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Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global Switchgear Market Outlook

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%

Global Switchgear Market

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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: Market 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.

Global Switchgear Market By Application

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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.

Global Switchgear Market By Region

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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%

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 market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report

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:

  • Voltage Type
  • Installation Type 
  • Insulation Type
  • Application
  • Region
Breakup by Voltage Type
  • Low Voltage
  • Medium Voltage
  • High Voltage
Breakup by Installation Type
  • Outdoor
  • Indoor
Breakup by Insulation Type
  • Air
  • Gas
  • Oil
  • Vacuum
Breakup by Application
  • T&D Utility
  • Commercial
  • Industrial
  • Residential
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • ABB Ltd.
  • Mitsubishi Electric Corporation
  • Siemens AG
  • Eaton Corporation plc
  • Toshiba Energy Systems & Solutions Corporation
  • Hitachi, Ltd.
  • Others
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*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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Key Questions Answered in the Report

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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63 Fiona Drive, Tamworth, NSW

+61 448 06 17 27

C130 Sector 2 Noida, Uttar Pradesh 201301

+91-858-608-1494

40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.

+63 287899028, +63 967 048 3306

6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London

+44-753-713-2163

193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City

+84865399124