The switchgear market size is expected to reach US$ 155.28 billion by 2031 from 92.34 billion in 2023, at an estimated CAGR of 6.7% from 2023 to 2031.

By Geography the switchgear market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America. In 2023, the Europe regions is growing with a significant growth rate. The growing utilization of renewable power sources across Europe fuels the demand for switchgear. According to the report of the European Union, renewable energy (43% of total EU energy production) was the largest contributing source to energy production in the EU in 2022. Also, in 2022, 23% of the final energy consumed in the EU was electricity, which was generated from different sources. Renewable energy and fossil fuels were the leading sources of electricity production (both 39%), followed by nuclear power plants (22%). Furthermore, among renewable sources, the highest share of electricity came from wind turbines (15%), followed by hydropower plants (10%), solar power (8%) and biofuels (5%). Thus, the growing application of switchgear in electrical grids, domestic installations, industrial installations, and public installations drives the market in Europe.

Various companies are taking several initiatives to develop new featured switchgear in Europe. In October 2022, ABB opened the first Climatic Test Chamber for testing energized Medium Voltage (MV) switchgear in Europe. It simulates harsh environments and pollution testing in temperatures as high as 80?C and as low as -50 ?C. Also, the company's switchgear ensures the power remains on even in intense weather conditions that can damage the grid.

The Switchgear market analysis has been carried out by considering the following segments: insulation, voltage, current type, and end user.

On the basis of insulation, the switchgear market is segmented into gas-insulated, air-insulated, and others. When compared to air insulation, gas insulation offers a far higher dielectric strength. Sulfur hexafluoride (SF6) is the gas most frequently utilized as a switchgear insulating medium. Pressurized SF6 gas is contained inside a sealed tank containing the electrical connections. There is a growing demand for gas-insulated switchgear from the industrial and power distribution sectors. Many manufacturers are increasing their production capacity to meet the growing demand. For instance, in May 2024, Siemens India announced intentions to boost the capacity of its gas-insulated switchgear factory by nearly 23% to produce roughly 22,000 feeders from its Ring Main Unit and 1,500 panels from its medium-voltage gas-insulated switchgear manufacturing unit in India.

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.

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.

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.

The switchgear market forecast is estimated on the basis of various secondary and primary research findings such as key company publications, association data, and databases. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the Switchgear market growth. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the switchgear market.