Switchgear Global Market Report 2024

Switchgear refers to a set of switching devices utilized for controlling, protecting, and managing electrical circuits and equipment. It finds applications in diverse sectors, including transmission and distribution utilities, residential, commercial, and industrial settings.

The primary product categories of switchgear encompass high voltage, medium voltage, and low voltage. These products are deployed both indoors and outdoors in various configurations, such as gas-insulated switchgear (GIS), air-insulated switchgear (AIS), and others. Gas-insulated high-voltage switchgear (GIS) is characterized by metal encapsulation housing high-voltage components such as circuit breakers and disconnectors, ensuring safe operation in confined spaces. GIS installations can be found in diverse locations, including extensions, city buildings, roofs, offshore platforms, industrial plants, and hydropower plants. The application of switchgear extends across residential, commercial, and industrial end-users.

The switchgear market research report is one of a series of new reports from The Business Research Company that provides switchgear market statistics, including switchgear industry global market size, regional shares, competitors with a switchgear market share, detailed switchgear market segments, market trends and opportunities, and any further data you may need to thrive in the switchgear industry. This switchgear 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 switchgear market size has grown strongly in recent years. It will grow from $85.71 billion in 2023 to $92.02 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The expansion witnessed in the historical period can be ascribed to an increase in power consumption, supportive government initiatives, and economic growth in emerging markets.

The switchgear market size is expected to see strong growth in the next few years. It will grow to $117.86 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The anticipated growth in the upcoming period can be linked to the increasing demand for electricity, a rise in the utilization of electricity in transportation, investments in renewable energy, growing demand for electricity in manufacturing, interest rates, the replacement of outdated switchgears, and focus on load management and balance. Noteworthy trends in the forecast period include an emphasis on digital technologies, the development of innovative products to align with the evolving needs of the power generation industry, investment in eco-efficient solutions to minimize environmental impact, the deployment of Internet of Things (IoT) enabled switchgears for automated operations and energy management, promotion of automated switchgear for smart grid adoption in power generation and transmission industries, and the development and promotion of specialized switchgear for critical industries.

The switchgear market is anticipated to be driven by the growing demand for electricity generation. The availability of electricity is crucial for economic development and poverty alleviation, with industrialization and urbanization relying heavily on a consistent electricity supply. The performance of switchgear plays a pivotal role in ensuring reliable electrical supply, thereby driving the demand for switchgear in the forecast period. For instance, global electricity demand is projected to increase by 2.1% per year until 2040 in the Specified Policies Scenario, doubling the rate of primary energy growth by 2040.

The expansion of the construction industry is poised to contribute to the growth of the switchgear market. The construction industry encompasses a wide range of activities related to the planning, design, development, construction, renovation, and maintenance of physical structures and infrastructure. Switchgear in the construction sector facilitates electrical distribution, control, and protection for various construction sites and projects, ensuring smooth and uninterrupted operations. As reported by the United States Census Bureau in September 2023, the overall value of residential and non-residential construction in the US increased by over 8% between 2020 and 2021. Additionally, according to Oxford Economics in September 2021, global construction output in 2020 reached US$10.7 trillion, with a projected growth of approximately 42%, adding US$4.5 trillion and reaching a total of US$15.2 trillion by 2030. Therefore, the burgeoning construction industry is expected to drive the growth of the switchgear market.

The growing demand for the installation of electric substations to swiftly restore normal power supply in emergencies. Mobile substations have gained popularity as they facilitate the restoration of electricity under outdoor conditions or unforeseen circumstances. Functionally designed to provide temporary power supplies rapidly, these mobile substations incorporate a generator, transformer, metal-clad switchgear, outdoor load break switches, and breakers. They are used for network extensions and temporary switching stations. For instance, Siemens delivered two mobile substations for the national grid SA, while Aktif group supplied 10 mobile substations to the Ministry of Electricity in Iraq. The increasing adoption of mobile substations is a recent trend that is expected to have a positive impact on the switchgear market.

Major companies in the switchgear market are focusing on developing innovative products, such as HYpact switchgear, to enhance the reliability of electrical grids. The HYpact switchgear is a hybrid compact switchgear assembly designed to make electrical grids more predictable. In November 2022, General Electric, a US-based conglomerate company, introduced the digital HYpact switchgear. This advanced switchgear incorporates digital sensors, twins, remote monitoring, health monitoring, and integration features to enhance the predictability, efficiency, and sustainability of electrical grids.

In July 2022, Eaton Corporation PLC, an Ireland-based power management company, acquired a 50% stake in Jiangsu Huineng Electric Co. Ltd. for an undisclosed amount. This strategic move aims to expand Eaton's presence in the Chinese market, access Huineng's technology, strengthen its relationship with Huineng, and support its overall growth strategy. Jiangsu Huineng Electric Co. Ltd. is a China-based manufacturer specializing in circuit breakers, switchgear, and switchboard accessories.

Major companies operating in the switchgear market report are ABB Ltd., Schneider Electric, Siemens AG, Mitsubishi Electric Corporation, Eaton Corporation Inc., Hitachi Ltd., Toshiba Corporation, Hyundai Electric & Energy Systems Co. Ltd., Larsen & Toubro Limited, Havells India Limited, LS ELECTRIC Co. Ltd., Hyosung Heavy Industries, Meidensha, Nissin Electric, Shihlin Electric, CHEM, Fortune Electric, Anchor Electricals Pvt Ltd., Havells India Ltd., CG Power and Industrial Solutions Limited, Orecco Electric, Tamco, Tenaga Switchgear, GE T&D India Ltd., Bharat Heavy Electrical Limited, Legrand India Private Limited, Industrial Solutions Limited, Fuji Electric, Lucy Electric, Twyver Switchgear, SwitchGear Company NV, Alan Electrical Limited, Electroshield Samara, Alstom, IZVA LLC, SIVAR, S&C Electric Company, Powell Industries, G&W Electric, Noja Power, Abunayyan Holding Company, BMC Manufacturing, TIEPCO, Wahah Electric Supply Company of Saudi Arabia Ltd. (WESCOSA), KFB Holding Group, Afcon, Matelec Group, Egyptian German Electrical Manufacturing Co.

Asia-Pacific was the largest region in the switchgear market in 2023. Western Europe was the second-largest region in the global switchgear market analysis. The regions covered in the switchgear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the switchgear market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain

The switchgear market consists of sales of circuit breakers, control panels, fuses, generator control, metering panels, knife switches, time switches, and other switchgear. 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 switchgear market is segmented into low voltage switchgear market (=1KV), medium voltage switchgear market (2KV - 36KV) and high voltage switchgear market (above 36KV).

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.

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 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.

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Where is the largest and fastest growing market for switchgear? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The 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 market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

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.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Product Type: High Voltage; Medium Voltage; Low Voltage
• 2) By Insulation: Gas Insulated Switchgear (GIS); Air Insulated Switchgear (AIS); Other Insulations
• 3) By Installation: Indoor; Outdoor
• 4) By End-User: Residential; Commercial; Industrial; Utilities
• Companies Mentioned: ABB Ltd; Schneider Electric; Siemens AG; Mitsubishi Electric Corporation; Eaton Corporation Inc
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery Format: PDF, Word and Excel Data Dashboard.