According to our latest study on "Switchgear Market Forecast to 2031 - Global and Regional Share, Trend, and Growth Opportunity Analysis - by Insulation, Voltage, Current Type, and End User," the market was valued at US$ 92.34 billion in 2023, and the Switchgear market size isprojected to reach US$ 155.28 billion by 2031. The Switchgear market is expected to record a CAGR of 6.7% from 2023 to 2031.

Increasing Investment in Smart Grid and Renewable Energy to Provide Lucrative Opportunities for Switchgear Market Growth During the Forecast Period

Rising investment in smart grid and renewable energy is anticipated to hold several opportunities for the switchgear market. Governments of various economies are investing in the smart grid technology. For instance, in 2022, Japan announced a financing program of US$ 155 billion to spur investment in smart grids. During the same year, the Government of India established a US$ 38-billion scheme to help power distribution companies and improve distribution infrastructure.

Further, in March 2024, German network operator E.ON Group planned a US$ 9.8 billion increase to its 2024-2028 investment plan, citing the need for continued grid expansion to connect an increasing number of renewable energy facilities. Such investments in renewable energy are also fueling the market growth. According to power ministry estimates, India will endorse more than 83% increase in investments in renewable energy projects, i.e., around US$ 16.5 billion in 2024, as the country concentrates on energy transition to reduce carbon emissions. Thus, smart grids and renewable energy systems require advanced switchgear with capabilities for remote working automation and integration with digital technologies.

Key Findings of Switchgear Market Study:

The Switchgear market analysis has been carried out by considering the following segments: insulation, voltage, current type, and end user. Based on insulation, the market is segmented into air-insulated, gas-insulated, and others. By voltage, the market is categorized into high voltage, medium voltage, and low voltage. In terms of current type, the market is divided into alternating current and direct current. In terms of end use, the market is segmented into commercial & residential buildings, energy & utilities, manufacturing, mining, oil & gas, railways, water & wastewater, and others. The energy and utilities segment held the largest switchgear market share in 2023.

On the basis of voltage, the switchgear market is segmented into low voltage, medium voltage, and high voltage. Three-phase low-voltage switchgear is used to distribute power in a safe, effective, and dependable manner at voltages and currents up to 1,000 volts and 6,000 amps, respectively. Distribution utilities, industrial, residential and commercial buildings, and agricultural users are among the main customer categories of low-voltage switchgear. Heat overload and protection relays, contactors, starters, distribution boards, switches, high rupturing capacity fuses, air circuit breakers, molded case circuit breakers, motor protection circuit breakers, miniature circuit breakers, residual current devices, and fuse and fuse switch units are examples of common LV switchgear devices.

Moreover, factor such as rising power consumption propel the switchgear market growth. Also, emergence of SF6-free switchgear is expected to bring new switchgear market trends in the coming years.

The scope of the Switchgear market report is primarily divided into North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). Asia Paciic accounted for the largest Switchgear market share in 2023.

Mitsubishi Electric Corp, Rockwell Automation Inc, Schneider Electric SE, Siemens AG, Toshiba Infrastructure Systems and Solutions Corp, ABB Ltd, Fuji Electric Co Ltd, GE Vernova, Hitachi Energy Ltd, and Hubbell Inc are among the key players profiled in the Switchgear market report.
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