Switchgear Market Size Worth $155.28 Billion, Globally, by 2031 - Exclusive Report by The Insight Partners

Oct 17, 2024

The switchgear market size is projected to reach US$ 155.28 billion by 2031 from US$ 92.34 billion in 2023 to register a CAGR of 6.7% during 2023–2031.

US & Canada, Oct. 17, 2024 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, “Global Switchgear Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Insulation (Gas-Insulated Switchgear Market, Air-Insulated Switchgear Market, and Others), Voltage (Low Voltage Switchgear Market, Medium Voltage Switchgear Market, High Voltage Switchgear Market), Current Type (Alternating Current and Direct Current), End User (Energy and Utilities, Commercial and Residential Building, Manufacturing, Railways, Oil and Gas, Mining, Water and Wastewater, and Others), and Geography”, the global switchgear market is observing significant growth owing to rising power consumption and thriving infrastructure projects.

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The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the switchgear is applicable to a vast array of end users that are expected to register strength during the coming years.

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Overview of Report Findings:

1. Market Growth: The global switchgear market share is expected to reach US$ 155.28 billion by 2031 from US 92.34 billion in 2023, at a CAGR of 6.7% during the forecast period. Switchgear includes a wide range of switching devices that help control, protect, and isolate power systems in sectors such as commercial & residential buildings, energy & utilities, manufacturing, mining, oil & gas, railways, and water & wastewater. It also assists in regulating a power system, circuit breakers, and similar technology. Switchgear can refer to different systems and components, including switches, fuses, isolators, relays, circuit breakers, and lighting arresters.

2. Rising power consumption: Power consumption worldwide is rising at a fast pace. According to a US Energy Information Administration (EIA) report, global energy consumption is expected to increase by 56% between 2013 and 2040. Many factors are contributing to this increase in energy consumption, with population outburst being one of the main factors. As the world’s population reaches 8.5 billion by 2030, according to United Nations projections, the demand for energy will continue to accelerate. Another main parameter for the rise in power consumption is economic growth. As various economies globally are expanding, so is the demand for energy and power. According to the US Energy Information Administration, the total electricity consumption recorded in the US in 2022 was about 4.07 trillion kWh—i.e., 14 times higher than the amount of electricity consumed in 1950. The total electricity consumption by end-use consumers is calculated by the summation of retail sales of electricity to consumers and direct use of electricity. The industrial or commercial facility—which is involved in producing electricity—accounts for the most direct use of electricity.

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3. Expanding transmission and distribution infrastructure: The expansion of transmission and distribution (T&D) infrastructure and the increasing integration of renewable energy in various economies propel the demand for switchgears and substations. Transmission utilities are focusing on augmenting substation capacity to further strengthen the network and enable greater integration of renewable energy. The Revamped Distribution Sector Scheme also lays importance on network modernization and upgradation in the distribution.

4. Geographical Insights: In 2023, Asia Pacific Switchgear Market led the market with a substantial revenue share, followed by North America Switchgear Market and Europe. Asia Pacific Switchgear Market is expected to register the highest CAGR during the forecast period.

Market Segmentation:

Based on insulation, the switchgear market is segmented into air-insulated switchgear market, gas-insulated switchgear market, and others. The gas-insulated switchgear market segment held a larger switchgear market share in 2023.

By voltage, the switchgear market is categorized into high voltage switchgear market, medium voltage switchgear market, and low voltage switchgear market. The low voltage segment held the largest switchgear market share in 2023.

Based on current type, the market is divided into alternating current and direct current. The alternating current segment held the largest share of the switchgear market in 2023.

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Based on end use, the switchgear market is segmented into commercial & residential buildings, energy & utilities, manufacturing, mining, oil & gas, railways, water & wastewater, and others. The energy & utilities segment held the largest share of the switchgear market in 2023.

The switchgear market is segmented into five major regions: North America switchgear market, Europe, APAC, Middle East and Africa, and South and Central America.

Competitive Strategy and Development:

Key Players: A few major companies operating in the switchgear market include Mitsubishi Electric Corp, Rockwell Automation Inc, Schneider Electric SE, Siemens AG, Toshiba Infrastructure Systems and Solutions Corp, ABB Ltd, Fuji Electric Co Ltd, GE Vernova, Hitachi Energy Ltd, and Hubbell Inc

Trending Topics: Smart switchgear, SF6-free switchgear, integration with renewable energy, modular and compact switchgear, among others.

Global Headlines on Switchgear Market:

"Schneider Electric Launched EasySet MV Switchgear"

"Schneider Electric expanded its portfolio of SF6-free green and digital MV switchgear with GM AirSeT."

"Siemens expanded sustainable and digital switchgear range for primary distribution up to 24kV"

"ABB Unveiled Its Vietnam-Based Medium Voltage Switchgear Factory"

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Europe held a significant market share in 2023. The growing utilization of renewable power sources across Europe fuels the demand for switchgears. According to the report of the European Union, renewable energy (43% of total EU energy production) was the largest contributing source to energy production in the EU in 2022. Also, in 2022, 23% of the final energy consumed in the EU was electricity, which was generated from different sources. Renewable energy and fossil fuels were the leading sources of electricity production (both 39%), followed by nuclear power plants (22%). Furthermore, among renewable sources, the highest share of electricity came from wind turbines (15%), followed by hydropower plants (10%), solar power (8%) and biofuels (5%). Thus, the growing application of switchgear in electrical grids, domestic installations, industrial installations, and public installations drives the market in Europe.

Various companies are taking several initiatives to develop new featured switchgear in Europe. In October 2022, ABB opened the first Climatic Test Chamber for testing energized medium voltage (MV) switchgear in Europe. It simulates harsh environments and pollution testing in temperatures as high as 80°C and as low as −50°C. Also, the company’s switchgear ensures the power remains on even in intense weather conditions that can damage the grid.

The increasing number of infrastructure projects indeed drives the switchgear market. Infrastructural projects such as residential, commercial, industrial plants, data centers, hospitals, airports, metros, and railways require efficient and reliable power distribution. Switchgear helps in controlling and protecting the electrical power supply. Further, rapid digitization and increasing internet penetration are leading to a larger data generation, which demands more data center buildings. Various companies are investing in constructing new data centers. For instance, in November 2023, Microsoft invested US$ 500 million to expand its data center infrastructure footprint in Canada. The announcement references future data center locations in L’Ancienne-Lorette, Donnacona, Saint-Augustin-de-Desmaures, and Lévis. Switchgear plays a vital role in ensuring uninterrupted power supply, load balancing, fault protection, and overall operational stability of the data center environment. By managing the power distribution, switchgear helps maintain uptime.

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Likewise, in January 2024, South Korea unveiled a spending package worth US$ 100.4 billion to achieve a 30-minute commute for residents in the Greater Seoul area, mainly through a new suburban rail network called the GTX. Switchgear in railways is essential for safety components, containing a circuit breaker and other key components to help prevent electrocution and electrical fires at key power supply points across the rail network. Thus, owing to the above factors, the increasing infrastructural projects act as one of the drivers of the switchgear market.

Conclusion:

The global switchgear market is experiencing significant growth worldwide. This growth is attributed to the rising power consumption that requires a more robust and reliable electrical system. Switchgear plays an important role in protecting and isolating electrical circuits, thereby enhancing grid stability. Additionally, the increasing number of infrastructural projects and the expansion of transmission and distribution infrastructure are fueling the market growth. Moreover, rising investment in smart grid and renewable energy, deployment in IoT, and development in SF6-free switchgear are anticipated to create several opportunities for the switchgear market growth in the coming years.

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The report from The Insight Partners, therefore, provides several stakeholders—including component providers, system technology integrators, system manufacturers and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

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Contact Person: Ankit MathurE-mail: [email protected] Phone: +1-646-491-9876Press Release: https://www.theinsightpartners.com/pr/switchgear-market