London, Nov. 28, 2023 (GLOBE NEWSWIRE) -- The switchgear market, presently valued at approximately US$90.1 Bn, is anticipated to witness a substantial surge by the end of 2030, reaching a valuation of US$143.7 Bn. This growth will be fueled by a robust CAGR of 6.9% that has been forecast for the period of projection, i.e., 2023 – 2030.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Market Size in 2022 | US$90.1 Bn | |
| Estimated Market Size in 2030 | US$143.7 Bn | |
| CAGR | 6.9% | |
| Growth Drivers |
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| Segmentation |
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| Regional Coverage |
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| Key Players | General Electric, Siemens AG, ABB Ltd, Schneider Electric, Eaton Corporation, Crompton Greaves, Mitsubishi Electric Corporation, Hyundai Electric & Energy Systems, Larsen & Turbo Limited, Toshiba Corporation, Fuji Electric Co | |
The key driving forces behind the strong market outlook include escalating electricity demand, integration of renewable energy, grid modernisation initiatives, and the imperative for steadfast power distribution. Rising demand for reliable power however primarily drives the switchgear market, with Asia Pacific leading the charge.
"The switchgear market is undergoing a transformative phase, and swift technological advancements, regulatory initiatives, and the global pursuit of urbanisation will collectively drive it ahead in the upcoming years,” says the company analyst, adding further, “A paradigm shift toward eco-friendly solutions, and increased reliance on high-voltage switchgear, particularly in the commercial sector, will be accounting for the industry's evolution".
Key Research Insights
- AIS remains the dominant type-wise category
- Utility applications will fuel market growth in the near future.
- High-voltage switchgear takes the lead.
Insights into Segmentation Analysis
AIS Continues to Dominate
The air-insulated switchgear (AIS) captures the largest market share due to its eco-friendly attributes, cost-effectiveness, and versatility for various applications. This segment continues to dominate the market, driven by its environmentally friendly characteristics. Unlike gas-insulated switchgear (GIS), AIS does not use greenhouse gases like SF6, aligning with the growing concerns of regulators and environmentally conscious consumers.
Moreover, AIS proves to be cost-effective, with lower installation and maintenance expenses compared to GIS. Its versatility and reliability make it the preferred choice for various applications, contributing to its dominant market position.
High Voltage Segment to Surge Ahead Through 2030
High-voltage switchgear dominates the market, playing a vital role in long-distance electricity transmission and efficient grid management. The high-voltage switchgear segment secures the largest market share due to its indispensable role in the transmission and distribution of electricity over long distances.
As the demand for reliable power distribution, renewable energy integration, and industrial expansion surges, the need for high-voltage switchgear becomes paramount. Technological advancements have further enhanced the reliability, compactness, and environmental friendliness of high-voltage switchgear, positioning it as a leader in applications such as substations, power generation, and industrial facilities.
Demand from Commercial Sector Maximum, Transmission & Distribution Utilities Hold Opportunity
The commercial sector leads the market, driven by the need for reliable electrical distribution systems in office buildings, shopping centres, and data centres. The commercial sector commands the largest market share in the switchgear industry. Commercial facilities such as office buildings, shopping centres, and data centres require reliable and efficient electrical distribution systems to meet their operational needs.
The increasing adoption of smart building technologies has further driven the demand for advanced switchgear solutions in the commercial sector. Moreover, the commercial sector often undergoes rapid urbanisation and construction, further boosting the need for switchgear in new infrastructure projects. The critical role of switchgear in ensuring uninterrupted power supply in commercial applications has led to its prominent market share.
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Key Report Highlights
- The industry is witnessing heightened demand for eco-friendly solutions, pushing manufacturers towards innovation and sustainable practices.
- One of the notable challenges and opportunities facing the industry is the regulation curbing SF6 gas emissions, prompting the development of environmentally friendly alternatives.
- Manufacturers are required to adapt to these stricter standards, invest in research, and innovate to create sustainable and compliant switchgear solutions.
Insights into Regional Analysis
The estimated market trends underscore the critical importance of eco-friendly solutions, high-voltage switchgear, and the dominance of the commercial sector, especially across regions like Asia Pacific, and North America.
Asia Pacific Retains the Leadership Position
Rapid industrialisation, urbanisation, and pacing infrastructural developments in countries like China, and India contribute to Asia Pacific's dominance, with substantial growth in renewable energy projects and a focus on energy efficiency.
Asia Pacific emerges as the frontrunner in the global switchgear market. Rapid industrialisation and urbanisation in countries like China, and India have led to a surge in electricity demand, driving extensive investments in electrical infrastructure, including switchgear.
The region is witnessing substantial growth in renewable energy projects, requiring advanced switchgear for efficient integration into the grid. Governments in the Asia Pacific are focused on enhancing energy efficiency, grid reliability, and grid modernisation, further propelling the demand for advanced switchgear technologies.
Moreover, the construction of new commercial and residential buildings with modern electrical systems contributes to market growth. The presence of key manufacturers, and suppliers in the region, coupled with competitive pricing, supports Asia Pacific's dominance in the switchgear market.
North America Demonstrates Higher Growth Potential
Ageing electrical infrastructure, coupled with investments in renewable energy projects and stringent regulations on emissions, positions North America for robust growth.
North America reflects high growth potential in the switchgear market. The region's ageing electrical infrastructure is driving the need for upgrades and replacements, promoting the adoption of modern switchgear technologies.
Increasing investments in renewable energy projects, electric vehicle charging infrastructure, and grid modernisation initiatives are boosting the demand for advanced switchgear solutions.
Additionally, stringent regulations and a focus on reducing greenhouse gas emissions are encouraging the transition to eco-friendly and efficient switchgear systems. These factors collectively contribute to North America's robust growth in the switchgear market.
Browse Global Switchgear Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Insulation Coverage, By Voltage Coverage, By End-use Sector Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/switchgear-market
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