Switchboard Market Size to Surpass USD 149.6 Billion by 2032

The global switchboard market size was valued at USD 88 billion in 2022 and is projected to surpass around USD 149.6 billion by 2032, expanding at a CAGR of 5.5% from 2023 to 2032.

Ottawa, Nov. 13, 2023 (GLOBE NEWSWIRE) -- The global switchboard market size is anticipated to reach around USD 126,32 billion by 2029, According to Precedence Research. Asia Pacific led the market with the major market share of 37% in 2022.

The global switchboard market is fueled by the expansion of industrial activities worldwide. As industries grow, there is an increasing demand for efficient electrical distribution systems, propelling the market for switchboards.

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Market Overview:

A switchboard is a part of an electrical distribution system that provides a protective fuse or circuit breaker for each circuit in a shared enclosure and separates an electrical power feed into branch circuits. Electricity is safely distributed throughout commercial and industrial buildings using switchboards. The switchboard market has witnessed a shift towards digitalization. Traditional analog switchboards are being replaced by digital ones that offer remote monitoring, diagnostics, and control capabilities. This trend enhances efficiency and reduces downtime. Increasing focus on sustainability and energy efficiency has led to the development of energy-efficient switchboards. These systems optimize energy distribution, reducing wastage and operational costs. Switchboard manufacturers offer more customizable and modular solutions to meet specific customer needs. This trend allows for flexibility in design and installation.

Key Takeaways

  • Europe is expected to expand at the fastest CAGR between 2023 and 2032.
  • By Type, the high-voltage segment led the market in 2022.
  • By Type, the low-voltage segment is anticipated to grow significantly.
  • By Product Standard, the IEC segment dominated the market in 2022.
  • By Product Standard, the ANSI segment is anticipated to increase significantly.
  • By End-users, the industrial segment dominated the market.
  • By End-users, the residential segment is projected to grow rapidly.

Growth Factors

Switchboard demand rises when products are manufactured more efficiently for longer durability. Big businesses are putting a lot of emphasis on innovative switchboard design. For example, in February 2023, Elmeasure, one of India's top energy management systems providers, unveiled its full line of LV switchgear, IOT contractors, solenoid-based ATES with an integrated controller, and home automation at the ELECRAMA 2023. The efficiency and longevity of the products are typically increased when new technologies are incorporated into the production process.

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Regional Snapshot:

Asia Pacific dominates the switchboard market due to various factors. The Asia Pacific switchboard market size surpassed USD 32.56 billion in 2022 and is estimated to hit around USD 54.83 billion by 2032, growing at a CAGR of 5.4% from 2023 to 2032.

Technological advancements have made Switchboards more effective, dependable, and secure. Predictive maintenance, remote control, and other features have grown in favor, particularly in the business and industrial sectors. Strict safety laws and standards have made it necessary to replace old switchboards with more modern, compliant models. As data centers have spread throughout the area, demand for switchboards to provide the vital infrastructure needed for data processing and storage has increased.

Electrification of various sectors, such as transportation and agriculture, has created new switchboard opportunities. Electric vehicles, charging infrastructure, and automation systems all rely on these components. The presence of both local and international manufacturers has intensified competition, leading to innovation and competitive pricing, making switchboards more accessible to a broader range of customers. For instance, in 2022, Schneider launched the PrismaSeT switchboard in Australia, meeting operational safety standards.

Report Highlights:

  • By type, the high-voltage segment carried the dominating share of the market in 2022. The installation of high-voltage infrastructure for charging stations and grid integration is necessary for the electrification of transportation, including electric cars (EVs) and public transportation networks. High-voltage switchboard demand is a result of this change. High-voltage switchboards are necessary for enhancing energy efficiency and grid stability. They make it possible to balance loads, regulate voltage, and isolate faults, all essential for keeping an electrical grid stable and effective.
  • Based on product standards, the IEC standard segment dominated the market in 2022 and expected to continue at significant rate throughout the forecast period. Manufacturers who follow IEC standards frequently have an advantage over their rivals. Because their products are guaranteed to be reliable and of high quality, engineers are more inclined to specify them, and buyers favor them. The switchboard industry is always changing due to technological breakthroughs. IEC standards offer recommendations for implementing new features like smart monitoring, energy efficiency, and digital communication protocols in a way that keeps up with these advancements.
  • On the basis of end users, the industrial segment led the market. Stringent safety regulations in industries such as oil and gas, chemicals, and manufacturing have made it necessary to invest in high-quality switchboards that comply with safety standards. This has spurred the market for technologically advanced and safety-focused switchboards. Globalization has resulted in the need for standardized, reliable, and scalable electrical distribution solutions. Industrial switchboards can be customized to meet the unique requirements of different industries and regions, contributing to their widespread adoption.

Switchboard Market Scope:

Report CoverageDetails
Market Size in 2023USD 92.4 Billion
Market Size by 2032USD 149.6 Billion
Growth Rate from 2023 to 2032CAGR of 5.5%
Asia Pacific Market Share37% in 2022
Key PlayersABB Ltd, Mitsubishi Electric, Schneider Electric, Emerson Process Management, Rockwell Automation, Eaton, Siemens, Powerwell, Kounis, Gedac Electric

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Market Dynamics


Electrification of vehicles

Switchboard market is significantly influenced by electrification, especially in light of the expanding electrification of transportation, including electric vehicles (EVs) and charging infrastructure. This factor has a significant impact on how the switchboard business is shaped because of how electricity has changed many industries.

The rapid uptake of electric vehicles is a key factor in the demand for switchboards. EVs depend on the infrastructure for charging, which consists of switchboards and related electrical parts. Switchboards control how much electricity is distributed from the grid to charging stations, ensuring that EVs are charged quickly. Consequently, the demand for EVs and charging infrastructure is rising due to the global desire to reduce emissions and transition to cleaner transportation, supporting the switchboard market.

Electrification of transportation goes hand in hand with the expansion of charging infrastructure. This includes public charging stations, home charging units, and fast charging networks. Each of these components requires switchboards to control and distribute electrical power effectively. Developing a comprehensive charging infrastructure network is critical to the widespread adoption of electric vehicles, further propelling the switchboard market.

Governments and organizations worldwide are implementing sustainability initiatives that promote electrification to reduce greenhouse gas emissions and combat climate change. These initiatives often come with incentives and regulations that encourage the expansion of electric vehicle charging infrastructure, creating a growing market for switchboards in this sector.


Complexity in switchboard systems

The elaborate design of these electrical distribution and control panels, which can provide difficulties during installation, operation, and maintenance, is called the complexity of switchboard systems. This complexity results from a number of reasons, each of which has a considerable impact on how sophisticated switchboard systems are on the whole. Switchboard systems are made up of a variety of parts, including circuit breakers, relays, meters, and control devices. For the system to function, these parts must be flawlessly integrated. Each component has individual requirements, connections, and specifications, which adds to the complexity.

Many switchboard systems are altered to fulfill particular industrial or application needs. In order to do this, the switchboard must be designed and configured to support various voltage levels, load capacities, and control strategies. As each system may differ, customization increases complexity. The wiring within switchboard systems can be intricate. Proper routing and organization of wires are critical to prevent interference, overheating, or safety hazards. Managing the vast network of wires can be challenging and time-consuming.

Switchboards require regular maintenance to ensure their reliability. The complexity lies in diagnosing issues, replacing faulty components, and conducting routine inspections. Skilled personnel are often needed to perform these tasks.


Industrial Automation

Industrial automation is a transformative trend reshaping manufacturing and production processes across various industries. Switchboards are vital in industrial automation by facilitating efficient power distribution and control. Industrial facilities require reliable and efficient power distribution to operate machinery, robotics, and other automation equipment. Switchboards serve as the central point for distributing electricity to various facility sections.

Switchboards incorporate circuit breakers, relays, and safety features to ensure the safe operation of machinery. They enable quick power interruption in case of faults, minimizing downtime and preventing accidents. Industrial automation setups vary widely depending on the specific processes and equipment used. Switchboards can be customized to meet each facility's unique power distribution needs, allowing for flexibility and scalability.


Regulatory compliance

Regulatory compliance is a significant and complex switchboard industry issue that suppliers must address carefully. The purpose of regulations in the telecommunications and communication sectors is to safeguard customer privacy, guarantee ethical business conduct, and preserve the reliability of communication networks. To avoid legal ramifications, safeguard their reputation, and win customers' trust, providers must abide by these rules. Another facet of regulatory compliance is call recording and monitoring. Many businesses use switchboard systems to record calls for quality assurance, training, or legal purposes. However, specific rules govern when and how calls can be recorded, and customers must be informed of this practice. Violating these rules can lead to legal consequences.

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Recent Developments:

  • In May 2023, the launch of Schneider Electric's new SureSeT MV switchgear offering for the North American market was announced. Schneider Electric is a global pioneer in the digital transformation of energy management and automation.
  • In February 2023, at ELECRAMA 2023, ABB India showcased technologies created by its two divisions, Motion and Electrification. From substations to sockets, ABB's electricity division provides a wide range of equipment, digital solutions, and services to ensure safe, intelligent, and sustainable electricity. ABB's exhibit at ELECRAMA includes the PrimeGear ZX0, the world's first switchgear that allows users to convert to an environmentally friendly gas at any point in the device's lifetime. This gadget is compact, maintenance-free, digitally equipped, and compatible with clients' ESG requirements due to its sophisticated CT/VT sensor.
  • In 2022, ABB Electrification launched a new 3 kA SR200T MCB range. The range is focussed on the light commercial and residential markets.
  • In 2022, The new SLIMDIP-Z power semiconductor module from Mitsubishi Electric Corporation, which has an exceptionally high 30A rated current for use in household appliance inverter systems, is scheduled for introduction in February 2023. The tiny module, in particular, will simplify and downsize systems for multifunctional and sophisticated items like air conditioners, washing machines, and refrigerators, allowing the SLIMDIPTM series to fulfill broader power and size needs for inverter units.

Market Segmentation

By Type

  • Low-Voltage
  • Middle-Voltage
  • High-Voltage

By Product Standard

  • IEC Standard
  • ANSI Standard

By End Users

  • Industrial
  • Residential
  • Commercial

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

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