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The switchgear market size is projected to reach US$ 155.28 billion by 2031 from US$ 92.34 billion in 2023. The market is expected to register a CAGR of 6.7% during 2023–2031. The emergence of SF6-free switchgear is likely to bring in new trends in the market.
Switchgear Market Analysis
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. In the recent power distribution landscape components like switchgears are gaining momentum. This can be attributed to the rising upgradation in electricity grid infrastructure.
Switchgear Market Overview
The 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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Switchgear Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Switchgear Market: Strategic Insights
Naveen
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Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Switchgear Market Drivers and Opportunities
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.
Further, huge investments are made by various companies in the transmission and distribution infrastructure development to improve power utilization. For instance, Gujarat Energy Transmission Corporation (GETCO) announced plans to invest US$ 11.5 billion over the next eight years to develop transmission infrastructure within the state. Similarly, in June 2024, Saudi Electricity Company (SEC) announced the completion of its preparations and the readiness of the electrical grid in Makkah and Medina—the holy sites for the Hajj season. This achievement follows the execution of 20 new projects with a total investment exceeding US$ 186 million. These projects include the establishment of new transmission and distribution networks, integration with the general grid, and the automation of distribution. Thus, the expansion of transmission and distribution infrastructure accelerates the switchgear market globally.
Increasing Investment in Smart Grid and Renewable Energy
Rising investments in smart grid and renewable energy are anticipated to present lucrative opportunities for the switchgear market. Governments of various economies are investing in the smart grid technology. For instance, in 2022, Japan announced a financing program of US$ 155 billion to spur investment in smart grids. During the same year, the Government of India established a US$ 38-billion scheme to help power distribution companies and improve distribution infrastructure.
Further, in March 2024, German network operator E.ON Group planned a US$ 9.8 billion increase to its 2024–2028 investment plan, citing the need for continued grid expansion to connect an increasing number of renewable energy facilities. Such investments in renewable energy are also fueling the market growth. According to power ministry estimates, India will endorse more than 83% increase in investments in renewable energy projects, i.e., around US$ 16.5 billion in 2024, as the country concentrates on energy transition to reduce carbon emissions. Thus, smart grids and renewable energy systems require advanced switchgear with capabilities for remote working automation and integration with digital technologies.
Switchgear Market Report Segmentation Analysis
Key segments that contributed to the derivation of the switchgear market analysis are insulation, voltage, current type, and end user.
- Based on insulation, the market is segmented into air-insulated, gas-insulated, and others. The gas-insulated segment held the largest market share in 2023.
- Based on voltage, the market is divided into high voltage, medium voltage, and low voltage. The low voltage segment held the largest market share in 2023.
- By current type, the market is bifurcated into alternating current and direct current. The alternating current segment held a larger market share in 2023.
- By end use, the market is segmented into commercial & residential buildings, energy & utilities, manufacturing, mining, oil & gas, railways, water & wastewater, and others. The energy & utilities segment dominated the market in 2023.
Switchgear Market Share Analysis by Geography
The geographic scope of the switchgear market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America held a significant market share in 2023. The North America switchgear market is segmented into the US, Canada, and Mexico. The rising number of infrastructure projects of data centers, airports, and railways is contributing to the switchgear market growth in the region. Switchgear helps protect and control the electrical power supply. The US$ 25 trillion US economy relies on the vast infrastructure network. Further, Terminals 1, 2, and 3 on the south side of John F. Kennedy International Airport in New York, Queens, were reconstructed to accommodate the largest terminal of the airport worth US$ 9.5 billion in December 2021. The new 2.4-million-square-foot Terminal One was developed by a coalition of four international airlines—Japan Airlines, Lufthansa, Air France, and Korean Air Lines. The new terminal has 23 international gates, interior green space, and ~230,000 square feet of retail and leisure facilities. Switchgear ensures the reliable distribution of power to various parts of the airport.
The Gateway Program is a series of rail infrastructure projects that will renovate and expand the Northeast Corridor rail line between New Jersey, Newark, and New York City. As part of this project, which includes tunnels and rail bridges, two flood-resistant tunnels will be created under the Hudson River to enhance access to New York. The Hudson River rail tunnel serving Penn Station, New York, will be constructed alongside the rehabilitation of the existing North River Tunnel, which was rigorously damaged following Storm Sandy. The project was launched on the Tonnelle Avenue Project in November 2023 and is expected to conclude by the fall of 2025. Switchgear plays a vital role in rail infrastructure, which converts and distributes power for the railway's electrified tracks. Moreover, the data center infrastructure is growing in the region; for instance, in October 2023, JE Dunn resumed construction on a US$ 800 million Meta data center project in Temple, Texas. Similarly, in April 2023, Equinix announced its plan to construct a new data center in Montreal, Canada. Switchgear is used in data centers to protect the centers from electrical breaches.
Switchgear Market Report Scope
Switchgear Market News and Recent Developments
The switchgear market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the switchgear market are listed below:
- Fuji Electric FA Components & Systems Co., Ltd., a subsidiary of Fuji Electric Co., Ltd., announced the release of the SC-NEXT Series, a line of the industry's smallest magnetic switches. The shape and layout of components and the contact pressure of contacts have been optimized by using the company's proprietary coupled magnetic field-motion analysis. (Source: Fuji Electric, Press Release, March 2024)
- ABB, a pioneering technology leader, unveiled the 500 mm panel version of the UniGear ZS1, its latest in air-insulated medium-voltage switchgear technology, at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2023. (Source: ABB, Press Release, September 2023)
Switchgear Market Report Coverage and Deliverables
The "Switchgear Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Switchgear market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Switchgear market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Switchgear market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the switchgear market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The incremental growth expected to be recorded for the global switchgear market during the forecast period is US$ 62941.38 million.
The global switchgear market is expected to reach US$ 155,282.94 million by 2031.
The key players holding majority shares in the global switchgear market are Schneider Electric SE, Siemens AG, ABB Ltd, Siemens AG, Alstom SA, and General Electric.
Emergence of SF6-free switchgear, which is anticipated to play a significant role in the global switchgear market in the coming years.
Rising power consumption, thriving infrastructure projects, and expanding transmission and distribution infrastructure are the major factors that propel the global switchgear market.
The global switchgear market was estimated to be US$ 92,341.56 million in 2023 and is expected to grow at a CAGR of 6.7 % during the forecast period 2023 - 2030.
The List of Companies - Switchgear Market
- Mitsubishi Electric Corp
- Rockwell Automation Inc
- Schneider Electric SE
- Siemens AG
- Toshiba Infrastructure Systems and Solutions Corp
- ABB Ltd
- Fuji Electric Co Ltd
- General Electric Co
- Hitachi Energy Ltd
- Hubbell Inc
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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