The switchgear market is projected to expand at a 5.7% CAGR from an estimated US$ 90.9 Billion in 2022 to US$ 158.24 Billion by 2032. Over the last few years, the switchgear market has grown slowly. Switchgear market expansion is expected to continue as energy demand rises.
China is a global leader in the implementation and development of smart grids. The country has established several smart grids to reduce transmission and distribution losses. China’s state grid announced a US$65 billion investment in ultra-high voltage projects, which is expected to increase demand for high voltage and ultra-high voltage switchgear. Grid modernization and the country’s power requirements are expected to drive growth in China’s market.
The report offers an analysis of the growth trajectory exhibited by the market in 20+ high-growth countries. It offers detailed insights into factors that will be driving growth over the coming decade.
Request Sample Report Copy@
As T&D utility sector is estimated to witness a healthy growth rate in the forecast period. According to the report, T&D utilities are expected to account for nearly 46% of switchgear sold in 2021. Besides this, the demand is expected to surge in commercial, industrial, and residential sectors enabling growth in the market.
The demand for switchgear was moderate in 2020 however with it had to experience a brief period of lackluster growth on account of the unprecedented COVID-19 outbreak. Supply chain disruptions witnessed by end-use sectors such as T&D utilities, commercial, industrial and residential had restrained growth to an extent. However, considering the possibility of a stimulus in many countries, the long-term outlook on the market remains positive.
- After a period of negative growth, the market will show impressive improvement, registering above 6% y-o-y growth in 2021
- The U.S. is expected to account for over 60% of sales in North America
- After a period of negative growth, the U.K. will exhibit above 6% y-o-y growth in 2021, emerging as a strong market for switchgear
- Expansion of the energy and utility sector will enable growth in Germany and France
- Government initiatives are expected to support growth in Japan and South Korea
“Increase in demand for advancement in the switchgear and advent of the smart grid is expected to give impetus to switch gears. The use of the voltage fluctuator is very common in the heavy as well as commercial sectors. It is used in the transmission and distribution of energy to consumers and for running machinery. The need for energy is increasing day by day, which has been aiding the overall expansion of the switchgear market. ” says an FMI analyst.
The switchgear market is likely to grow at a moderate pace from 2021-to 2031. However, as it is a matured market, companies are expected to concentrate on research and development activities and capitalize on opportunities, especially in the field of T&D Utilities. Their key focus will however remain on meeting the requirements of consumers. Collaboration with local players and the development of new technology in the form of smart grids and advanced switchgear are key strategies adopted by the market players.
Request For Customization Report @
The market is fragmented, with key players accounting for approximately one-fifth of the market share. These companies are likely to invest in new technology developments and the expansion of their networks to maintain their market shares. Some of the key players in the market are ABB Ltd., Siemens AG, Schneider Electric, Havells India Pvt. Ltd., Hyundai Electric and Energy System, Fuji Electric, Powell Industries, etc.
Valuable Insights into Switchgear Market
FMI’s report on the switchgear market is segmented into six major sections – component (power distributor switch breaker, switch disconnector, MCCB, HRC fuse, earth switch, and MCB), voltage (low voltage, medium voltage, high voltage, extra-high voltage, ultra-high voltage), construction type (outdoor, indoor, and others), insulation type (air-insulated, gas-insulated, oil insulated, and vacuum insulated), end-use (T&D utilities, commercial, residential, industrial, and commercial), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the retail automation.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Future Market Insights,
Unit No: 1602-006,
Jumeirah Bay 2,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers,
United Arab Emirates
For Sales Enquiries: email@example.com