Switchgear Market by Voltage (1–36 kV, 36–72.5 kV, < 1 kV), Equipment (Circuit Breakers, Fuses, Isolators), Insulation Media, End-User, Installation - Global Forecast 2024-2030
Description
Switchgear Market by Voltage (1–36 kV, 36–72.5 kV, < 1 kV), Equipment (Circuit Breakers, Fuses, Isolators), Insulation Media, End-User, Installation - Global Forecast 2024-2030
The Switchgear Market size was estimated at USD 127.75 billion in 2023 and expected to reach USD 136.29 billion in 2024, at a CAGR 6.71% to reach USD 201.35 billion by 2030.
A switchgear is an electrical device that ensures safety, control, and reliability in the transmission and distribution of electric power by protecting, controlling, and isolating various electrical system elements. It is employed for applications encompassing voltage levels ranging from low to high, including residential, industrial, and utility sectors. The primary purpose of a switchgear is to safeguard electronic equipment by preventing electrical overloads and short circuits. Rising demand for electricity owing to rapid urbanization and industrialization in developing countries, expansion of smart grids, and increasing investments in renewable energy sources are leading to increased demand for switchgear. However, high initial costs associated with developing and installing advanced switchgear, complex manufacturing processes requiring skilled labor, and fluctuating raw material prices affecting overall production costs may adversely impact the production and usage of switchgear by the end-use sectors worldwide. Moreover, the integration of advanced communication and automation technologies into modern devices and the ongoing deployment of microgrids in remote locations is expected to increase the deployment of switchgear in the end-use applications globally.
Regional Insights
The switchgear market represents a developing landscape in the Americas due to its well-established power infrastructure, continuous upgrades of aging electrical infrastructure, and requirements for renewable energy integration into existing grids. South America experiences a similar trend due to rapid urbanization leading to higher electricity consumption levels across major cities, driving demand for efficient electrical components, including switchgear. The APAC region represents growing markets for switchgear attributed to economic development resulting in rapid urbanization & industrialization investments in smart grid technology development, renewable energy projects, and infrastructure upgrades to improve their power distribution networks. Moreover, governments in the APAC region promote rural electrification initiatives, further fueling the demand for electrical components such as switchgear. The EMEA region's switchgear market is primarily driven by the need to modernize existing European infrastructure and address growing energy demands in emerging economies within the Middle East and Africa and stringent government regulations. In addition to this push for green energy transition in Europe, Middle Eastern countries invest heavily in developing robust power infrastructures to support their economic growth. However, the growing emphasis of the switchgear manufacturers on R&D and securing patents for cutting-edge switchgear are anticipated to increase their deployment in the electrical grid infrastructure across the globe.
Market Insights
- Market Dynamics
The market dynamics represent an ever-changing landscape of the Switchgear Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.- Market Drivers
- Replacement of aging grid infrastructure across countries
- Growing focus on industrial infrastructure and renewable energy sources
- Market Restraints
- High cost of switchgear and maintenance requirements
- Market Opportunities
- Growing investment in smart grid and adoption of high voltage direct current (HVDC) technology
- Rising number of data centers and adoption of eco-efficient switchgear
- Market Challenges
- Environmental and safety regulations for Sulfur Hexafluoride (SF6) switchgears
- Market Segmentation Analysis
- Voltage: Substantial usage of > 72.5 kV in large electrical infrastructures
- Equipment: Significant penetration of circuit breakers in switchgear
- Insulation Media: Extensive demand for switchgear with air-based insulation media
- End-User: Proliferating use of switchgear in transmission & distribution utilities
- Installation: Expanding applications of outdoor switchgear in energy distribution systems
- Market Disruption Analysis
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Switchgear Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Switchgear Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments- ABB to Launch the Latest and Narrowest in their AIS MV Switchgear Technology Designed with Higher Sustainability Targets at ADIPEC 2023
ABB Ltd. introduced its latest and most compact AIS MV switchgear technology at ADIPEC 2023. This new technology has been developed to achieve higher sustainability goals, boasting improved safety features and streamlined maintenance processes. By prioritizing sustainability, ensuring safety, and simplifying maintenance, ABB aims to provide the industry with an advanced switchgear solution that meets the market's evolving needs.
Sustainable Switchgear Technology Firm Nuventura Secures EUR 25 Million in Series A Funding, to Accelerate Global Energy Industry’s Transition away from Harmful Greenhouse Gases
Nuventura, a SF6-free, Medium Voltage (MV) Gas Insulated Switchgear (GIS) technologies provider, secured a EUR 25 million investment in its Series A round. With this latest investment, the company expanded Nuventura's product portfolio and manufacturing capabilities to support the energy industry's transition away from greenhouse gas-based technology infrastructure, which poses significant harm to the environment.
ABB Invests INR 10 Million In Local Medium-Voltage Switchgear Manufacturing Capability
ABB Ltd. invested INR 10 million to expand its local switchgear manufacturing capabilities. The establishment of this new facility is expected to strengthen ABB's presence in the South African market and create employment opportunities for local talent. This investment reaffirms ABB's commitment to delivering high-quality switchgear solutions and supporting the growth of the local economy.
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Switchgear Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Switchgear Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Abunayyan Holding, ACTOM (Pty) Ltd, ALSTOM SA, Bharat Heavy Electricals Limited, CG Power and Industrial Solutions Limited, China Transpowers Electric Co., Limited, CHINT Group Corporation, E-Abel, Eaton Corporation PLC, ELEKTROBUDOWA Sp. z o. o., Fuji Electric Co., Ltd., Gelpag Advanced Technology GmbH, General Electric Company, Havells India Limited, Hitachi, Ltd., Hubbell Incorporated, Hyosung Heavy Industries Corporation, Hyundai Electric & Energy Systems Co., Ltd., Industrial Electric Mfg., Kirloskar Electric Co. Ltd., Larsen & Toubro Limited, Legrand SA, Lucy Group Ltd., Meidensha Corporation, Mitsubishi Electric Corporation, NOJA Power Switchgear Pty Ltd, nuventura GmbH, OMRON Corporation, Orecco Electric, Panasonic Holdings Corporation, Peco Industries, Powell Industries, Inc., Power Grid Components, Inc., Regal Rexnord Corporation, Schneider Electric SE, Siemens AG, Switchgear Power Systems LLC, Tavrida Electric AG, Toshiba Corporation, Vertiv Holdings Co, WEG S.A., and ZPUE SA.
Market Segmentation & Coverage
This research report categorizes the Switchgear Market to forecast the revenues and analyze trends in each of the following sub-markets:- Voltage
- 1–36 kV
- 36–72.5 kV
- < 1 kV
- > 72.5
- Equipment
- Circuit Breakers
- Fuses
- Isolators
- Relays
- Switches
- Insulation Media
- Air
- Fluid
- Gas
- End-User
- Commercial & Residential Infrastructure
- Manufacturing & Process Industries
- Transmission & Distribution Utilities
- Installation
- Indoor
- Outdoor
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
Please Note: PDF & Excel + Online Access - 1 Year
- Americas
- Market Drivers
Table of Contents
190 Pages
- 1. Preface
- 1.1. Objectives of the Study
- 1.2. Market Segmentation & Coverage
- 1.3. Years Considered for the Study
- 1.4. Currency & Pricing
- 1.5. Language
- 1.6. Stakeholders
- 2. Research Methodology
- 2.1. Define: Research Objective
- 2.2. Determine: Research Design
- 2.3. Prepare: Research Instrument
- 2.4. Collect: Data Source
- 2.5. Analyze: Data Interpretation
- 2.6. Formulate: Data Verification
- 2.7. Publish: Research Report
- 2.8. Repeat: Report Update
- 3. Executive Summary
- 4. Market Overview
- 5. Market Insights
- 5.1. Market Dynamics
- 5.1.1. Drivers
- 5.1.1.1. Replacement of aging grid infrastructure across countries
- 5.1.1.2. Growing focus on industrial infrastructure and renewable energy sources
- 5.1.2. Restraints
- 5.1.2.1. High cost of switchgear and maintenance requirements
- 5.1.3. Opportunities
- 5.1.3.1. Growing investment in smart grid and adoption of high voltage direct current (HVDC) technology
- 5.1.3.2. Rising number of data centers and adoption of eco-efficient switchgear
- 5.1.4. Challenges
- 5.1.4.1. Environmental and safety regulations for Sulfur Hexafluoride (SF6) switchgears
- 5.2. Market Segmentation Analysis
- 5.2.1. Voltage: Substantial usage of > 72.5 kV in large electrical infrastructures
- 5.2.2. Equipment: Significant penetration of circuit breakers in switchgear
- 5.2.3. Insulation Media: Extensive demand for switchgear with air-based insulation media
- 5.2.4. End-User: Proliferating use of switchgear in transmission & distribution utilities
- 5.2.5. Installation: Expanding applications of outdoor switchgear in energy distribution systems
- 5.3. Market Trend Analysis
- 5.3.1. Modernization of aging grid infrastructure coupled with well-established regulatory standards for switchgear in the Americas
- 5.3.2. Proliferating residential and commercial energy demand in the Asia-Pacific region
- 5.3.3. Focus on developing sustainable switchgear in Europe and expanding footprint across growing industries in the Middle East & Africa
- 5.4. Cumulative Impact of High Inflation
- 5.5. Porter’s Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
- 5.6. Value Chain & Critical Path Analysis
- 5.7. Regulatory Framework Analysis
- 6. Switchgear Market, by Voltage
- 6.1. Introduction
- 6.2. 1–36 kV
- 6.3. 36–72.5 kV
- 6.4. < 1 kV
- 6.5. > 72.5
- 7. Switchgear Market, by Equipment
- 7.1. Introduction
- 7.2. Circuit Breakers
- 7.3. Fuses
- 7.4. Isolators
- 7.5. Relays
- 7.6. Switches
- 8. Switchgear Market, by Insulation Media
- 8.1. Introduction
- 8.2. Air
- 8.3. Fluid
- 8.4. Gas
- 9. Switchgear Market, by End-User
- 9.1. Introduction
- 9.2. Commercial & Residential Infrastructure
- 9.3. Manufacturing & Process Industries
- 9.4. Transmission & Distribution Utilities
- 10. Switchgear Market, by Installation
- 10.1. Introduction
- 10.2. Indoor
- 10.3. Outdoor
- 11. Americas Switchgear Market
- 11.1. Introduction
- 11.2. Argentina
- 11.3. Brazil
- 11.4. Canada
- 11.5. Mexico
- 11.6. United States
- 12. Asia-Pacific Switchgear Market
- 12.1. Introduction
- 12.2. Australia
- 12.3. China
- 12.4. India
- 12.5. Indonesia
- 12.6. Japan
- 12.7. Malaysia
- 12.8. Philippines
- 12.9. Singapore
- 12.10. South Korea
- 12.11. Taiwan
- 12.12. Thailand
- 12.13. Vietnam
- 13. Europe, Middle East & Africa Switchgear Market
- 13.1. Introduction
- 13.2. Denmark
- 13.3. Egypt
- 13.4. Finland
- 13.5. France
- 13.6. Germany
- 13.7. Israel
- 13.8. Italy
- 13.9. Netherlands
- 13.10. Nigeria
- 13.11. Norway
- 13.12. Poland
- 13.13. Qatar
- 13.14. Russia
- 13.15. Saudi Arabia
- 13.16. South Africa
- 13.17. Spain
- 13.18. Sweden
- 13.19. Switzerland
- 13.20. Turkey
- 13.21. United Arab Emirates
- 13.22. United Kingdom
- 14. Competitive Landscape
- 14.1. Market Share Analysis, 2023
- 14.2. FPNV Positioning Matrix, 2023
- 14.3. Competitive Scenario Analysis
- 14.3.1. ABB to Launch the Latest and Narrowest in their AIS MV Switchgear Technology Designed with Higher Sustainability Targets at ADIPEC 2023
- 14.3.2. Sustainable Switchgear Technology Firm Nuventura Secures EUR 25 Million in Series A Funding, to Accelerate Global Energy Industry’s Transition away from Harmful Greenhouse Gases
- 14.3.3. ABB Invests INR 10 Million In Local Medium-Voltage Switchgear Manufacturing Capability
- 14.3.4. ACTOM MV Switchgear Awarded SIS Switchgear Contract for DRC Mine’s Underground Substations
- 14.3.5. Kazenergopower, Siemens Sign Agreement on Localizing Manufacturing of Switchgears in Kazakhstan, Investments to Total USD 22 Million
- 14.3.6. Toshiba Company Introduced 72.5 KV SF6 Free Gas Insulated Switchgear with the Brand AEROXIA
- 14.3.7. Havells India Partners with Blixt Tech AB to Introduce Solid State Circuit Breaker Technology
- 14.3.8. ELMEASURE Enters Switchgear Business
- 14.3.9. ABB India Inaugurates New Factory, Doubles its Gas Insulated Switchgear (GIS) Capacity
- 14.3.10. ABB to Launch an Array of Products and Solutions At ELECRAMA 2023
- 14.3.11. Black & McDonald Acquires Power Precision
- 14.3.12. Hitachi Energy and Linxon support National Grid in Achieving Sustainability Targets Through Pioneering 420 kV SF6-Free Gas-Insulated Switchgear Technology
- 15. Competitive Portfolio
- 15.1. Key Company Profiles
- 15.2. Key Product Portfolio
Pricing
Currency Rates
Questions or Comments?
Our team has the ability to search within reports to verify it suits your needs. We can also help maximize your budget by finding sections of reports you can purchase.
