Switchgear Market: 5.47% CAGR Forecast

Evolve Business Intelligence has published a research report on the Global Switchgear  Market, 2021–2034. The global Switchgear  market is projected to exhibit a CAGR of around 4.41%during the forecast period of 2021 to 2034.

Evolve Business Intelligence has recognized the following companies as the key players in the global Switchgear  Market: ABB, Schneider electric, HITACHI, Kirlsokar, Mitsubishi, Siemens, Toshiba, Powell, L&T electrical, Hyundai .

Market Highlights

The Switchgear Market size accounted for USD 93.10 Billion in 2023 and is estimated to account for 94.88 Billion in 2024. The Market is expected to reach USD 134.20 Billion by 2034 growing at a compound annual growth rate (CAGR) of 5.47% from 2024 to 2034. Electrical equipment for isolating, safeguarding, and controlling electrical circuits and systems is part of the switchgear market. It is necessary to guarantee the dependable and safe operation of power systems in commercial, residential, and industrial settings. Relays, fuses, circuit breakers, and switches are examples of switchgear components that aid in preventing overloads and short circuits. The need to upgrade old power infrastructure, urbanization, industrialization, and the rising demand for energy are the main factors driving this industry. Its rise is further aided by technological developments like smart grids and the incorporation of renewable energy. Switchgear with medium, low, and high voltages are important portions.

Segmental Analysis

The global Switchgear  market has been segmented based on Insulation, End-use, Voltage

Based on the Insulation, the market is segmented based on AIS, GIS. Air-Insulated Switchgear (AIS) dominates due to its cost-effectiveness and widespread use in medium-voltage applications, particularly in outdoor installations where space constraints are less critical compared to Gas-Insulated Switchgear (GIS).

Based on the End-use, the market has been divided into T&D Utilities, Industries, Commercial & Residential, Others. The T&D Utilities segment dominates the Switchgear Market, driven by the need for reliable power distribution and transmission infrastructure in utility networks, particularly as global electricity demand and grid expansion efforts increase

Based on Voltage, the market has been divided into <1 kV, 1-36 kV, >36 kV. the 1-36 kV segment dominates, primarily due to its extensive use in medium-voltage applications across utilities, industrial, and commercial sectors, where reliable power distribution is critical.

Regional Analysis

The Switchgear  market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, &Africa. North America dominates the Switchgear market due to several factors. For the switchgear market, the deployment of smart grid technology offers a significant possibility for growth. Intelligent, automated systems are the foundation of smart grids, allowing for enhanced energy distribution efficiency, predictive maintenance, and real-time monitoring. These grids require advanced switchgear systems because they enable remote monitoring, fault detection, and energy management. Manufacturers stand to gain from the increased demand for digital switchgear with integrated communication capabilities as utilities upgrade their grids with more and more IoT-enabled switchgear The Asia-Pacific region has been witnessing remarkable growth in recent years. Large-scale infrastructure projects, growing renewable energy installations, and increased electrification efforts—particularly in China and India—are driving the switchgear market’s rapid rise in the Asia-Pacific region. In the region, there is a growing need for medium- and high-voltage switchgear due to factors such as urbanization, industrialization, and government initiatives on power grid upgrades.