The switchgear market is poised for substantial growth during this period, primarily due to the development of power distribution infrastructure in response to the growing demand for electricity. Furthermore, the expansion of renewable energy-based capacity and increased investments in industrial production are likely to drive the demand for switchgear.
Switchgear Market in terms of revenue was estimated to be worth $93.1 billion in 2023 and is poised to reach $119.9 billion by 2028, growing at a CAGR of 5.2% from 2023 to 2028 according to a new report by MarketsandMarkets™.
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Switchgear Market Ecosystem
The market for switchgear is marked by the participation of leading companies that are firmly established, financially robust, and possess substantial expertise in the production of switchgear and related components. These companies hold a significant market presence and provide a wide array of product offerings. They harness advanced technologies and maintain extensive global sales and marketing networks. Among the notable players in this market are Eaton (Ireland), ABB (Switzerland), Siemens (Germany), Mitsubishi Electric (Japan), and Schneider Electric (France).
The switchgear market is classified in this research report based on installation, insulation configuration, voltage, current, end-user, and region.
Based on installation:
- Indoor
- Outdoor
Based on insulation types:
- Air Insulated
- Gas Insulated
- Others
Based on voltage:
- Low
- Medium
- High
Based on current:
- AC
- DC
Based on end-users:
- Transmission & Distribution Utilities
- Industries
- Commercial & Residential
- Others
Based on regions:
- North America
- Asia Pacific
- South America
- Europe
- Middle East and Africa
Commercial & residential segment, by end user, to be third-largest and third-fastest market.
Urbanization, particularly in regions like Asia Pacific, South America, and Africa, is driving a surge in commercial and residential constructions. As urban centers grow due to economic opportunities, the need for housing and commercial buildings escalates. Switchgear plays a vital role in supplying, safeguarding, and regulating power for various equipment in these constructions. Additionally, contemporary switchgears are engineered to handle earth leakage current faults, enhancing their safety features. Consequently, the demand for switchgear in commercial and residential applications is anticipated to rise significantly in the coming years.
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North America to emerge as the third-largest switchgear market.
During the forecast period, North America is anticipated to hold the third-largest market share in the global switchgear market. Encompassing the US, Canada, and Mexico, the region boasts extensive trade ties and significant foreign investments, with the US and Canada jointly contributing around 93.8% to North America’s switchgear market. With a combined population of nearly 530 million and an economy representing over one-quarter of the world’s GDP, the region faces substantial power demands, leading to increased investments in fortifying and modernizing its transmission and distribution utilities. Notably, energy consumption per capita in North America saw a 4% rise, according to the BP Statistical Review of World Energy 2022.
