How Big is the Switchgear Market?
The Global Switchgear Market size was valued at USD 88.44 billion in 2023 and is estimated to grow at a CAGR of around 6.3% during the forecast period, i.e., 2024-30. The market is anticipated to witness a growing trend in the upcoming years on account of several favorable factors such as surging construction activities in emerging economies, rising demand for efficient & cost-effective power distribution systems, and modernization of power grids, thus increasing investments in the renewable sectors in both developed & the developing economies and other.
Market Statistics
- Market Size in 2023: USD 88.44 billion
- Market Growth Rate (CAGR): 6.3% from 2024-2030
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Switchgear Market Insight:
Driver-
Modernization of Power Distribution Infrastructure to Fuel Global Market Growth – The power industry is seeing a surge in market demand for advanced switchgear and monitoring solutions due to the emergence of new regulations aimed at reducing blackouts and improving power distribution networks. These innovative technologies empower maintenance crews by providing real-time data that enables them to identify aging or overused equipment, proactively reduce failures, and maximize grid efficiency. Moreover, investing in these solutions is essential for ensuring a dependable and strong electricity supply amidst rising demand, as well as changing climate conditions. This will ultimately lead to the growth of the switchgear market worldwide.
Switchgear Market Segmentation:
The report has segmented the market into the following categories:
By Insulation
- Air-Insulated Switchgear- Market Size & Forecast 2019-2030, (USD Million)
- Gas-Insulated Switchgear- Market Size & Forecast 2019-2030, (USD Million)
- Others- Market Size & Forecast 2019-2030, (USD Million)
By Installation
- Indoor- Market Size & Forecast 2019-2030, (USD Million)
- Outdoor- Market Size & Forecast 2019-2030, (USD Million)
By Current
- AC- Market Size & Forecast 2019-2030, (USD Million)
- DC- Market Size & Forecast 2019-2030, (USD Million)
By Voltage
- Low (Up to 1kV)- Market Size & Forecast 2019-2030, (USD Million)
- Medium (2-36 kV)- Market Size & Forecast 2019-2030, (USD Million)
- High (Above 36kV)- Market Size & Forecast 2019-2030, (USD Million)
By End User
- Transmission & Distribution Utilities- Market Size & Forecast 2019-2030, (USD Million)
- Industries- Market Size & Forecast 2019-2030, (USD Million)
- Commercial & Residential Users- Market Size & Forecast 2019-2030, (USD Million)
- Others- Market Size & Forecast 2019-2030, (USD Million)
By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
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Competitive Landscape:
- ABB
- General Electric
- Siemens
- Schneider Electric
- Eaton
- Mitsubishi Electric Corporation
- Powell Industries
- Havells India Ltd.
- Bharat Heavy Electricals Limited (BHEL)
- HD Hyundai Electric Co. Ltd
- Hubbell
- Fuji Electric Co. Ltd.,
- Hitachi Ltd.
- Legrand
- CG Power and Industrial Solutions Ltd.
The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.
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Key Highlights of the Report:
- Market Performance (2024-2030)
- Strategic Recommendations
- Current, Historical and Future Market Trends
- Market Drivers and Leading Competitor
- SWOT Analysis
- Structure of the Market
- Comprehensive Mapping and Recent Advancement
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