Article Trunk



Switchgear Market Size, Share & Report Forecast

06.09.2023 · Posted in Technology Articles

The Switchgear Market is expected to expand at a significant CAGR during the forecast period.

Request a free sample of this report

The factors driving growth of the Switchgear Market includes rising focus on using renewable sources of energy, growing demand for effective monitoring & control systems, revamping and refurbishment of existing electrical grid networks, integration of sustainable energy infrastructure and improvements in the living standards. Moreover, growing adoption of smart technologies, increased focus by Governments on enhancing public housing infrastructure, expansion of the construction industry, emerging need for electrification and rapid urbanization, are some of the additional factors supplementing the Switchgear Market share. In addition, the increasing investments by leading players on research and development, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.

However, growth of the Switchgear Market is hindered attributed to high cost of procuring switchgears and high dependency on imports.  

The prominent players operating in the market are Larsen & Toubro Limited, Hyundai Motor Company, Schneider Electric, Siemens AG, ABB Ltd., CG Power and Industrial Solutions Limited, Hitachi Ltd., Eaton Corporation Plc, General Electric Company and Fuji Electric Co., Ltd., among others.

Based on Insulation, the Air Insulated segment is predicted to grow at a robust CAGR during the forecast period

Increasing use of insulated switchgears at power transmission & distribution centers, manufacturing and processing and transportation, sectors, owing to its environment friendly and cost-effective properties, is propelling segment’s growth.

Based on Installation, the Indoor segment is projected to grow at a higher CAGR over the forecast period

Switchgear installed at indoor facilities are easy to maintain, takes less space, reduces operational cost and minimizes the risk of electrocuting, are some of the factors pushing growth of the segment.

Based on Region, the Asia-Pacific region is anticipated to expand at a remarkable CAGR during the forecast period

As per the Switchgear Market Analysis, growing demand for uninterrupted power supply across residential, industrial, and commercial areas, rising focus on upgrading the electrical infrastructure, rapid urbanization, increasing per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in the Asia-Pacific region.

Key Developments

  • In 2020, Siemens AG completed the acquisition of C&S Electric, one of largest switchgear and power equipment companies in India. Siemens has acquired low voltage switchgear components and panels, low voltage and minimum voltage busbars, and protection and metering devices of C&S Electric.
  • In 2019, ABB Ltd. developed the NeoGear, a low-voltage switchgear. The NeoGear has laminated bus plate technology, which replaces traditional horizontal and vertical bus bar systems. This is expected to expand the product portfolio of the company in the switchgear market.

Market Segmentation

Segmentation by Insulation

  • Gas Insulated
  • Air Insulated

Segmentation by Installation

  • Indoor
  • Outdoor

Segmentation by End-User

  • T&D Utilities
  • Industries
  • Commercial & Residential
  • Others

Segmentation by Voltage

  • Less than 1 KV
  • 1-36 KV
  • More Than 36 KV

Segmentation by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: [email protected]
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: www.gmiresearch.com

Comments are closed