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The SNS Insider report estimates the Switchgear Market Size to reach USD 140.3 Billion by 2031, growing at a CAGR of 5.3% over the forecast period 2024-2031, and the value of market in 2023 was USD 92.7 Billion. This growth can be Driven by the rising demand for efficient power transmission and distribution networks, particularly in developing economies. The integration of renewable energy sources Suh as solar and wind power into the grid necessitates robust switchgear solutions for seamless connectivity.
Factors Propelling Switchgear Market Growth
- Rapid urbanization and burgeoning populations are driving the demand for electricity globally. This, in turn, necessitates the expansion and modernization of power grids, requiring advanced switchgear solutions for efficient power distribution.
- The increasing focus on clean energy sources like solar and wind power is propelling the market for switchgear. These decentralized power sources require robust switchgear infrastructure for seamless grid integration and efficient power transmission.
- Governments across the globe are actively promoting renewable energy adoption through favourable regulations and subsidies. This incentivizes investments in renewable energy projects, further augmenting the demand for switchgear equipment.
- The growing emphasis on smart grid technologies for enhanced grid reliability and efficiency is fostering the demand for advanced switchgear solutions. These solutions offer real-time monitoring capabilities and can handle fluctuations in power supply, ensuring grid stability.
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Top Companies Featured in Switchgear Market Report:
- Schneider Electric
- Eaton Corporation Hyosung
- Hyundai CG Power
- Toshiba
- Mitsubishi Powell
- Larsen & Toubro
- Elektrobudowa
- Hubbell
- Lucy Electric
- Aterpillar
- Powell Industries
- Eaton Corporation
- Alstom
- Siemens AG
- BHEL
- TIPECO
- Crompton Greeves
- Meta Switchgear
Switchgear Industry Segmentation as Follows:
BY VOLTAGE
- Low
- Medium
- High
by Voltage, The medium voltage segment, encompassing switchgears with a voltage rating of 2-36 kV, is anticipated to witness the highest CAGR during the forecast period. These switchgears are widely employed across diverse sectors, including manufacturing, T&D utilities, and process industries.
BY END-USERS
- Industries
- Commercial
- Residential
- T&D Utilities
BY COMPONENT
- HRC Fuse
- Switch Disconnector
- MCCB
- Power Distributor Switch Breaker
- Earth Switch
BY INSTALLATION
- Indoor
- Outdoor
by Installation, The outdoor switchgear segment currently holds the largest market share, exceeding 75% in 2023. This dominance can be attributed to the need for robust installations that can withstand harsh environmental conditions and ensure uninterrupted power supply in various industries and utility sectors.
BY INSULATION
- Air Insulated
- Gas Insulated
- Oil Insulated
- Vacuum Insulated
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Impact of Geopolitical Tensions and Economic Slowdown
The Russia-Ukraine war has disrupted global supply chains and Result to price fluctuations of raw materials used in switchgear manufacturing. This can potentially hinder market growth in the short term. Additionally, an economic slowdown can lead to reduced investments in infrastructure projects, impacting the demand for switchgear equipment.
Recent Developments in the Switchgear Market
- April 2023: Siemens introduced its sustainable blue GIS portfolio with the launch of the 8DAB 40. This switchgear utilizes eco-friendly clean air as an insulating medium, significantly reducing its carbon footprint.
- February 2023: Toshiba Transmission & Distribution Systems received orders for high voltage switchgear equipment to support the development and enhancement of power transmission networks in India.
- October 2022: ABB successfully acquired ASKI Energie, a leading provider of digital energy management solutions. This acquisition strengthens ABB’s digital energy portfolio and underlines its commitment to innovation in the energy sector.
Asia Pacific region is A Frontrunner in the Switchgear Market
The Asia Pacific region dominant market with holding largest share, with China, India, and Japan spearheading the growth. This dominance is driven by rapid economic development, urbanization, and increasing investments in renewable energy and power grid infrastructure across the region. Growing of industries in Asia Pacific, such as oil & gas, manufacturing, and construction, along with growing infrastructure investments, are driving demand for switchgear. Growing awareness of electrical safety and the need for uninterrupted power are creating market opportunities as businesses prioritize reliable switchgear for smooth operations and continuous power flow.
Key Takeaways
- The global switchgear market is expected to witness significant growth over the next decade, driven by rising investments in renewable energy and expanding urban centers.
- Advancements in smart grid technologies and the growing focus on sustainability will fuel the demand for advanced switchgear solutions.
- The Asia Pacific region is anticipated to remain at the forefront of the switchgear market, driven by robust economic growth and substantial infrastructural developments.
Major Key Points from Table of Content
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Switchgear Market Segmentation, By End-Users
9. Switchgear Market Segmentation, By Equipment
10. Switchgear Market Segmentation, By Components
11. Switchgear Market Segmentation, By Voltage
12. Switchgear Market Segmentation, By Insulation
13. Switchgear Market Segmentation, By Installation
14. Regional Analysis
15. Company Profile
16. Competitive Landscape
17. USE Cases and Best Practices
18. Conclusion
Continued….
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