Switchgear Market: Global Industry Analysis and Forecast (2022-2029)

Switchgear Market size was valued at US$ 71.21 Bn. in 2021 and  it is expected to reach US$ 109.28 Bn. by 2029, at a CAGR of 5.5%.
Switchgear Market Overview:
Switchgear market consists of electrical components to disconnect, switches, fuses, and circuit breakers to control and protect isolated electrical types of equipment from sudden charge or discharge of the electricity. Switchgear includes multiple types consisting of Low Voltage, medium voltage, and high voltage switchgear to protect from various power surges. Switchgear systems are installed in power transformers in which it is connected to power supply systems to protect grids in case of short circuits. Switchgear has demand in various sectors including domestic and commercial electrical grids.



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Switchgear Market Dynamics:
The switchgear market has seen an upward trend has potential growth in the replacement of traditional aging electrical infrastructure with a lack of safety equipment installation. Developing Countries are investing in the replacement of aging systems in which switchgear devices have a scope of growth in large portion of the world.

High energy demand and uninterrupted networks are resulting switchgear market flourishing in developed countries and the packed economic hubs. Disrupted electricity can cause heavy industrial and financial losses in manufacturing cities and economic hotspots. Seamless electricity distribution is the priority to governments as well as corporations to invest in high-performing switchgear systems. Blackouts in the United States cost more than USD 150 billion per year to the industrialized sector.

Lack of investments and poor policy of electrical infrastructure distribution in industrial hubs resulted in heavy losses in the American business sector. There is a large number of old grids which need to be replaced with quality switchgear systems is the current big opportunity for switchgear manufacturers. There is a tremendous opportunity for switchgear systems in the manufacturing states such as South Carolina, Georgia, Idaho, and Tennessee.

Private players in electricity distribution invest heavily in seamless infrastructure to ensure premium service and uninterrupted distribution. New entrants of private companies boost the demand due to large distribution channels across the developed countries. High Tech grid system installation, taping the untouched market, and replacement of old aging systems created a boom in the switchgear market.

Oil-filled switchgear is currently being in use heavily in high voltage electricity grids. Dielectric oil allows to electric arc to control safely in the transformer. Oil switchgear is used mainly in transmission lines and substations.
Switchgear Market Segment Analysis:
By Insulation, the Air insulation segment is dominated the Global Switchgear market. The Sale of air-insulated switchgear stood at USD 6.37 billion in 2020 in the medium voltage switchgear segment. Air-insulated switchgear systems are the most common type which has wide application in industrial as well as domestic transmission lines. Air-insulated switchgear is less polluted in comparison with oil and gas-insulated switchgear and is widely used in transmission, distribution transportation, oil and gas, manufacturing, and refining. The air-insulated switchgear segment is expected to grow at a CAGR of 3.8% during the forecasted period.

By Voltage, the Medium Voltage segment is dominating in the Global Switchgear market with a 45% of market share globally. A large number of residential electricity grids in urban areas opted for medium voltage switchgear systems due to moderate consumption and constant medium-level electricity transmission. High Voltage hardware is irrelevant and unnecessary in the urban grid. Urbanization at a high pace all over the globe required an electricity distribution network resulted in the growth in developing countries. High voltage switchgear is generally used in high tension transmission lines and heavy grid infrastructure in industrial applications.

By End Users, Transmission and Distribution are dominated the Global Switchgear market with the highest share of more than 50% globally. T&D is the largest network with includes governments and private players providing electricity and creating highly efficient transmission lines connecting various regions and urban. The global T&D Market is expected to reach 54.11 billion by 2027, generating a high demand for switchgear equipment globally during the forecasted period. Industrial usage is expected to grow in developing countries.


Switchgear Market Regional Insights:
Asia Pacific is dominating region in the global switchgear market and is expected to grow at a CAGR of 2.9% during the forecasted period due to massive industrialization in developing as well as manufacturing countries like China, Japan, South Korea, Philippines, India, Bangladesh, and Malaysia. China is set to invest USD 500 billion into smart grid and renewable energy projects. It is expected to reflect on the demand for switchgear systems during the forecasted period.

North America region held the second largest share in global switchgear market due to heavy investment to upgrade grid network. United States invested more than USD 50 billion in transmission infrastructure in the last three years. European region has seen growth in demand for medium voltage switchgear systems due to new industrial establishments and small scale operations across Europe.

The objective of the report is to present a comprehensive analysis of the Global Switchgear market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Global Switchgear market dynamics, structure by analyzing the market segments and projecting the Global Switchgear market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Switchgear market make the report investor’s guide.
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Global Switchgear Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 71.21 Bn.


Forecast Period 2022 to 2029 CAGR:
5.5%
Market Size in 2029:
US $ 109.28 Bn.


 Segments Covered:
by Insulation
• Gas Insulated
• Air Insulated


by Voltage
• Low
• Medium
• High


by End-Use
• T&D Utilities
• Industrial
• Commercial & Residential
• Other



Switchgear Market, by Region
• North America
• Europe
• Asia Pacific
• The Middle East and Africa
• South America
Switchgear Market Key Players
• ABB
• GE
• Siemens
• Schneider Electric
• Eaton
• Wilson Transformer
• Mitsubishi Electric
• BHEL
• CG Power
• Gridco
• Howard Industries
• SPX Transformer
• General Electric Company
• Bharat Heavy Electricals Limited
• Crompton Greaves Ltd.
• Alstom
• Ormazabal

FAQ :

1] What segments are covered in the Switchgear Market report?
Ans. The segments covered in the Global Switchgear Market report are based on Insulation, Voltage, and End-Use.

2] Which region is expected to hold the highest share in the Global Switchgear Market?
Ans. Asia Pacific Region is expected to hold the highest share in the Global Switchgear Market.

3] What is the market size of the Global Switchgear Market by 2029?
Ans. The market size of the Global Switchgear Market by 2029 is US $ 109.28 Bn.

4] Who are the top key players in the Global Switchgear Market?
Ans. ABB, GE, Siemens, Schneider Electric, Eaton, Wilson Transformer, Mitsubishi Electric, BHEL, CG Power, Gridco, Howard Industries, SPX Transformer, General Electric Company, Bharat Heavy Electricals Limited, Crompton Greaves Ltd., Alstom, Ormazabal

5] What was the market size of the Global Switchgear Market in 2021?
Ans. The market size of the Global Switchgear Market in 2021 was US $ 71.21 Bn.