Switchgear Market Analysis and Global Forecast 2021-2034

Switchgear Market Overview

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.

Global Switchgear Market Synopsis

Global Switchgear Market Dynamics

The major factors that have impacted the growth of Switchgear are as follows:

Drivers:

⮚     Technological Advancements: Smart Grids & IoT Integration

Two major forces behind this trend are the deployment of smart grid technologies and the Internet of Things (IoT) in energy systems. Advanced switchgear with digital monitoring and control capabilities is needed for smart grids. IoT-enabled switchgear reduces downtime and increases productivity with features like predictive maintenance, remote control, and real-time data analytics.

Restraint:

• Complexities in Retrofitting Existing Infrastructure

Demand is being driven by the upgrading of electrical infrastructure, however the process of replacing outdated systems with new switchgear can be quite difficult. The aged and antiquated technologies of many regions’ electrical networks make it challenging to seamlessly integrate contemporary switchgear. Some businesses may be discouraged from upgrading their systems due to its complexity, which increases installation time, labor costs, and the possibility of operational delays throughout the retrofitting process.

Opportunity:

⮚     Growth of Smart Grid Technology

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.

Switchgear Market Segment Overview

By Insulation

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).

By End-use

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

By Voltage

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.

Global Switchgear Market Regional Analysis

Based on region, the market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The area of North America is anticipated to dominate the market for the usage of Switchgear, followed by those in Asia-Pacific and Europe.

Switchgear North America Market

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.

Switchgear Asia Pacific Market

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.

Competitive Landscape

The competitive landscape includes key players (tier 1, tier 2, and local) having a presence across the globe. Companies such as ABB, Schneider electric, HITACHI, Kirlsokar, and Mitsubishi are some of the leading players in the global  Switchgear Industry. These players have adopted partnership, acquisition, expansion, and new product development, among others as their key strategies.

Key Market Players:

• ABB
• Schneider electric
• HITACHI
• Kirlsokar
• Mitsubishi
• Siemens
• Toshiba
• Powell
• L&T electrical
• Hyundai

Key development:

In September 2023, ABB made significant developments in the switchgear market. The company invested in manufacturing medium-voltage (MV) switchgear in South Africa, specifically the UniGear ZS1 series. This initiative is expected to enhance local production and decrease costs by reducing import reliance, while also improving design flexibility and delivery times. Furthermore, ABB has been expanding the localization of its Compact Secondary Substations (CSS) to strengthen its presence in smart energy solutions

Scope of the Report

Global Switchgear Market, by Insulation

• AIS
• GIS

Global Switchgear Market, by End-use

• T&D utilities
• Industries
• Commercial & Residential
• Others

Global Switchgear Market, by Voltage

• <1 kv
• 1-36 kV
• >36 kv

Global Switchgear Market, by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Indonesia
  • Austalia
  • Malaysia
  • India
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of Middle East & Africa

Parameters	Indicators
Market Size	2034: USD 134.20 Billion
CAGR (2021-2034)	5.47%
Base year	2023
Forecast Period	2021-2034
Historical Data	2021 (2017 to 2020 On Demand)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Segmentations	Insulation, End-use, Voltage
Geographies Covered	North America, Europe, Asia-Pacific, South America, Middle East, Africa.
Key Vendors	ABB, Schneider electric, HITACHI, Kirlsokar, Mitsubishi, Siemens, Toshiba, Powell, L&T electrical, Hyundai
Key Market Opportunities	·       Creative Content Generation and Personalization ·       Expanding end-uses in industries like media & entertainment, gaming, healthcare, design
Key Market Drivers	·       Advancements in AI research and technology ·       Growing demand for personalized and creative content

 

REPORT CONTENT BRIEF:

• High-level analysis of the current and future Switchgear market trends and opportunities
• Detailed analysis of current market drivers, restraining factors, and opportunities in the future
• Switchgear market historical market size for the year 2022, and forecast from 2021 to 2034
• Switchgear market share analysis at each product level
• Competitor analysis with detailed insight into its product segment, Government & Defense strength, and strategies adopted.
• Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
• To identify and understand the various factors involved in the global Switchgear market affected by the pandemic
• To provide a detailed insight into the major companies operating in the market. The profiling will include the Government & Defense health of the company’s past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.