New York, United States, Jan. 19, 2023 (GLOBE NEWSWIRE) -- A switchgear is a mechanical tool used to control, protect, and turn on and off electrical equipment. It consists of fuses, circuit breakers, and switches. Power transformers with high and low voltage sides are equipped with switchgear, which is used to cut off the electricity to the equipment during testing, maintenance, and fault-finding procedures. Circuit breakers, connectors, and transformers made up the traditional switchgear. The Internet of Things and magnetic actuation are both used by the new switchgear at the same time to create smart grids that are more dependable and effective. The switchgear market is expanding due to industrialization, investments in industry and infrastructure, and other factors. The present trend toward innovative and eco-friendly technologies further increases the market value.
The switchgear industry is driven by investments in energy infrastructure and renewable energy sources. Market value is anticipated to increase due to investments in rural infrastructure throughout growing Asia-Pacific nations. For instance, the Indian government's Pradhan Mantri Sahaj Bijli Har Ghar Yojana or Saubhagya Scheme intends to supply electricity to every household. Switchgear is in high demand because of these developments.
With the addition of the Internet of Things (IoT), switchgear is becoming more intelligent as it anticipates potential issues and takes preventative measures before they occur. Real-time data and enhanced visibility are further advantages that raise the system's overall reliability and efficiency. Power consumption in residential and commercial buildings is high; thus, installing smart switchgear can help reduce energy use and electricity costs. For instance, Schneider Electric has introduced a line of medium-voltage switchgear that is more dependable, secure, and simple. It is also smart grid ready.
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Increased Investment in Renewable Energy and Development in The Industrial Infrastructure Drives the Market's Growth.
Due to expanding awareness of the new generation mix and rising energy demand to support rapid urbanization, the switchgear market is projected to rise. These devices are typically used in complex electrical substations and commercial buildings to provide voltage stability. They need to be resilient to extreme weather conditions as well as a variety of operating voltages.
Switching components are used increasingly frequently in commercial applications due to infrastructural advancements. Construction and expansion of new industrial structures, such as power plants, banks, government offices, and other commercial buildings, may further boost the growth of the switchgear industry.
The market environment is projected to improve due to rising investments in creating renewable energy sources and favorable government policies and subsidies for new technology.
As attempts to reduce global carbon emissions and public awareness of the benefits of renewable energy production increased, switching equipment would be used more frequently. The adoption of switchgear components and the demand for switchgear is expected to be driven by the construction of new T&D lines by bulk power generation facilities using onshore and offshore solar, wind, and hydro sources.
Harsh environmental factors, including temperature, pressure, and humidity, as well as water leaking from the ground, can significantly impact the efficiency of electrical switchgear equipment that is usually installed outside. Regulatory agencies developed stringent norms and specifications to address atmospheric conditions to boost reliability and practicality.
The complex features of an IoT-based control system of this equipment have resulted in a price rise. It provides a comprehensive, expensive, and in-depth response. As a result of high capital costs and challenging environmental conditions, the switchgear market may only grow slowly in the years to come.
Report Scope
| Report Metric | Details |
| Market Size | USD 145.23 Billion by 2031 |
| CAGR | 5.5% (2023-2031) |
| Historical Data | 2020-2021 |
| Base Year | 2022 |
| Forecast Period | 2023-2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Voltage Level, Installation, End-Use, Region |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | Schneider Electric, Siemens, ABB, Hyosung, Hyundai, CG Power, Hitachi, General Electric, Toshiba, Mitsubishi, Powell, Larsen and Toubro, Elektrobudowa, Hubbell, Lucy Electric (UK), SEL,Fuji Electric Eaton |
| Key Market Opportunities | Deployment of the Internet of Things (IoT) |
| Key Market Drivers | Development of industrial Infrastructure |
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Regional Insights
North America is the dominating region and is expected to grow at a significant CAGR during the forecast period. During the forecast period, North America is anticipated to contribute considerably to the worldwide switchgear market. The North American Renewable Integration Study (NARIS) indicates that the region is diversifying its energy sources portfolio by investing in the wind, solar, and hydropower sectors. Demand will rise due to grid modernization and capacity enhancement of the existing systems. The switchgear market has continued to keep up with the widespread adoption of the Internet of Things. Switchgear is incorporating new technology to make them more advanced, dependable, and controllable from any location.
It is estimated that the Europe Switchgear Market will grow at a higher CAGR during the forecasted period. Electrical substations require switchgear equipment to withstand variable operating voltage and unstable climatic conditions. By reducing power outages and bolstering power distribution networks, demand for such power sector equipment rises. Due to significant capacity expansions based on renewable energy sources in the region, the switchgear industry in Europe is growing. The European Switchgear market continues to grow due to the European Union's focus on energy efficiency.
Globally, the Asia-Pacific switchgear market held the largest share in 2018 and is anticipated to continue to hold this position during the projected period. Heavy investments are being made in China and India's industrial, rural, and infrastructure sectors. As a result, transmission lines and distribution networks have been quickly installed. The switchgear industry will expand due to the rising demand for renewable energy from nations like India.
Key Highlights
- The global Switchgear market size was valued at USD 89.7 billion in 2022 and is projected to reach a value of USD 145.23 billion by 2031, registering a CAGR of 5.5% during the forecast period 2023-2031.
- Based on voltage level, it is sub-segmented into Low Voltage, Medium Voltage, and High Voltage, where Medium Voltage switch gear dominates the market.
- Based on installation type, the segment is further bifurcated into Outdoor and Indoor types.
- Based on end-use, it is sub-segmented into Industrial, Residential, Commercial, and Utilities.
Competitive Landscape
- Schneider Electric
- Siemens
- ABB
- Hyosung
- Hyundai
- CG Power
- Hitachi, Eaton
- General Electric
- Toshiba
- Mitsubishi
- Powell
- Larsen and Toubro
- Elektrobudowa
- Hubbell
- Lucy Electric (UK)
- SEL
- Fuji Electric.
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Global Switchgear Market Segmentation
By Voltage Level
- Low Voltage
- Medium Voltage
- High Voltage
By Installation
- Outdoor Type
- Indoor Type
BY End-Use
- Industrial
- Residential
- Commercial
- Utilities
By Region
- North America
- Europe
- Asia-Pacific
- LAMEA
TABLE OF CONTENT
- Introduction
- Market Definition
- Market Scope
- Research Methodology
- Primary Research
- Research Methodology
- Assumptions & Exclusions
- Secondary Data Sources
- Market Overview
- Report Segmentation & Scope
- Value Chain Analysis: Switchgear Market
- Key Market Trends
- Drivers
- Restraints
- Opportunities
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of Substitution
- Threat of New Entrants
- Competitive Rivalry
- Market Share Analysis
- Voltage Level Overview
- Introduction
- Market Size & Forecast
- Low Voltage
- Market Size & Forecast
- Medium Voltage
- Market Size & Forecast
- Introduction
- Installation Overview
- Introduction
- Market Size & Forecast
- Outdoor Type
- Market Size & Forecast
- Indoor Type
- Market Size & Forecast
- Introduction
- Regional Overview
- Introduction
- Market Size & Forecast
- America
- North America
- U.S.
- By Voltage Level
- By Installation
- Canada
- By Voltage Level
- By Installation
- Mexico
- By Voltage Level
- By Installation
- Latin America
- By Voltage Level
- By Installation
- Europe
- Market Size & Forecast
- Germany
- By Voltage Level
- By Installation
- France
- By Voltage Level
- By Installation
- U.K.
- By Voltage Level
- By Installation
- Italy
- By Voltage Level
- By Installation
- Spain
- By Voltage Level
- By Installation
- Rest of Europe
- By Voltage Level
- By Installation
- Asia Pacific
- Market Size & Forecast
- Japan
- By Voltage Level
- By Installation
- China
- By Voltage Level
- By Installation
- Australia
- By Voltage Level
- By Installation
- India
- By Voltage Level
- By Installation
- South Korea
- By Voltage Level
- By Installation
- Rest of Asia-Pacific
- By Voltage Level
- By Installation
- Middle East & Africa
- Market Size & Forecast
- Saudi Arabia
- By Voltage Level
- By Installation
- South Africa
- By Voltage Level
- By Installation
- Kuwait
- By Voltage Level
- By Installation
- Rest of Middle East & Africa
- By Voltage Level
- By Installation
- Introduction
- Company Profile
- Schneider Electric
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Siemens
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- ABB
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Schneider Electric
- Conclusion & Recommendation
- Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/switchgear-market/toc
Market News
- In July 2022, The company's omnichannel retail outreach will begin with the Schneider Electric (SE) Retail Pavilion.
- In June 2022, Schneider Electric unveiled new research and innovations to prepare the IT infrastructure for Net Zero operations.
- In November 2022, Siemens Mobility and Hamburger Hochbahn are creating the next-generation train control system for the U2 and U4 lines in Hamburg.
- In November 2022, the Digital business platform Siemens Xcelerator hastens the digital transformation.
- In November 2022, Simcenter Cloud HPC from Siemens opened up an advanced simulation to more people.
- In October 2022, ABB published a new issue of ABB Review with connectivity as its central theme.
- In November 2022, ABB successfully separated from Acceleron.
News Media
Global Smart Lighting Market Worth USD 94.16 Billion With a CAGR of 22.90%
Global Battery Recycling Market Worth USD 18.96 Billion With a CAGR of 7.12%
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