In 2023, the global high voltage switchboard market is anticipated to be valued at USD 3.0 billion, with consumption projected to grow at a CAGR of 5.3% from 2023 to 2033, reaching approximately USD 5.0 billion. This growth will be fueled by rising energy demands and increased needs in mining, power generation, and maritime applications.
The expansion of the power generation and transmission industry, which encompasses both industrial and commercial sectors, will drive the demand for high voltage switchboards. East Asia boasts some of the strongest industrial sectors globally, with China leading in manufacturing and South Korea excelling in shipbuilding.
Additionally, the growing emphasis on expanding renewable energy capacity, coupled with the rising global demand for electricity, is prompting utilities to invest in electricity transmission and distribution networks. As high voltage switchboards play a crucial role in safely distributing power within electrical systems, their demand is expected to surge.
Key Takeaways:
- Based on application, the commercial segment will account for more than 37% of the total market share by 2032.
- In terms of product type, sales of fusible switchboards will increase at a CAGR of 6.2% through the forecast period.
- By connection location, the front connected segment is projected to create an absolute dollar opportunity worth US$ 796.7 Mn in between 2022-2032.
- Based on voltage rating, the 480 to 600 volts segment is anticipated to gain 300 bps points through 2032.
- The India high voltage switchboard market is expected to create an absolute dollar opportunity of US$ 148 Mn.
- The U.S. will account for 77.7% of the North America high voltage switchboard market in 2022.
Competitive Landscape
ABB, Eaton, Schneider Electric, Rockwell Automation and Siemens are some of the leasing manufacturers operating in the global high voltage switchboard market. The high voltage switchboard market is moderately consolidated, with leading players accounting for more than 63% of the total market share. These players are investing in new technology developments, expansion of their distribution networks, and tie-ups with prominent end-users to improve sales.
Key Segments Covered in High Voltage Switchboard Industry Analysis
By Application:
- Industrial
- Mining
- Power Generation
- Manufacturing and Process Industries
- Others
- Commercial
- Marine
By Product Type:
- Fusible Switchboards
- Draw-out Molded Case Switchboards
- Commercial Metering Switchboards
By Connection Location:
- Front Connected
- Rear Connected
- Rear and Front Connected
By Voltage Rating:
- Up to 480 V
- 480 to 600 V
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
Report Preview: https://www.futuremarketinsights.com/reports/high-voltage-switchboard-market
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