Switchgear Market is Projected to Grow $119.9 Billion, Globally at a 5.2% CAGR by 2028 – Report by MarketsandMarkets™
Chicago, Dec. 21, 2023 (GLOBE NEWSWIRE) -- *Switchgear Market** size is projected to grow from USD 93.1 billion in 2023 to USD 119.9 billion by 2028, at a CAGR of 5.2% according to a new report by MarketsandMarkets™.* The Switchgear Market is expected to grow due to enhanced power distribution infrastructure, increased renewable energy capacity, and industrial production investments. However, stringent regulations on SF6 emissions and a slowdown in the residential real estate sector could challenge this growth.
*Browse in-depth TOC on “Switchgear Market”*
*228 – Tables*
*65 – Figures*
*277– Pages*
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*Scope of the Report*
*Report Metric* *Details*
*Switchgear Market Size Values* · CAGR 5.2%
· USD 119.9 billion by 2028
· USD 93.1 billion in 2023
*Base Year* 2022
*Forecast Period* 2023–2028
*Forecast Unit* Value (USD Billion)
*Segments Covered* By Installation, By Insulation, By Current, By Voltage, and By End- User
*Geographic Regions Covered* Asia Pacific, North America, Europe, Middle East and Africa, and South America
*Companies Covered* ABB (Switzerland), General Electric (US), Siemens (Germany), Schneider Electric (France), Mitsubishi Electric (Japan), Eaton Corporation (Ireland), Powell Industries Inc. (US), Havells ( India), Bharat Heavy Electricals Limited (BHEL) (India), Hyundai Electric (South Korea), Hubbell (US), Fuji Electric (Japan), Hitachi (Japan), Legrand (France), Crompton Greaves Power and Industrial Solutions (India), Hyosung (South Korea), Lucy Electric (UK), Toshiba (Japan), Sécheron (Switzerland), ELEKTROBUDOWA (Poland).
In the Switchgear Market, the adoption of new technological advancements plays a pivotal role in its growth. One such technology is the Iintegration of IoT. The Internet of Things (IoT) integrates devices, controllers, and sensors, creating a network that generates substantial data. Through IoT platforms, switchgear and facility components are digitalized, forming a continuous stream of real-time data collected by IoT sensors. ABB's whitepaper, "Making the Switch to Digital Switchgear," reveals the potential for up to 30% cost savings by digitalizing switchgear operations. Digital switchgear enables efficient data collection, analysis, and action, minimizing interruptions and ensuring uninterrupted essential functions. Predictive maintenance becomes possible through continuous monitoring, avoiding costly downtimes. ABB Ability, ABB's digital solution, drives this condition monitoring approach, offering practical insights and a step-by-step guide to enhance switchgear operations and productivity.
Switchgears designed for indoor installation are specifically meant to be housed within buildings or enclosures, ensuring protection against environmental elements such as wind, rain, snow, dust, condensation, and ice. Typically enclosed in metal-clad structures, indoor switchgears safeguard live components within grounded metal casings. These switchgears find widespread use in low and medium-voltage applications across various sectors including power generation, distribution, infrastructure, transportation, manufacturing, oil & gas, mining, and marine industries. The commercial, industrial, and transportation sectors commonly employ indoor switchgears. The market for indoor switchgears is further driven by increased investments in renewable energy, leading to the implementation of solar and wind power projects utilizing indoor switchgears in their generation and distribution networks.
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The end-user segment within the Switchgear Market encompasses various categories, including transmission & distribution utilities, industries, commercial & residential, and others. The industries segment covers a wide range of industries, including steel, aluminium, oil, gas, chemicals, textiles, and mining, rely on switchgears to regulate and safeguard their electrical systems. These sectors often have unique energy demands, leading them to install dedicated substations for power supply. Distribution utilities provide power to these industries, which is then transmitted to various points within manufacturing facilities. Industrial switchgears play a critical role in managing the power supply to manufacturing and processing equipment. They serve to prevent damage to valuable instruments caused by issues such as overload, over-temperature, overcurrent, jams, undercurrent, high-resistance winding faults, current and voltage imbalances, as well as phase loss or phase reversals. Any disruption or failure can result in significant losses due to increased non-productive time. Therefore, ensuring uninterrupted power delivery to machines is vital in all manufacturing and process industries. The demand for switchgears is expected to rise due to continuous economic growth, especially in emerging economies like China, India, Indonesia, and others in the Asia Pacific region, supporting the expansion of the industrial sector.
During the forecast period, the Asia Pacific region is anticipated to experience the highest Compound Annual Growth Rate (CAGR). The region encompasses key economies like China, India, Japan, Australia, and the rest of Asia Pacific, including South Korea and Association of South East Asian Nations (ASEAN) states. Rapid development, particularly in major economies, propels growth in various sectors, including power transmission, distribution, industries, commercial and residential applications, and transportation.
The manufacturing industry, benefiting from lower costs, contributes to increased demand for switchgears. The region's power generation demand is rising, aligning with population growth, and substantial efforts are made to shift towards clean energy, evident in ambitious targets for natural gas and renewable power generation in countries like China, Japan, and India. The Asia Pacific's robust marine industry, centred in Japan, South Korea, and China, further boosts the demand for switchgears, essential for safeguarding electrical equipment in marine vessels.
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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.
*Key Market Players*
ABB (Switzerland), General Electric (US), Siemens (Germany), Schneider Electric (France), Eaton Corporation (Ireland), Mitsubishi Electric (Japan), Hitachi (Japan), Legrand (France), Hyundai Electric (South Korea), Fuji Electric (Japan), and Toshiba (Japan).
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*Recent Developments*
· In October 2022, ABB has completed the acquisition of ASKI Industrie Elektronik GmbH (ASKI Energy) in Austria, a move that significantly enhances ABB's digital energy management portfolio. This acquisition plays a vital role in advancing ABB's ecosystem of digital energy services, emphasizing the company's commitment to innovation and expansion in the energy sector..
· In April 2022, Siemens Smart Infrastructure was contracted by EWE NETZ GmbH, which operates highly efficient power grids in Germany. EWE NETZ installed fluorine gas-free blue GIS medium-voltage switchgear from Siemens.
· In October 2021, Schneider Electric launched the next-generation BlokSeT LV switchboard with enhanced safety features that include a real-time thermal monitoring solution.
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