Switchgear Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis (2017-2021) and Forecast (2022-2028)

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Switchgear Market: By Product Type (AIR and GAS), By Voltage (<1 kV, 1-36 kV, >36 kV), End Users (T&D Utilities, Industries, Commercial & Residential, Others), and Geography

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Report

Description

The switchgear market is estimated to be valued at USD 45,026.8 million in 2021 and is poised to grow at a significant CAGR of 9.9% over 2022-2028. Switchgear equipment is typically employed in complicated electrical substations to operate under varying operating voltages in a volatile environment. The market is expected to increase further due to the construction of new industrial infrastructure, such as power plants, for dependable and safe operations. Based on the product type GIS switchgear segment is projected to grow at a significant CAGR from 2022 to 2028. The adoption of GIS is gradually increasing due to the usage of GIS for power transmission, and the integration of renewable power generation units to the grid and railways. GIS switchgear provides high flexibility and reliability as compared with other solutions. Moreover, competitors are focusing on launching new products to maintain growth in the market. For instance, in 2020, Hitachi Energy successfully achieved 350 kV/20 30 kA DC current cutting for the EU PROMOTioN HVDC project (PROMOTioN, 2020). In 2019, GE launched an MVDC breaker product with a goal to handle up to 100 kV voltage. Rise in demand for electricity and increase in research activities and investment in the market are the factors driving the switchgear market. Moreover, rapid urbanization, rise in disposable income, and advancements in residential and commercial infrastructure are fuelling the demand for market growth over the forecast years.

Recent Market Developments:

In January 2022, ABB partnered with Samsung Electronics to provide jointly developed technologies for energy savings, energy management, and smart Internet of Things (IoT) connections for both residential and commercial buildings.

In April 2021, GE and Hitachi-ABB Power Grids signed a non-exclusive cross-licensing agreement that will enable them to expand their high-voltage equipment line by adopting a game-changing gas alternative to sulfur hexafluoride (SF6). SF6 is an insulating and switching gas commonly used in high-voltage electrical equipment.

Switchgear Market

MARKET SUMMARY
-
9.9% CAGR
  • Study Period– 2022 – 2028
  • Base Year– 2021
  • CAGR– 9.9%
  • Largest Market– North-America
  • Fastest Growing Market– Asia-Pacific

Switchgear Market

  • The switchgear market report gives comprehensive outlook across the region with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
  • The switchgear market is segmented based on product type, voltage, end-user, and geography.
Key Players
  • Mitsubishi Electric (Japan)
  • General Electric (US)
  • Legrand (France)
  • Fuji Electric (Japan)
  • Eaton (Ireland)
Switchgear Market

Dynamics

The switchgear market will be boosted by increasing investments in infrastructure and the rising need for better monitoring and control systems. Furthermore, the continued integration of renewable energy generation and retrofitting as well as replacement of conventional power infrastructure is expected to drive the growth of the market. The high voltage segment has grown in response to a growing reliance on large enterprises and utilities, such as power generation and industrial facilities. In addition, the heavy metal and mining industries, in tandem with the rapid construction of long-distance power networks are expected to create several opportunities in the market.


Asia-Pacific Got Significant Share

Switchgear Market

The Switchgears market in the Asia Pacific is anticipated to hold the highest revenue share in 2021 and in the following years it is predicted to increase at a rapid rate owing to the Asia Pacific region's GDP is expected to increase by 4.9 percent in the fiscal year 2022, according to the International Monetary Fund (IMF) which will help full-scale resumption of industrial & manufacturing sectors in the region. Moreover, increasing electricity demand due to growing population, economic expansion, urbanization, industrialization, and rural electrification projects, particularly in India and China, are leading the demand for switchgear markets.

Latin America
Latin-America
North-America
North-America
Europe
Europe
Asia Pacific
Asia-Pacific
Middle East
Middle East

Key

Features of the Report

  • The switchgear market report provides granular level information about the market size, regional market share, historic market (2017-2021), and forecast (2022-2028)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario.
Switchgear Market Segmentation


Location

GEOGRAPHY

Frequently Asked Questions

The CAGR of the switchgear market is 9.9% over the forecast period (2022 – 2028)

Siemens, General Electric, Mitsubishi Electric, Eaton, Legrand

 

 

The Asia Pacific is the fastest-growing region for the switchgear market


Report

Company Profile

  • ABB (Switzerland)
  • Siemens (Germany)
  • General Electric (US)
  • Eaton (Ireland)
  • Legrand (France)
  • Fuji Electric (Japan)
  • Hitachi (Japan)
  • Toshiba (Japan)
  • Lucy Electric (UK)
  • Hubbell (US)
  • BHEL (India)
  • Powell (US)
  • Havells (India)
  • Mitsubishi Electric (Japan)
  • Schneider Electric (France)
  • Hyundai Electric (South Korea)

Description

The switchgear market is estimated to be valued at USD 45,026.8 million in 2021 and is poised to grow at a significant CAGR of 9.9% over 2022-2028. Switchgear equipment is typically employed in complicated electrical substations to operate under varying operating voltages in a volatile environment. The market is expected to increase further due to the construction of new industrial infrastructure, such as power plants, for dependable and safe operations. Based on the product type GIS switchgear segment is projected to grow at a significant CAGR from 2022 to 2028. The adoption of GIS is gradually increasing due to the usage of GIS for power transmission, and the integration of renewable power generation units to the grid and railways. GIS switchgear provides high flexibility and reliability as compared with other solutions. Moreover, competitors are focusing on launching new products to maintain growth in the market. For instance, in 2020, Hitachi Energy successfully achieved 350 kV/20 30 kA DC current cutting for the EU PROMOTioN HVDC project (PROMOTioN, 2020). In 2019, GE launched an MVDC breaker product with a goal to handle up to 100 kV voltage. Rise in demand for electricity and increase in research activities and investment in the market are the factors driving the switchgear market. Moreover, rapid urbanization, rise in disposable income, and advancements in residential and commercial infrastructure are fuelling the demand for market growth over the forecast years.

Recent Market Developments:

In January 2022, ABB partnered with Samsung Electronics to provide jointly developed technologies for energy savings, energy management, and smart Internet of Things (IoT) connections for both residential and commercial buildings.

In April 2021, GE and Hitachi-ABB Power Grids signed a non-exclusive cross-licensing agreement that will enable them to expand their high-voltage equipment line by adopting a game-changing gas alternative to sulfur hexafluoride (SF6). SF6 is an insulating and switching gas commonly used in high-voltage electrical equipment.

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