Switchgear Market size to grow by USD 121.2 billion from 2023 to 2030; The growing demand for power supply in remote areas will boost the global market growth - Facts & Factor
NEW YORK, June 26, 2023 /PRNewswire/ -- As per Facts and Factors study, the global switchgear market size was nearly $91.1 billion in 2022 and is set to increase to about $121.2 billion by 2030 along with securing the highest CAGR of 5.8% from 2023 to 2030.
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Switchgear Market: Overview
A switching device is an integration of a slew of components including switches, current & voltage transformers, relays, isolators, fuses, switches, circuit breakers, and various other devices for improving operations. The rise in the use of switching equipment in transmission & distribution networks is likely to boost the demand for switchgear in the upcoming years. Furthermore, a switchgear device finds a plethora of applications in complex electric substations, thereby helping the latter withstand oscillating voltage operations in a volatile environment.
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Key Insights:
- As per the analysis shared by our research analyst, the global switchgear market is projected to expand annually at the annual growth rate of around 5.8% over the forecast timespan (2023-2030)
- In terms of revenue, the global switchgear market size was evaluated at nearly $91.1 billion in 2022 and is expected to reach $121.2 billion by 2030.
- The global switchgear market is anticipated to record massive growth over the forecast period owing to the implementation of new regulations aimed at reducing power blackouts along with strengthening power distribution networks.
- Based on insulation, the gas-insulated switchgear segment is predicted to contribute majorly towards the global market share over the forecast timeline.
- In terms of current, the AC segment is projected to account for a major share of the global market in 2023-2030.
- On the basis of end-user, the transmission & distribution utilities segment is set to register the highest CAGR over the period from 2023 to 2030.
- Region-wise, the Asia-Pacific switchgear market is projected to register the highest CAGR during the assessment period.
Facts and Factors published the latest report titled "Switchgear Market Size, Share, Growth Analysis Report By Insulation (Gas-Insulated Switchgear and Air-Insulated Switchgear), By Installation (Indoor and Outdoor), By Voltage (Low, Medium, and High), By Current (AC and DC), By End-User (Transmission & Distribution Utilities, Commercial Sector, and Residential Sector), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030" into their research database.
Industry Dynamics:
Global Switchgear Market: Growth Drivers
- Growing demand for power supply in remote areas will boost the global market expansion.
Rising industrialization and urbanization will translate into humungous demand for switchgear in various sectors. An increase in renewable energy trends will boost the growth of the switchgear market across the globe. Emerging economies such as India are upgrading as well as deploying new transmission lines & distribution networks for infrastructural development, thereby driving global switchgear market trends. Favorable government laws for restricting power outages along with the need for reinforcing power distribution networks will boost global market trends. A rise in funding for developing strong power infrastructure will propel the global market expansion.
Nevertheless, strict laws limiting GHG emissions and strict EU laws as well as the Paris Agreement related to reducing environmental degradation can put brakes on the growth of the global switchgear industry. However, the onset of the Industrial 4.0 revolution and the launching of smart technologies will open new growth opportunities for the industry across the globe.
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Global Switchgear Market: Segmentation
- Global switchgear market is segregated into insulation, installation, voltage, end-user, current, and region.
The insulation segment of the switchgear market is subdivided into gas-insulated switchgear and air-insulated switchgear segments. Furthermore, the gas-insulated switchgear segment, which accrued over 50% of the global market share in 2022, is anticipated to retain its segment dominance in the years ahead. The segmental surge in the upcoming years can be attributed to the massive use of thermoplastics in the food & beverages sector owing to its high mechanical strength, production ease, and cost proficiency. Additionally, thermoplastics find large-scale applications in lightweight constructions, storage tanks, window frames, and panels.
On the basis of current, the switchgear industry across the globe is divided into AC and DC segments. The AC segment, which amassed nearly 40% of the industry share in 2022, is anticipated to record the fastest CAGR in the upcoming years. The expansion of the segment in the projected timeline can be subject to the penetration of AC switchgear tools in the utility and residential sectors.
In terms of end-user, the switchgear market across the globe is segmented into transmission & distribution utilities, commercial sector, and residential sector segments. Moreover, the transmission & distribution utilities segment, which dominated the segmental growth in 2022, is anticipated to record the fastest CAGR in the forthcoming years. The segmental growth over the forecast timeline can be owing to a massive increase in the renewable and non-renewable energy demand.
Based on the installation, the global switchgear market is divided into indoor and outdoor segments.
On the basis of voltage, the switchgear industry across the globe is sectored into low, medium, and high segments.
Recent Developments:
- In the first quarter of 2023, ABB Ltd., a leading digital tech firm based in Switzerland., declared the commissioning of a factory unit in Nashik for producing gas-insulated switchgear. Such initiatives are likely to expand the scope of the switchgear market in India and across the Asia-Pacific zone.
- In the second half of 2022, Fuji Electric Co., Ltd., a Japanese electrical equipment manufacturing company, introduced VC-V20A-1 switchgear. The strategic move is anticipated to provide impetus to activities such as product developments as well as product launches. This will embellish the global industry trends.
- In the third quarter of 2022, Schneider Electric entered into a strategic alliance with ARDECO for manufacturing power & energy tech tools such as switchgear and control panels in the UAE. The move is projected to spur the expansion of switchgear business space in the Middle East region.
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List of Key Players in Switchgear Market:
- CG Power and Industrial Solutions Limited
- Fuji Electric Co. Ltd.
- Eaton Corporation PLC
- Hitachi Ltd.
- General Electric Company
- Meidensha Corporation
- Larsen & Toubro Limited
- Toshiba Corporation
- Powell Industries Inc.
- Havells India Ltd.
- ABB Ltd.
- Schneider Electric
- Mitsubishi Electric Corporation
- Siemens AG.
- Others
Key questions answered in this report:
- What are the growth rate forecast and market size for Switchgear Market?
- What are the key driving factors propelling the Switchgear Market forward?
- What are the most important companies in the Switchgear Market Industry?
- What segments does the Switchgear Market cover?
- How can I receive a free copy of the Switchgear Market sample report and company profiles?
Report Scope:
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Regional Dominance:
- Asia-Pacific switchgear market to register the highest CAGR over the forecast period.
Asia-Pacific, which garnered more than 55% of the global switchgear market revenue in 2022, is anticipated to record the fastest CAGR during the assessment timeframe. The regional market expansion over 2023-2030 can be due to the presence of big industries such as manufacturing & processing in the countries such as India and China.
Moreover, emerging economies are investing heavily in power infrastructural growth that requires a strong grid structure. Furthermore, the large-scale presence of manufacturers in the region will contribute majorly towards regional infrastructural growth.
Furthermore, the European switchgear industry is set to witness mammoth growth in the forecasting years. The factors that are likely to determine the growth of the regional market include favorable government policies such as the offering of subsidies for technological innovations and legislations by the EU promoting the use of renewable & sustainable energy.
Global Switchgear Market is segmented as follows:
Switchgear Market: By Insulation Outlook (2023-2030)
- Gas-Insulated Switchgear
- Air-Insulated Switchgear
Switchgear Market: By Installation Outlook (2023-2030)
- Indoor
- Outdoor
Switchgear Market: By Voltage Outlook (2023-2030)
- Low
- Medium
- High
Switchgear Market: By Current Outlook (2023-2030)
- AC
- DC
Switchgear Market: By End-User Outlook (2023-2030)
- Transmission & Distribution Utilities
- Commercial Sector
- Residential Sector
Switchgear Market: By Region Outlook (2023-2030)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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Browse Other Related Research Reports from Facts and Factors
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