Numerous electrical devices have grown in popularity as a result of the constantly expanding need for electrification in remote places and the rising production of electricity.
Westford, USA, Dec. 16, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the global switchgear market size will reach a value of USD 265.4 Billion by 2031, with a CAGR of 7.3% during the forecast period (2024-2031). The global switchgear market is primarily driven by increasing attention towards development of smart grid infrastructure. The current electric grid infrastructure is being upgraded by governments in both developed and emerging economies in order to guarantee an efficient supply of electricity and lower the number of electric component failures during power transmission. Through the interruption of power flow, switchgear helps reduce damage to components connected to the power supply in the case of a power surge.
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Switchgear Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 151.0 Billion |
| Estimated Value by 2031 | USD 265.4 Billion |
| Growth Rate | Poised to grow at a CAGR of 7.3% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Installation, Insulation, End-Users, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Increasing adoption of smart switchgear for grid modernization |
| Key Market Opportunities | Increasing infrastructure development |
| Key Market Drivers | Rising adoption of renewable energy |
Switchgear Market Segmental Analysis
Global Switchgear Market is segmented by Installation, Insulation, Current, Voltage, End User and region.
Based on Installation, the market is segmented into Indoor, Outdoor.
Based on Insulation, the market is segmented into Gas-insulated, Air-insulated, Others.
Based on Current, the market is segmented into AC, DC.
Based on Voltage, the market is segmented into Low, Medium, High.
Based on End User, the market is segmented into Transmission & Distribution Utilities, Industries, Commercial & Residential, Others.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Outdoor to Hold Significant Growth due to Withstand Harsh Environmental Conditions
Outdoor installations dominate the global switchgear market due to their ability to withstand harsh environmental conditions and the growing demand for renewable energy sources. These installations also allow enhanced efficiency, the highest possible reduction in maintenance costs, and maximum flexibility in power distribution, making these most suitable across substations and grid infrastructure in remote. These trends indicate that the growing focus on resilient energy infrastructure is driving the global switchgear market growth in this segment.
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Air Insulated Segment to Lead Market due to its Reliability, Simplicity, and Cost-Effectiveness
Air-insulated switchgear (AIS) dominates the global market due to its reliability, simplicity, and cost-effectiveness. Low-cost enterprises are opting for it as a preferred installation due to its many capabilities including easy installation and maintenance, besides being able to serve effectively in a wider range of applications, particularly in medium-voltage power networks. The global switchgear market forecast suggests steady growth, driven by its adoption across a wide range of applications
Asia Pacific to Dominate Market due to Rapid Industrialization and Increasing Infrastructure Investments
Asia-Pacific dominates the global switchgear market due to rapid industrialization, urbanization, and increasing infrastructure investments. Countries like India and China are now at the forefront in terms of consumer demand for reliable electricity supply, which calls for the urgent establishment of efficient power distribution systems. Furthermore, new government initiatives that encourage the use of renewable energy and modernization of the grid further bolster the global switchgear market growth.
Switchgear Market Insight
Drivers:
- Need for Efficient Power Distribution Systems
- Policies Aimed at Improving Grid Reliability
- Rising Renewable Energy Adoption
Restraints:
- Switchgear Require Highly Specialized Installation and Maintenance
- Variability in the Cost of Key Raw Materials
- Switchgear Market Already Being Saturated
Prominent Players in Switchgear Market
- ABB
- Bharat Heavy Electricals Limited (BHEL)
- CG Power and Industrial Solutions
- Eaton Corporation
- Fuji Electric
- General Electric (GE)
- Havells India
- Hitachi
- HD Hyundai Electric
- Hyosung Heavy Industries
- Larsen & Toubro (L&T)
- Lucy Electric
- Meidensha Corporation
- Mitsubishi Electric
- Ormazabal
- Powell Industries
- Schneider Electric
- Siemens
- Skema
- Toshiba
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Key Questions Answered in Global Switchgear Market Report
- What will be the projected value of the market by 2031?
- Why do outdoor installations dominate the global switchgear industry, and what factors contribute to their growth?
- What factors contribute to the dominance of Asia-Pacific in switchgear?
This report provides the following insights:
Analysis of key drivers (Increasing investments in smart cities, rise in electric vehicle adoption, focus on energy efficiency), restraints (Fluctuations in raw material prices, long replacement cycles for switchgear) opportunities (Emerging markets for off-grid power solutions, Integration of IoT and digital technologies) influencing the growth of switchgear market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the switchgear market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the switchgear market.
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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