Switchgear Market Size Worth $142.85 Billion By 2030 | CAGR: 5.8%

The global switchgear market size is expected to reach USD 142.85 billion by 2030, according to a new study by Polaris Market Research. The report “Switchgear Market Share, Size, Trends, Industry Analysis Report, By Insulation (Gas-insulated, Vacuum-insulated, Air-insulated, Others); By Voltage; By End-Use; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The global market is expected to experience growth during the forecast period owing to increasing energy demand and growth in industrialization. The greater inclination toward sustainable and renewable energy sources also supports industry growth. Growth in energy costs and infrastructure developments in transmission and distribution systems has increased the demand for the product in recent years.

The greater need to achieve higher energy efficiency and performance, supportive government initiatives, and the rise in the adoption of the distributed power system has further accelerated the demand for the product. Technological advancements and greater adoption of automation solutions for improved performance contribute to industry growth. There has been growing demand for the product from developing countries on account of strengthening the industrial sector and rural electrification projects.

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Asia Pacific dominated the global industry in 2021. Significant growth in population and urbanization has increased the need for enhancements in transmission and distribution utilities to address the growing energy demand. Implementation of supportive government regulations and integration of smart and automation solutions boosts the demand for switchgears in developing counties such as India and China. There has been a rise in governments' inclination toward renewable energy sources, which is expected to offer growth opportunities in the coming years.

Several players operating in Asia Pacific are introducing new products to address the growing industry demand. In January 2020, Finolex Cables, based in India, introduced a range of industrial product. The new line is offered in differential ratings varying from 63 to 800 Amps. The product launch aimed to enhance its offering in the industry to cater to consumer demand across different applications.

Switchgear Market Report Highlights

• The gas-insulated segment is expected to grow significantly during the forecast period because of the increasing application of these in industrial facilities and hydropower plants
• The high voltage segment is expected to exhibit significant growth during the forecast period owing to the increasing application of high voltage products in power plants and substations
• The transmission & distribution utilities accounted for the largest share in 2021. The dominance of this segment is attributed to the increase in the number of power distribution facilities to meet the rising energy demand and growing need to offer enhanced energy efficiency.
• Asia Pacific dominated the global industry in 2021 owing to industrial growth, rising energy demand, and economic expansion
• The global industry is highly competitive owing to the existence of large players with global presence including ABB, Alstom SA, Eaton, Fuji Electric, General Electric, Hitachi, Legrand, Mitsubishi Electric, Powell, Schneider Electric, Siemens, and Toshiba among others

Polaris Market Research has segmented the switchgear market report based on insulation, voltage, end-user, and region:

Switchgear, Insulation Outlook (Revenue - USD Billion, 2018 - 2030)

• Gas-insulated
• Vacuum-insulated
• Air-insulated
• Others

Switchgear, Voltage Outlook (Revenue - USD Billion, 2018 - 2030)

• Low
• Medium
• High

Switchgear, End-User Outlook (Revenue - USD Billion, 2018 - 2030)

• Commercial & Residential
• Transmission & Distribution Utilities
• Industrial
• Others

Switchgear, Regional Outlook (Revenue - USD Billion, 2018 - 2030)

• North America
  • U.S
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa