The global demand for Switchgear Market is presumed to reach the market size of nearly USD 257.07 MN by 2028 from USD 150 MN in 2021 with a CAGR of 8% under the study period 2022 - 2028.
Switchgear refers to the collection of switching devices such as electrical disconnect switches, fuses, and circuit breakers used to control, protect, and switch electrical circuits and equipment. Switchgear is used across various commercial, industrial and residential applications. There are different types of switchgear, including low voltage switchgear (LV switchgear), medium voltage switchgear (MV switchgear), and high voltage switchgear (HV switchgear). Switchgear under faulty conditions detects the fault and interrupts the flow of electricity to the affected section, isolating it from the healthy circuit.
The switchgear market is expected to witness a high surge in demand owing to increased investments in developing new power infrastructure. Besides that, the increased focus on cleaner energy sources to curb carbon emissions has led to a surge in switchgear demand. Moreover, the growing need for an efficient and uninterrupted power supply is boosting the demand for switchgear. The switchgear protects electric equipment from sudden spikes and drops in power supply at a low cost, which is a major factor fueling the global switchgear market's growth. Furthermore, the presence of numerous manufacturers and their innovative product launches significantly drive the market. However, fluctuation in key raw material prices such as copper and aluminium may hamper the market growth.
The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of switchgear. The growth and trends of switchgear industry provide a holistic approach to this study.
This section of the switchgear market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
- Gas-Insulated Switchgears
- Air-Insulated Switchgears
By End User
- Low (Up To 1 Kv)
- Medium (2–36 Kv)
- High (Above 36 Kv)
- Transmission & Distribution Utilities
- Commercial & Residential
- Other End Users
This section covers the regional outlook, which accentuates current and future demand for the Switchgear market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Switchgear Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the switchgear market include ABB (Switzerland), Schneider Electric (France), Hyundai Electric (South Korea), Siemens (Germany), General Electric (US), Mitsubishi Electric (Japan), Eaton (Ireland), Legrand (France), Fuji Electric (Japan), Hitachi (Japan), Toshiba (Japan), Lucy Electric (UK), Hubbell (US), BHEL (India), Powell (US), Havells (India), Pluton Rail Pty Ltd. (Australia), Sécheron (Switzerland), Hyosung (South Korea), ELEKTROBUDOWA (Poland), LS Electric Co., Ltd. (South Korea), Myers Power Products, Inc. (US), Yueqing Liyond Electric Co. Ltd. (China), CG Power and Industrial Solutions (India), and ENTEC Electric & Electronic (South Korea) . This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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Frequently Asked Questions (FAQs) about this Report
b. In 2021, the global market size for switchgear was worth USD 150 Billion.
b. Between 2023 and 2028, the worldwide switchgear market growth is projected to be nearly 8%.
b. Asia Pacific accounts for the largest market share of the global switchgear market.
b. The global switchgear market is segmented by Insulation (Gas-insulated Switchgears, Air-insulated Switchgears, Others), by Installation (Indoor, Outdoor), by Voltage (Low (Up To 1 KV), Medium (2–36 KV), High (Above 36 KV)), by Current (AC, DC), by End User (Transmission & Distribution Utilities, Industries, Commercial & Residential, Other End Users).
b. The leading players in the global switchgear market are ABB (Switzerland), Schneider Electric (France), Hyundai Electric (South Korea), Siemens (Germany), General Electric (US), Mitsubishi Electric (Japan), Eaton (Ireland), Legrand (France), Fuji Electric (Japan), Hitachi (Japan), Toshiba (Japan), Lucy Electric (UK), Hubbell (US), BHEL (India), Powell (US), Havells (India), Pluton Rail Pty Ltd. (Australia), Sécheron (Switzerland), Hyosung (South Korea), ELEKTROBUDOWA (Poland), LS Electric Co., Ltd. (South Korea), Myers Power Products Inc. (US), Yueqing Liyond Electric Co. Ltd. (China), CG Power and Industrial Solutions (India), and ENTEC Electric & Electronic (South Korea).