The global switchgear market size was valued at around USD 71.38 billion in 2021 and is projected to reach USD 109.2 billion by 2030, expanding at a CAGR of around 4.8% during the forecast period, 2022 – 2030. The growth of the market is attributed to the rising demand for energy to aid rapid urbanization and increasing investments in developing new power infrastructures.
Switchgear refers to an electric power system, which is used to control, regulate, protect, and switch on or off an electrical circuit in electrical equipment. Switchgear systems include fuses, switches, isolators, circuit breakers, relays, transformers, lightning arresters, indicators, and control panels. The system is prompted wherever there is a fault. The relays in the switchgear system disconnect the faulty line and close the disrupted circuit. It ensures the safety of appliances by isolating the faulty part, while the healthy part continues to function. This ensures that the appliances will get an uninterrupted power supply. Switchgear systems boost the reliability of the connected devices or appliances, as they provide swift response and absolute differentiation between faulty and non-faulty parts of a circuit.
The global switchgear market is affected negatively by the COVID-19 pandemic situation, as the switchgear industry faced a reduction in production, price fluctuations, and disruption in the supply chain.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing government support, policies, and initiatives in investments to develop renewable energy are expected to drive the market during the forecast period.
- Growing need for new transmission and distribution lines for bulk power generation plants boosts the market.
- Rising demand for upgrading infrastructures spurs the market.
- Increasing construction activities across the globe are estimated to drive the market in the coming years.
- Stringent safety and environmental regulations are anticipated to hamper the growth of the market during the forecast period.
- Emerging technologies, digitization, and innovations offer growth opportunities to the market players.
Scope of the Report
The report on the global switchgear market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
Switchgear Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
|
Base Year
|
2021
|
|
Historic Data
|
2019–2020
|
|
Forecast Period
|
2022–2030
|
|
Segmentation
|
Insulations (Gas, Oil, Vacuum, and Air), Voltage (Low, Medium, and High), Installations (Indoor and Outdoor), Current (Alternating Current (AC) and Direct Current (DC)), and Applications (Residential and Commercial)
|
|
Regional Scope
|
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
|
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
|
|
Key Players Covered in the Report
|
Siemens AG; Havells India, Ltd.; ABB; Mitsubishi Electric Corporation; Schneider Electric; Hyundai Electric & Energy Systems Co., Ltd.; Fuji Electric Co., Ltd.; General Electric; Eaton Corporation PLC; Lucy Electric UK Ltd.; Sécheron; LS ELECTRIC Co., Ltd.; Myers Power Products, Inc.; Yueqing Liyond Electric Co., Ltd.; CG Power and Industrial Solutions Limited; and Others
|
Market Segment Insights
Gas segment holds a key market share
On the basis of insulations, the market is divided into gas, oil, vacuum, and air. The gas segment is expected to register a significant CAGR during the forecast period, due to less installation time and maintenance cost required in gas-insulated switchgear than in other insulation-based switchgear. The rising need for space optimization, increasing energy demand, low maintenance, and protection against external elements are some of the actors driving the gas segment.
Medium segment registers a high CAGR
In terms of voltage, the market is segmented into low, medium, and high. The medium segment is estimated to expand during the forecast period, due to increasing advancement in various industries. Growing deployment in distribution networks with high volt enduring capacities is one of the key factors aiding in the expansion of the segment. Residential buildings and various industrial infrastructures such as power plants, substations, and others use medium-range voltage, boosting the segment.
Outdoor segment boosts the market
Based on installations, the market is bifurcated into indoor and outdoor. The outdoor segment plays a role as a key contributor to the market during the forecast period, as outdoor switchgear can sustain harsh climatic conditions while carrying out reliable operations. The indoor segment is anticipated to register a growth during the forecast period, owing to advantages of indoor switchgear such as high durability, easy maintenance, secure working, compact design, and others.
Alternating current (AC) segment emerges as a large segment in the market
On the basis of current, the market is divided into Alternating Current (AC) and Direct Current (DC). The alternating current (AC) segment is projected to expand rapidly during the forecast period, as AC switchgear power systems are used by several industries, businesses, utilities, and buildings to offer isolation, control, and protection for electrical systems. AC aids in providing a lower-cost power supply. AC power can travel long distances without losing power. These are the major factors expanding the AC segment in the coming years.
Residential segment holds a large market share
In terms of applications, the market is segregated into residential and commercial. The residential segment is projected to register a growth during the forecast period, owing to growing investments in the urbanization of rural areas and rapidly developing residential projects across the globe. The growing population shift from rural areas to urban aids in the expansion of the residential segment.
Asia Pacific dominates the market
Based on regions, the market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is estimated to register a high CAGR during the forecast period, owing to increasing upgrades of old electrical grid infrastructures to meet the rising demand for electricity in the region. Electricity grid modernization, capacity improvements, and infrastructure development for renewable energy resources are some of the key factors aiding in the expansion of the market in the region. For example, in India, the power generation capacity is estimated to have expanded by 10% in the past few years.
Segments
The global switchgear market has been segmented on the basis of
Insulations
Voltage
Installations
Current
- Alternating Current (AC)
- Direct Current (DC)
Applications
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Siemens AG
- Havells India, Ltd.
- ABB
- Mitsubishi Electric Corporation
- Schneider Electric
- Hyundai Electric & Energy Systems Co., Ltd.
- Fuji Electric Co., Ltd.
- General Electric
- Eaton Corporation PLC
- Lucy Electric UK Ltd.
- Sécheron
- LS ELECTRIC Co., Ltd.
- Myers Power Products, Inc.
- Yueqing Liyond Electric Co., Ltd.
- CG Power and Industrial Solutions Limited
- Others
Competitive Landscape
The global switchgear market is fragmented with the presence of key players such as Siemens AG; Havells India, Ltd.; ABB; Mitsubishi Electric Corporation; Schneider Electric; Hyundai Electric & Energy Systems Co., Ltd.; Fuji Electric Co., Ltd.; General Electric; Eaton Corporation PLC; Lucy Electric UK Ltd.; Sécheron; LS ELECTRIC Co., Ltd.; Myers Power Products, Inc.; Yueqing Liyond Electric Co., Ltd.; CG Power and Industrial Solutions Limited; and others. They use strategies such as collaborations, mergers, acquisitions, partnerships, and product launches to strengthen their hold on the market. For example, in January 2020, Siemens AG acquired C&S Electric Limited, India-based switchgear and power equipment company, to meet the rising demand for low-voltage power distribution in India.
Request For Customization
Enquiry Before Buying
Speak With Analyst
