PUBLISHER: The Business Research Company | PRODUCT CODE: 1532035
PUBLISHER: The Business Research Company | PRODUCT CODE: 1532035
Pad-mounted switchgear is electrical distribution equipment installed on a concrete pad at ground level. It is housed in a secure, weatherproof enclosure, making it suitable for outdoor installations, and its primary purpose is to control, protect, and isolate electrical equipment in the distribution network.
The main types of pad-mounted switchgear include air-insulated, gas-insulated, solid-dielectric, and other variants. Air-insulated pad-mounted switchgear is designed for medium-voltage distribution systems, where the electrical components are exposed to ambient air rather than being enclosed in a gas-insulated environment. Voltage ranges, such as up to 15 kV, 15-25 kV, and 25-38 kV, are standardized according to bodies such as the International Electrotechnical Commission (IEC), Institute of Electrical and Electronics Engineers (IEEE), and others. These switchgear units find applications in industrial, commercial, and residential settings.
The pad mounted switchgear research report is one of a series of new reports from The Business Research Company that provides pad mounted switchgear market statistics, including the pad mounted switchgear industry's global market size, regional shares, competitors with a pad mounted switchgear market share, detailed pad mounted switchgear market segments, market trends and opportunities, and any further data you may need to thrive in the pad mounted switchgear industry. This pad mounted switchgear market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The pad-mounted switchgear market size has grown strongly in recent years. It will grow from $5.61 billion in 2023 to $5.95 billion in 2024 at a compound annual growth rate (CAGR) of 6%. The increase during the historical period can be credited to urbanization and suburbanization, environmental considerations, alterations in safety standards and regulations, cost-effectiveness, reliability, and maintenance.
The pad-mounted switchgear market size is expected to see strong growth in the next few years. It will grow to $7.6 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The anticipated growth in the forecast period can be linked to the replacement of aging infrastructure, integration of renewable energy, demand from various end-users, rising adoption of remote monitoring, and integration of energy storage. Key trends expected in the forecast period include advanced fault detection and diagnostics, integration of battery energy storage, adoption of innovative insulation technologies, lifecycle management, predictive maintenance, and expansion into international markets.
The pad-mounted switchgear market is poised for substantial growth due to the increasing adoption of renewable energy sources. Renewable energy, derived from natural resources replenished within a human timeframe such as sunlight, wind, and others, is gaining traction primarily for mitigating climate change, reducing pollution, enhancing efficiency, and cutting costs. In renewable energy systems, pad-mounted switchgear plays a crucial role in safely and efficiently distributing and controlling electricity generated by sources such as solar panels and wind turbines. For instance, recent data from the Department for Energy Security and Net Zero in the UK highlighted significant growth in renewable electricity generation, reaching 30.1 TWh in December 2023, marking a 6.8% increase from the same period in 2022. This rise was driven by the addition of 2.9 GW of new renewable capacity, particularly from solar PV and wind installations, elevating renewables' share to 44.5% of total electricity generation. Consequently, the escalating adoption of renewable energy is a key driver behind the expansion of the pad-mounted switchgear market.
Major players in this market are focusing on innovation, notably developing solutions such as gas-insulated switchgear to bolster reliability and efficiency in power distribution systems. Gas-insulated switchgear is a compact, high-voltage system where electrical components are enclosed in a sealed environment filled with insulating gas, typically sulfur hexafluoride (SF6), ensuring safety and reliability. A notable example is Toshiba Corporation's launch of the AEROXIA brand in April 2023, featuring a 72.5 kV SF6-free gas-insulated switchgear utilizing natural gas and a vacuum circuit breaker. This environmentally friendly switchgear eliminates the use of SF6, a potent greenhouse gas, employing clean air insulation while maintaining the performance and reliability of traditional SF6-based systems, thereby contributing to reduced global greenhouse gas emissions in the power sector.
In September 2021, Graycliff Partners, a US-based private investment firm, acquired Electro-Mechanical Corporation to bolster its presence in the electrical equipment industry. This acquisition aims to leverage Electro-Mechanical Corporation's expertise, market experience, established customer base, innovative technology, and manufacturing capabilities in the field of pad-mounted switchgear.
Major companies operating in the pad-mounted switchgear market are Siemens AG, GE Company, Schneider Electric SE, ABB Ltd, Eaton Corporation, WEG SA, S&C Electric Company, Ormazabal GmbH, Crompton Greaves Consumer Electricals Limited, ZPUE SA, G&W Electric Company, Powell Industries Inc., KONCAR - Electrical Industry Inc., Mitsubishi Electric Power Products Inc., ACTOM Ltd, LS Electric Co Ltd, Hubbell Power Systems Inc., Federal Pacific Co, Orecco Electric, Entec Electric and Electronic Co Ltd.
Europe was the largest region in the pad-mounted switchgear market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pad-mounted switchgear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the pad-mounted switchgear market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The pad-mounted switchgear market consists of sales of pad-mounted transformers, pad-mounted switches, pad-mounted reclosers and pad-mounted metering units. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Pad-Mounted Switchgear Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on pad-mounted switchgear market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for pad-mounted switchgear ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The pad-mounted switchgear market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.