  • T&D Utility
  • Commercial
  • Industrial
  • Residential

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Increasing Investments in T&D Infrastructure and the Rising Global Demand for Electricity to Bolster the Growth of the Switchgear Industry

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.

 

Key Industry Players in the Global Switchgear Market

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:

  • ABB Ltd.
  • Mitsubishi Electric Corporation
  • Siemens AG
  • Eaton Corporation plc
  • Toshiba Energy Systems & Solutions Corporation
  • Hitachi, Ltd.
  • Others

The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model along with giving a SWOT analysis.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Industry Opportunities and Challenges
8    Global Switchgear Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Switchgear Historical Market (2016-2020) 
    8.3    Global Switchgear Market Forecast (2021-2026)
    8.4    Global Switchgear Market by Voltage Type
        8.4.1    Low Voltage
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2016-2020)
            8.4.1.3    Forecast Trend (2021-2026)
        8.4.2    Medium Voltage
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2016-2020)
            8.4.2.3    Forecast Trend (2021-2026)
        8.4.3    High Voltage
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2016-2020)
            8.4.3.3    Forecast Trend (2021-2026)
    8.5    Global Switchgear Market by Installation Type 
        8.5.1    Outdoor
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2016-2020)
            8.5.1.3    Forecast Trend (2021-2026)
        8.5.2    Indoor
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2016-2020)
            8.5.2.3    Forecast Trend (2021-2026)
    8.6    Global Switchgear Market by Insulation Type 
        8.6.1    Air
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2016-2020)
            8.6.1.3    Forecast Trend (2021-2026)
        8.6.2    Gas
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2016-2020)
            8.6.2.3    Forecast Trend (2021-2026)
        8.6.3    Oil
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2016-2020)
            8.6.3.3    Forecast Trend (2021-2026)
        8.6.4    Vacuum
            8.6.4.1    Market Share
            8.6.4.2    Historical Trend (2016-2020)
            8.6.4.3    Forecast Trend (2021-2026)
    8.7    Global Switchgear Market by Application
        8.7.1    T&D Utility
            8.7.1.1    Market Share
            8.7.1.2    Historical Trend (2016-2020)
            8.7.1.3    Forecast Trend (2021-2026)
        8.7.2    Commercial
            8.7.2.1    Market Share
            8.7.2.2    Historical Trend (2016-2020)
            8.7.2.3    Forecast Trend (2021-2026)
        8.7.3    Industrial
            8.7.3.1    Market Share
            8.7.3.2    Historical Trend (2016-2020)
            8.7.3.3    Forecast Trend (2021-2026)
        8.7.4    Residential
            8.7.4.1    Market Share
            8.7.4.2    Historical Trend (2016-2020)
            8.7.4.3    Forecast Trend (2021-2026)
    8.8    Global Switchgear Market by Region
        8.8.1    Market Share
            8.8.1.1    North America
            8.8.1.2    Europe
            8.8.1.3    Asia Pacific
            8.8.1.4    Latin America
            8.8.1.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2016-2020)
        9.1.2    Forecast Trend (2021-2026)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2016-2020)
        9.2.2    Forecast Trend (2021-2026)
        9.2.3    Breakup by Country
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2016-2020)
        9.3.2    Forecast Trend (2021-2026)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2016-2020)
        9.4.2    Forecast Trend (2021-2026)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2016-2020)
        9.5.2    Forecast Trend (2021-2026)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyer’s Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    EMR’s Key Indicators for Demand
    10.4    EMR’s Key Indicators for Price
11    Value Chain Analysis
12    Competitive Landscape

    12.1    Market Structure
    12.2    Company Profiles
        12.2.1    ABB Ltd.
            12.2.1.1    Company Overview
            12.2.1.2    Product Portfolio
            12.2.1.3    Demographic Reach and Achievements
            12.2.1.4    Certifications
        12.2.2    Mitsubishi Electric Corporation
            12.2.2.1    Company Overview
            12.2.2.2    Product Portfolio
            12.2.2.3    Demographic Reach and Achievements
            12.2.2.4    Certifications
        12.2.3    Siemens AG
            12.2.3.1    Company Overview
            12.2.3.2    Product Portfolio
            12.2.3.3    Demographic Reach and Achievements
            12.2.3.4    Certifications
        12.2.4    Eaton Corporation plc
            12.2.4.1    Company Overview
            12.2.4.2    Product Portfolio
            12.2.4.3    Demographic Reach and Achievements
            12.2.4.4    Certifications
        12.2.5    Toshiba Energy Systems & Solutions Corporation
            12.2.5.1    Company Overview
            12.2.5.2    Product Portfolio
            12.2.5.3    Demographic Reach and Achievements
            12.2.5.4    Certifications
        12.2.6    Hitachi, Ltd.
            12.2.6.1    Company Overview
            12.2.6.2    Product Portfolio
            12.2.6.3    Demographic Reach and Achievements
            12.2.6.4    Certifications
        12.2.7    Others
13    Industry Events and Developments


List of Figures and Tables

1.    Global Switchgear Market: Key Industry Highlights, 2016 and 2026
2.    Global Switchgear Historical Market: Breakup by Installation Type (USD Billion), 2016-2020
3.    Global Switchgear Market Forecast: Breakup by Installation Type (USD Billion), 2021-2026
4.    Global Switchgear Historical Market: Breakup by Voltage Type (USD Billion), 2016-2020
5.    Global Switchgear Market Forecast: Breakup by Voltage Type (USD Billion), 2021-2026
6.    Global Switchgear Historical Market: Breakup by Insulation Type (USD Billion), 2016-2020
7.    Global Switchgear Market Forecast: Breakup by Insulation Type (USD Billion), 2021-2026
8.    Global Switchgear Historical Market: Breakup by Application (USD Billion), 2016-2020
9.    Global Switchgear Market Forecast: Breakup by Application (USD Billion), 2021-2026
10.    Global Switchgear Historical Market: Breakup by Region (USD Billion), 2016-2020
11.    Global Switchgear Market Forecast: Breakup by Region (USD Billion), 2021-2026
12.    North America Switchgear Historical Market: Breakup by Country (USD Billion), 2016-2020
13.    North America Switchgear Market Forecast: Breakup by Country (USD Billion), 2021-2026
14.    Europe Switchgear Historical Market: Breakup by Country (USD Billion), 2016-2020
15.    Europe Switchgear Market Forecast: Breakup by Country (USD Billion), 2021-2026
16.    Asia Pacific Switchgear Historical Market: Breakup by Country (USD Billion), 2016-2020
17.    Asia Pacific Switchgear Market Forecast: Breakup by Country (USD Billion), 2021-2026
18.    Latin America Switchgear Historical Market: Breakup by Country (USD Billion), 2016-2020
19.    Latin America Switchgear Market Forecast: Breakup by Country (USD Billion), 2021-2026
20.    Middle East and Africa Switchgear Historical Market: Breakup by Country (USD Billion), 2016-2020
21.    Middle East and Africa Switchgear Market Forecast: Breakup by Country (USD Billion), 2021-2026
22.    Global Switchgear Market Structure

Key Questions Answered in the Report

In 2020, the global switchgear market attained a value of nearly USD 94 billion.

The market is projected to grow at a CAGR of 6% between 2021 and 2026.

The market is estimated to witness a healthy growth in the forecast period of 2021-2026 to reach about USD 133 billion by 2026.

The major drivers of the industry, such as the 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, are expected to aid the market growth.

The key market trends guiding the growth of the industry include the increasing innovation and the rising demand for sustainable power generation technology.

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific, with the Asia Pacific accounting for the largest share in the market.

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 industry are outdoor and indoor.

The significant insulation types of switchgear in the market are air, gas, oil, and vacuum.

The leading application segments in the industry are T&D utility, commercial, industrial, and residential.

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

Analyst Review

The global switchgear market attained a value of USD 94 billion in 2020, driven by the rising investments in T&D infrastructure. Aided by the growing innovation, the market is expected to witness a further growth in the forecast period of 2021-2026, growing at a CAGR of 6%. The market is projected to reach USD 133 billion by 2026.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on voltage type, the market is segmented into low voltage, medium voltage, and high voltage. By installation type, the industry is divided into outdoor and indoor. On the basis of insulation type, the market is categorised into air, gas, oil, and vacuum. Based on application, the industry is divided into T&D utility, commercial, industrial, and residential. The major regional markets for switchgear are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa, with the Asia Pacific accounting for the largest share of the market. The key players in the above market include ABB Ltd., Mitsubishi Electric Corporation, Siemens AG, Eaton Corporation plc, Toshiba Energy Systems & Solutions Corporation, and Hitachi, Ltd., among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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