Global Switchgear sales are set to be valued at US$ 72.44 Bn in 2021 and are expected to have a stable long-term projection, according to the latest insights from Future Market Insights (FMI). ESOMAR-certified research and consulting firm. The report has forecast the global switchgear market to grow at nearly 6.9 % CAGR during 2021-2031.
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.
The demand for switchgear was moderate in 2020 however with it had to experience a brief period of lacklustre 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.
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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.
Key Takeaways
- 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 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 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 commercial sectors. It is used in the transmission and distribution of energy to consumers and for running machinery. The need of 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 during 2021-2031. However, as it is a mature 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 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, Schneider 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
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10 years.
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