In a notable stride towards growth, the global switchgear market anticipates a substantial Compound Annual Growth Rate (CAGR) of 5.3%, charting a course from an estimated US$ 4,828.4 million in 2023 to a robust US$ 7,685.3 million by 2033. This accelerated trajectory marks a departure from the previously gradual progress observed in the switchgear market, primarily propelled by the escalating global demand for energy.
A key catalyst driving this remarkable expansion is the implementation of new regulations focused on reducing and mitigating power outages while strengthening power distribution networks. As nations actively seek to enhance the reliability and resilience of their electrical grids, the switchgear market emerges as a pivotal player in the power sector machinery landscape.
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As T&D utilities sector estimated to witness healthy growth rate in the forecast period. According to the report, T&D utilities are expected account for nearly 46% of switchgears sold in 2021. Besides this, the demand is expected to surge in commercial, industrial, and residential sectors enabling growth in the market.
Key Takeaways:
- After a period of negative growth, the market showed 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. exhibited above 6% y-o-y growth in 2021, emerging as a strong market for switchgears.
- Expansion of the energy and utilities 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 smart grid are expected to give impetus to switchgears. The use of the voltage fluctuator is very common in the heavy as well commercial sectors. It is used in the transmission and distribution of energy to consumer and for running machineries. The need of the energy is increasing day by day, which has been aiding the overall expansion of the switchgear market.” says FMI analyst.
Switchgear market is likely to grow at a moderate pace during 2023-2033. 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 meeting requirements of consumers. Collaboration with local players and developing new technology in the form of smart grid and advanced switchgear are key strategies adopted by the market players.
Competitive Landscape:
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 expansion of their networks in order to maintain their market shares. Some of the key players in the market are ABB Ltd., Siemens AG, Schniender Electric, Havells India Pvt. Ltd., Hyundai Electric and Energy System, Fuji Electric, Powell Industries, etc.
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Switchgear Market By Category:
By Component Type:
- Power Distributor Switch Breaker
- Switch Disconnector
- MCCB
- HRC Fuse
- Earth Switch
- MCB
By Voltage Type:
- Low Voltage (less than 1kV)
- Medium Voltage (1kV to 75kV)
- High Voltage (75kV to 230kV)
- Extra High Voltage (230kV to 500kV)
- Ultra-High Voltage (above 500kV)
By Construction Type:
- Outdoor
- Indoor
- Others
By Insulation Type:
- Air Insulated Switchgear
- Gas Insulated Switchgear
- Oil Insulated Switchgear
- Vacuum Insulated Switchgear
By End User:
- T&D Utilities
- Commercial
- Industrial
- Residential
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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