Switchgear Market Size, Share & Trends Analysis Report 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) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)
|Forecast Years for Switchgear Market:||2022 - 2028|
|Historical Years for Switchgear Market:||2016 - 2021|
|Revenue 2021 for Switchgear Market:||USD 68.3 Billion|
|Revenue 2028 for Switchgear:||USD 92.5 Billion|
|Revenue CAGR (2022 - 2028) for Switchgear Market :||5.2%|
|Fastest Growing Region (2022 - 2028) for Switchgear Market:||Asia Pacific|
|Largest Region (2021) for Switchgear Market:||Asia Pacific|
Global Switchgear Market
Switchgear Market- By Insulation, Voltage, End-User and Region.
The Global Switchgear Market is valued at USD 68.3 Billion in the year 2021 and is anticipated to reach a value of USD 92.5 Billion by the year 2028. The Global Market is forecasted to grow exhibiting a Compound Annual Growth Rate (CAGR) of 5.2% over the forecast period.
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 The main causes of the increased number of blackouts include a lack of investment, outdated infrastructure, and ineffective grid modernization rules.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
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
Research Methodology: Switchgear Market by Insulation by Voltage by End User by Region - Global Market Assessment, 2021 - 2028
The information gained/procured from the secondary data sources is validated through extensive primary interviews with industry experts across the Switchgear supply chain. The primary research is also conducted to identify key players in the market and to gather and validate already procured information pertaining to their market-specific financial information. Moreover, primary research is used to gain/validate information about:
- Switchgear market size at regional and country level
- Understanding market developments, future growth prospects, and upcoming challenges
- Overview of the Switchgear supply chain and overall ecosystem
Data Triangulation and Market Size Estimations
The information procured from the secondary and primary resources is undergone through data triangulation methods to attain more accurate results on quantitative and qualitative analysis for specific market research studies. This helps to study any minutest details of the market along with building a clearer market-specific view for revenue estimations, industry trends, within each end-use industry, and estimate future trends within the market. After arriving at the global market numbers, top-down and bottom-up approaches are used to estimate, validate and finalize the market size of the Switchgear market.
Frequently Asked Questions
the global demand for Switchgear
in terms of revenue?
The global Switchgear valued at USD 68.3 Billion in 2020 and is expected to reach USD 92.5 Billion in 2028 growing at a CAGR of 5.2%
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 5.2% between 2021 and 2028.
the driving factors
fueling the growth of the market.
The driving factors of the Switchgear include
- Growth of Smart Electricity Grid Infrastructure
region accounted for the
largest share in the market?
Asia Pacific was the leading regional segment of the Switchgear in 2020.