Switchgear Market - Global Industry Assessment & Forecast
- By Insulation AIS, GIS
- By Voltage <1 kV, 1-36 kV, >36 kV
- By End User T&D Utilities, Industries, Commercial & Residential, Ohers
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|Forecast Years:||2023 - 2030|
|Historical Years:||2017 - 2021|
|Revenue 2022:||USD 71.33 Billion|
|Revenue 2030:||USD 104.61 Billion|
|Revenue CAGR (2023 - 2030):||4.90%|
|Fastest Growing Region (2023 - 2030)||Asia Pacific|
|Largest Region (2022):||Asia Pacific|
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- Additional Countries (Apart From Mentioned Countries)
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Global Switchgear Market
Switchgear Market- By Insulation, Voltage, End-User and Region.
The Global Switchgear Market is valued at USD 71.33 Billion in the year 2022 and is anticipated to reach a value of USD 104.61 Billion by the year 2030. The Global Market is forecasted to grow exhibiting a Compound Annual Growth Rate (CAGR) of 4.90% over the forecast period.
Switchgear Market Size, 2022 To 2030 (USD Billion)
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Switchgear is an electrical component that is used in a circuit to effectively control, monitor, and regulate the circuit. It's used in a variety of residential, commercial, industrial, and utility applications to assure operating safety, cost-effectiveness, and continuity. They are commonly employed to handle the irregular operating voltage network between load centers and generating stations in low, medium, and high voltage systems. Switching equipment is a collection of various components for improving operations, such as current and voltage transformers, isolators, switches, relays, circuit breakers, fuses, and other devices. The use of switching equipment has expanded as transmission and distribution networks have grown. The rapid expansion of electrification in rural locations, combined with rising energy generation, has boosted the need for diverse electrical equipment. The key Switchgear Market trends that are expected to cater to the market expansion are increasing regional government aims for delivering energy in rural areas and rising investments in this industry.
With rising energy demand, a reliable and stable T&D network is required. The main causes of the increased number of blackouts include a lack of investment, outdated infrastructure, and ineffective grid modernization rules. New laws aimed at reducing power outages and repairing old power system infrastructure around the world are presenting a potential growth opportunity for the market. However, extreme environmental conditions, such as temperature, pressure, and humidity, as well as water leaking from the ground, are some of the major variables that might reduce the effectiveness of electrical Switchgear equipment that is typically installed outside. As a result, regulatory agencies developed tight norms and requirements to address the atmospheric conditions, resulting in increased reliability and feasibility. The cost of this equipment is expensive because it has advanced capabilities and an IoT-based control system. It provides a comprehensive solution that is both sophisticated and costly. As a result, the Switchgear industry's large capital expenditure and adverse environmental conditions may limit market expansion in the next years.
The Switchgear Market is segmented on the basis of Insulation, Voltage, and End-user. On the basis of Insulation, the market is segmented into AIS and GIS. On the basis of Voltage, the market is segmented into <1 kV, 1-36 kV, and >36 kV. On the basis of End-user, the market is segmented into T&D Utilities, Industries, Commercial & Residential, and Others.
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Based on Insulation:
On the basis of Insulation, the market is segmented into AIS and GIS. The air-insulated Switchgear (AIS) segment is estimated to contribute the most to the Switchgear Market during the forecast period. One of the most common forms of medium-voltage Switchgear nowadays is air-insulated switchgear. They are made up of a combination of electrical disconnector switches, circuit breakers, and earth switches that are used to regulate, isolate, and protect air-insulated electrical equipment. They work in areas including as transmission and distribution, manufacturing and processing, infrastructure and transportation, oil and gas, and others. AISs are expected to lead the market because they are less expensive, less polluting, and easier to build and operate than GISs.
Based on End-User:
On the basis of End-user, the market is segmented into T&D Utilities, Industries, Commercial & Residential, and Others. The transmission and distribution (T&D) utility industry will grow as more power distribution facilities are built to meet rising energy demand and as energy efficiency is improved to reduce losses and hazardous events. The utility would invest in T&D infrastructure if it focused more on building substations and grid strengthening initiatives. The residential and commercial segments are expected to benefit from the expanding population movement from rural to urban areas, as well as expenditures in the development of new dwelling buildings and commercial projects, over the forecast period. Switchgear physical security covers a wide range of applications that require a dependable, high-performance communications network to provide centralized monitoring and reporting.
Asia Pacific is projected to acquire the largest market share during the year 2021
Asia Pacific is projected to acquire the largest market share during the year 2021 with a share of 38.90%. Regional expansion is predicted to be aided by the availability of significant potential for major industrial units, as well as the rapidly developing residential and commercial sectors. Developing countries such as China, India, and South Korea are experiencing unsustainable energy consumption as a result of the growing demand for electric power transmission and distribution as well as electrification projects. Rising electrification, according to the India Brand Equity Foundation (IBEF), will raise electricity consumption in India to 1,847 TWh by 2022. Other major countries in the Asia Pacific include Japan, Australia, and Southeast Asian countries, all of which will contribute to the industry's growth pace in the coming years. The blossoming infrastructure building for renewable energy sources, the rising market for grid modernization, and the replacement of obsolete installations, as well as capacity increases, are some of the key drivers of growth. Increased electrical demand is driving the market need for switchgear, thanks to the rising population, economic expansion, urbanization, industrialization, and rural electrification schemes.
Key players operating in the Global Switchgear Market include- ABB (Switzerland), Siemens (Germany), Schneider Electric (France), GE (US), Eaton (Ireland) and others.
Segmentation of the Global Switchgear Market:
|Regions & Countries Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
Frequently Asked Question
What is the global demand for Switchgear in terms of revenue?
The global Switchgear valued at USD 71.33 Billion in 2022 and is expected to reach USD 104.61 Billion in 2030 growing at a CAGR of 4.90%.
Which are the prominent players in the market?
The prominent players in the market are ABB (Switzerland), Siemens (Germany), Schneider Electric (France), GE (US), Eaton (Ireland).
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 4.90% between 2023 and 2030.
What are the driving factors fueling the growth of the market.
The driving factors of the Switchgear include
- Growth of Smart Electricity Grid Infrastructure
Which region accounted for the largest share in the market?
Asia Pacific was the leading regional segment of the Switchgear in 2022.