PUBLISHER: The Business Research Company | PRODUCT CODE: 1678440
PUBLISHER: The Business Research Company | PRODUCT CODE: 1678440
Switchboards are integral to the power distribution process, constituting a system with panels featuring different switches and indicators. These components are designed to direct and control electricity within circuits.
Switchboards are broadly categorized into low-voltage, middle-voltage, and high-voltage types. The low-voltage distribution control panel serves as the primary switchboard, ensuring the reliability of an electrical system. It functions as a pivotal component responsible for distributing electricity across various sections of a facility. Switchboards adhere to various product standards, including the IEC standard and ANSI standard, catering to the needs of industrial, residential, commercial, and other end users.
The switchboard market research report is one of a series of new reports from The Business Research Company that provides switchboard market statistics, including switchboard industry global market size, regional shares, competitors with a switchboard market share, detailed switchboard market segments, market trends and opportunities, and any further data you may need to thrive in the switchboard industry. This switchboard market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The switchboard market size has grown steadily in recent years. It will grow from $92.3 billion in 2024 to $96.27 billion in 2025 at a compound annual growth rate (CAGR) of 4.3%. The growth in the historic period can be attributed to growth in industrialization and infrastructure development, urbanization and commercial construction, expansion of power generation and distribution networks, upgrades and retrofitting of electrical systems, safety and compliance standards.
The switchboard market size is expected to see steady growth in the next few years. It will grow to $109.19 billion in 2029 at a compound annual growth rate (CAGR) of 3.2%. The growth in the forecast period can be attributed to growing renewable energy integration, smart buildings and energy efficiency, infrastructure modernization initiatives, electrification of transportation, resilience and grid reliability. Major trends in the forecast period include shift towards eco-friendly insulation materials, increased customization for specific industries, enhanced connectivity with industrial IoT (IIoT), implementation of fault-tolerant design, adoption of cloud-based monitoring and analytics.
The increasing emphasis on enhancing manufacturing efficiency to ensure product durability is driving the demand for switchboards. Leading companies are heavily invested in innovative approaches to switchboard design, incorporating new technologies to enhance production efficiency and extend product service life. For instance, the Shanghai municipal government collaborated with ABB, investing approximately $2.4 billion in China to upgrade functionality, fostering smart manufacturing for efficient and secure connectivity within Shanghai's local enterprises. This efficiency boost contributes to the growth of the switchboard market.
The growing global demand for electricity is a key factor propelling the switchboard market. Switchboards play a crucial role in electricity distribution and control, ensuring safety, efficiency, and reliability in commercial infrastructure. As an example, data from Our World in Data indicates that US electricity demand increased from 4,192.9 TWh in 2021 to 4,338.1 TWh in 2022. This surge in electricity demand globally drives the demand for switchboards, thus contributing to market growth.
Ethernet-connected switchboards are increasingly prevalent in both residential and commercial buildings, offering energy savings and reduced maintenance costs. These switchboards can be linked to a computer through an Ethernet cable, transmitting electricity usage, system status, and other data for analysis by energy experts. The insights gained are utilized to provide suggestions for minimizing energy consumption. For instance, Schneider Electric manufactures the Enerlin'x system, a smart panel that communicates energy consumption data to computers through Ethernet and Modbus interfaces. Key players in the Ethernet-connected switchboard market include Schneider Electric, Southwire Company LLC, Siemens AG, and Prysmian Group.
Major companies in the switchboard market are actively introducing innovative products such as Quadro Evo to cater to the UK market's specific needs and expand their market share. Quadro Evo is a modular switchboard designed for customization to suit various applications, available in different sizes and configurations. Equipped with modules such as circuit breakers, switches, and fuses, it was launched by Hager Group in June 2023, meeting British standards for electrical distribution and control. Quadro Evo ensures a safe, reliable, and flexible solution while being easy to install and maintain, offering a comprehensive solution for diverse applications in the UK market.
In January 2023, Abba Renewables, a renewable energy company based in Singapore, acquired Dara Switchboards for an undisclosed sum. This acquisition aligns with Abba Renewables' strategy to broaden its service offerings and reinforce its presence in the Australian market. The integration of Dara Switchboards is anticipated to create synergies that will benefit both companies, especially in delivering advanced electrical solutions and facilitating the growth of renewable energy projects throughout the region. Dara Switchboards is an Australia-based manufacturer of switchboards.
Major companies operating in the switchboard market include Siemens AG, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Eaton Corporation plc, Emerson Process Management Co., Delta Electronics Inc., Rockwell Automation Inc., Vertiv Holdings Co., Chint Group Co. Ltd., Rittal GmbH & Co. KG, Crompton Greaves Limited, Powell Industries Inc., CandS Electric Ltd., Industrial Electric Mfg, ROMAC Electrical Power Equipment Inc., Nilsen Electric Pty Ltd., Mastervolt B.V., CUBIC Modular Systems A/S, Larson Electronics LLC, Rolla Pty Ltd., Aussie Switchboards Pty Ltd., Powerwell Pty Ltd., Gulf Electrical Distribution Apparatuses Co. Ltd., Kounis Electrical Supply Pty Ltd.
Asia-Pacific was the largest region in the switchboard market in 2024. Western Europe was the second-largest region in the global switchboard market share. The regions covered in the switchboard market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the switchboard market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The switchboard market consists of sales of ducts, fuses, cubicles, panel boards, power switchboards, and other switchboards. 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.
Switchboard Global Market Report 2025 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 switchboard 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 switchboard ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The switchboard 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 forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.