The Global Switchgear Market was valued at USD 158.6 billion in 2024 and is expected to grow at a robust CAGR of 7.7% between 2025 -2035. This growth is primarily driven by the increasing demand for low voltage switchgear solutions, the widespread adoption of vacuum insulation technology, and the growing application of AC current switchgear in diverse industries and infrastructure projects across the region.
The low voltage switchgear segment generated USD 51.2 billion in 2024, driven by the rising demand for energy-efficient solutions, particularly in residential, commercial, and industrial sectors. Low voltage switchgear plays a critical role in protecting electrical systems from overloads, short circuits, and other fault conditions, ensuring the safety and reliability of power distribution systems. As Asia Pacific continues to urbanize and expand its industrial base, the need for advanced low voltage switchgear systems to support power distribution and electrical protection is becoming increasingly important.
Furthermore, the growing adoption of automation technologies and smart grids in the region is enhancing the demand for low voltage switchgear systems that can offer reliable and flexible control over electrical equipment. This trend is expected to continue driving the growth of low voltage switchgear in both developing and developed markets across Asia Pacific.
Vacuum-insulated switchgear segment is expected to generate USD 28.8 billion by 2035. Vacuum insulation technology offers several benefits over traditional air-insulated and oil-insulated switchgear, including superior dielectric strength, compact design, and the ability to operate at higher voltages with minimal environmental impact. Vacuum-insulated switchgear provides better protection for electrical systems while reducing the risk of faults and failures, making it increasingly popular for use in power generation, transmission, and distribution networks. The Asia Pacific region, with its rapid industrialization and growing energy demand, is seeing a significant shift towards vacuum-insulated switchgear as companies seek more efficient and environmentally friendly alternatives to traditional insulation methods.
As a result, the vacuum insulation technology segment is poised for strong growth, particularly in countries like China, Japan, and India, where electrical infrastructure projects are expanding at a fast pace.
The AC current switchgear segment generated USD 56.4 billion in 2024, driven by its extensive use in power distribution and electrical protection systems across residential, commercial, and industrial applications. AC current switchgear is essential for controlling, protecting, and isolating electrical equipment in various industries, including power generation, manufacturing, and infrastructure development.
The AC current switchgear market is anticipated to grow steadily as the region continues to invest in infrastructure development and enhance its power distribution capabilities to meet the needs of a growing population and expanding economy.
Asia Pacific Switchgear Market generated USD 28.3 billion in 2024. The region is seeing significant investments in power infrastructure, including the expansion of renewable energy sources, smart grids, and industrial automation, all of which require advanced switchgear solutions for reliable and efficient power distribution. China, as the largest player in the Asia Pacific energy sector, is investing heavily in both its energy infrastructure and the transition to renewable energy. This is expected to drive demand for high-quality switchgear systems, including low voltage and vacuum-insulated switchgear, across various sectors. Japan and South Korea are adopting advanced electrical technologies to improve grid stability, energy efficiency, and the integration of renewable energy sources. Both countries are likely to see strong growth in the adoption of vacuum-insulated and low-voltage switchgear solutions as part of their smart grid and renewable energy initiatives.
- Chapter 1 Research Methodology
- 1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
- 1.2 Base estimates and calculations
- 1.2.1 Market estimates & forecast parameters
- 1.2.2 Key trends for market estimates
- 1.3 Forecast model
- 1.4 Primary research & validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
- 1.5 Market definitions
- Chapter 2 Executive Summary
- 2.1 Industry snapshot
- 2.2 Business trends
- 2.3 Voltage trends
- 2.4 Insulation trends
- 2.5 Current trends
- 2.6 Application trends
- 2.7 Regional trends
- Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.2 Regulatory landscape
- 3.2.1 Global
- 3.2.1.1 Standards for switchgears, circuit breaker and fuses
- 3.2.2 North America
- 3.2.2.1 U.S.
- 3.2.2.1.1 IEC vs ANSI Switchgear - Understanding the Global Standards
- 3.2.2.1.2 ANSI and IEEE voltage classes
- 3.2.2.1.3 30 CFR §
- 56.12020 - Protection of persons at switchgear.
- 3.2.2.1.4 The U.S. approval system for electrical switchgear
- 3.2.2.1.6 Key Elements of the Regulation
- 3.2.2.1.7 Environmental Objectives
- 3.2.2.1.8 Affected Entities
- 3.2.2.2 Canada
- 3.2.2.2.1 National Standard of Canada - Domestic
- 3.2.2.2.2 C
- 22.2 NO. 31-14 - Switchgear assemblies
- 3.2.2.3 Mexico
- 3.2.2.3.1 Mexico Market Access for Safety Requirements
- 3.2.3 Europe
- 3.2.3.1 EU-F-Gas-regulation 842/2006
- 3.2.3.2 Recovery
- 3.2.3.3 Recycling
- 3.2.3.4 Reclamation
- 3.2.3.5 Destruction
- 3.2.3.6 European Commission F-gas regulations
- 3.2.3.7 UK
- 3.2.3.7.1 Disposal & post-maintenance
- 3.2.3.7.2 EU Directive 96/59/EC -Disposal of Polychlorinated Biphenyls and Polychlorinated Terphenyls
- 3.2.3.8 Germany
- 3.2.3.8.1 (IEC 62271-200: 2011); German version EN 62271-200: 2012
- 3.2.3.8.2 EU regulation of fluorinated greenhouse gases and HFCs
- 3.2.3.8.3 National regulation of fluorinated greenhouse gases and HFCs
- 3.2.3.9 France
- 3.2.3.9.1 Directive 96/92/EC
- 3.2.3.9.2 Directive 2003/54/EC
- 3.2.3.9.3 Directive 2009/72/EC
- 3.2.3.10 Russia
- 3.2.3.10.1 Technical Regulations (TR TC 032/2013)
- 3.2.4 Asia Pacific
- 3.2.4.1 India
- 3.2.4.1.1 Electrical Equipment (Quality Control) Order, 2020 (EEQCO, 2020):
- 3.2.4.1.2 Product Specific Guidelines for Low Voltage Switchgear and Controlgear:
- 3.2.4.1.3 Electrical Equipment (Quality Control) Amendment Orders:
- 3.2.4.1.4 Relevant Indian Standards for Low-Voltage Switchgear and Controlgear:
- 3.2.4.1.5 Implementation and Compliance:
- 3.2.4.2 Indonesia
- 3.2.4.2.1 ISO 8528-4:2005
- 3.2.4.2.2 Standard Nasional Indonesia (SNI) 04-2526-2004
- 3.2.4.3 Malaysia
- 3.2.4.3.1 Electricity Supply Act 1990 (Act 447)
- 3.2.4.3.2 Energy Commission Act 2001 (Act 610)
- 3.2.4.3.3 MS IEC 62271 Series
- 3.2.5 Middle East & Africa
- 3.2.5.1 Saudi Arabia
- 3.2.5.1.1 SEC Distribution Materials Specifications
- 3.2.5.2 UAE.
- 3.2.5.3 Bahrain
- 3.2.5.4 South Africa
- 3.2.5.4.1 Electrical Machinery Regulations
- 3.2.5.5 Nigeria
- 3.2.5.5.1 Nigerian Electricity Supply and Installation Standards Regulations
- 3.2.6 Latin America
- 3.2.6.1 Brazil
- 3.3 Industry impact forces
- 3.3.1 Growth drivers
- 3.3.1.1 Rising investments in renewable energy and grid modernization
- 3.3.1.2 Expanding industrial and infrastructure development
- 3.3.1.3 Growing electricity demand
- 3.3.2 Industry pitfalls & challenges
- 3.3.2.1 High initial investment and maintenance costs
- 3.4 Growth potential analysis
- 3.5 Porter's Analysis
- 3.5.1 Bargaining power of suppliers
- 3.5.2 Bargaining power of buyers
- 3.5.3 Threat of new entrants
- 3.5.4 Threat of substitutes
- 3.6 PESTEL Analysis
- Chapter 4 Competitive Landscape, 2024
- 4.1 Introduction
- 4.2 Strategy dashboard
- 4.2.1 ABB
- 4.2.1.1 Acquisition
- 4.2.1.2 Expansion
- 4.2.1.3 Others
- 4.2.1.4 Installation/Supply
- 4.2.1.5 Contract
- 4.2.1.6 Collaboration
- 4.2.2 Bharat Heavy Electricals Limited
- 4.2.2.1 Project
- 4.2.2.2 Memorandum of Understanding (MoU)
- 4.2.3 CG Power and Industrial Solutions Limited
- 4.2.3.1 Production Capacity Expansion
- 4.2.4 Eaton Corporation
- 4.2.4.1 Contract
- 4.2.4.2 Expansion
- 4.2.4.3 Investment
- 4.2.4.4 Agreement
- 4.2.4.5 Collaboration
- 4.2.4.6 Partnership
- 4.2.5 Fuji Electric
- 4.2.5.1 Portfolio Expansion
- 4.2.6 General Electric
- 4.2.6.1 Contract
- 4.2.6.2 Others
- 4.2.7 Hitachi Ltd.
- 4.2.7.1 Investment
- 4.2.7.2 Supply
- 4.2.7.3 Expansion
- 4.2.7.4 Collaboration
- 4.2.7.5 Contract
- 4.2.8 Hyosung Heavy Industries
- 4.2.8.1 Contract
- 4.2.8.2 Memorandum of Understanding (MoU)
- 4.2.9 Lucy Group
- 4.2.9.1 Facility Expansion
- 4.2.10 Mitsubishi Electric Corporation
- 4.2.10.1 Investment
- 4.2.10.2 Agreement
- 4.2.10.3 Supply
- 4.2.10.4 Memorandum of Understanding (MoU)
- 4.2.11 Ormazabal
- 4.2.11.1 Installation/Supply
- 4.2.12 Schneider Electric
- 4.2.12.1 Investment
- 4.2.13 Siemens
- 4.2.13.1 Acquisition
- 4.2.13.2 Investment
- 4.2.13.3 Business expansion
- 4.2.13.4 Collaboration
- 4.2.14 Toshiba Corporation
- 4.2.14.1 Investment
- 4.2.14.2 Collaboration
- 4.2.15 Vertiv
- 4.2.15.1 Production Capacity Expansion
- 4.2.16 Other strategies
- 4.3 Innovation & sustainability landscape
- 4.3.1 ABB
- 4.3.2 Bharat Heavy Electricals Limited
- 4.3.3 Eaton Corporation
- 4.3.4 Fuji Electric Co., Ltd.
- 4.3.5 General Electric
- 4.3.6 Hitachi Ltd.
- 4.3.7 Hyosung Heavy Industries
- 4.3.8 Ormazabal
- 4.3.9 Schneider Electric
- 4.3.10 Siemens
- 4.3.11 Toshiba
- Chapter 5 Market, By Voltage
- 5.1 Key trends
- 5.2 Low
- 5.3 Medium
- 5.4 High
- Chapter 6 Market, By Insulation
- 6.1 Key trends
- 6.2 Air
- 6.3 Gas
- 6.4 Oil
- 6.5 Vacuum
- 6.6 Others
- Chapter 7 Market, By Current
- 7.1 Key trends
- 7.2 AC
- 7.3 DC
- Chapter 8 Market, By Application
- 8.1 Key trends
- 8.2 Residential
- 8.3 Commercial & Industrial
- 8.4 Utility
- Chapter 9 Market, By Region
- 9.1 Key trends
- 9.2 North America
- 9.3 Europe
- 9.4 Asia Pacific
- 9.5 Middle East & Africa
- 9.6 Latin America
- Chapter 10 Company Profiles
- 10.1 ABB
- 10.1.1 Company overview
- 10.1.2 Market/Business overview
- 10.1.3 Financial data
- 10.1.4 Switchgear revenue
- 10.1.5 Product landscape
- 10.1.6 Strategic outlook
- 10.1.7 SWOT analysis
- 10.2 Bharat Heavy Electricals Limited
- 10.2.1 Company overview
- 10.2.2 Market/Business overview
- 10.2.3 Financial data
- 10.2.4 Product landscape
- 10.2.5 Strategic outlook
- 10.2.6 SWOT analysis
- 10.3 CG Power and Industrial Solutions Limited
- 10.3.1 Company overview
- 10.3.2 Market/Business overview
- 10.3.3 Financial data
- 10.3.4 Product landscape
- 10.3.5 Strategic outlook
- 10.3.6 SWOT analysis
- 10.4 Eaton
- 10.4.1 Company overview
- 10.4.2 Market/Business overview
- 10.4.3 Financial data
- 10.4.4 Switchgear revenue
- 10.4.5 Product landscape
- 10.4.6 Strategic outlook
- 10.4.7 SWOT analysis
- 10.5 E + I Engineering
- 10.5.1 Company overview
- 10.5.2 Market/Business overview
- 10.5.3 Financial data
- 10.5.4 Product landscape
- 10.5.5 Strategic outlook
- 10.5.6 SWOT analysis
- 10.6 Fuji Electric Co., Ltd.
- 10.6.1 Company overview
- 10.6.2 Market/Business overview
- 10.6.3 Financial data
- 10.6.4 Switchgear revenue
- 10.6.5 Product landscape
- 10.6.6 Strategic outlook
- 10.6.7 SWOT analysis
- 10.7 General Electric
- 10.7.1 Company overview
- 10.7.2 Market/Business overview
- 10.7.3 Financial data
- 10.7.4 Switchgear revenue
- 10.7.5 Product landscape
- 10.7.6 Strategic outlook
- 10.7.7 SWOT analysis
- 10.8 Hyosung Heavy Industries
- 10.8.1 Company overview
- 10.8.2 Market/Business overview
- 10.8.3 Financial data
- 10.8.4 Product landscape
- 10.8.5 Strategic outlook
- 10.8.6 SWOT analysis
- 10.9 HD HYUNDAI ELECTRIC
- 10.9.1 Company overview
- 10.9.2 Market/Business overview
- 10.9.3 Financial data
- 10.9.4 Product landscape
- 10.9.5 SWOT analysis
- 10.10 Hitachi Ltd.
- 10.10.1 Company overview
- 10.10.2 Market/Business overview
- 10.10.3 Financial data
- 10.10.4 Switchgear revenue
- 10.10.5 Product landscape
- 10.10.6 Strategic outlook
- 10.10.7 SWOT analysis
- 10.11 Lucy Group Ltd.
- 10.11.1 Company overview
- 10.11.2 Market/Business overview
- 10.11.3 Financial data
- 10.11.4 Switchgear revenue
- 10.11.5 Product landscape
- 10.11.6 Strategic outlook
- 10.11.7 SWOT analysis
- 10.12 Mitsubishi Electric Corporation
- 10.12.1 Company overview
- 10.12.2 Market/Business overview
- 10.12.3 Financial data
- 10.12.4 Switchgear revenue
- 10.12.5 Product landscape
- 10.12.6 Strategic outlook
- 10.12.7 SWOT analysis
- 10.13 Ormazabal
- 10.13.1 Company overview
- 10.13.2 Market/Business overview
- 10.13.3 Financial data
- 10.13.4 Product landscape
- 10.13.5 Strategic outlook
- 10.13.6 SWOT analysis
- 10.14 Schneider Electric
- 10.14.1 Company overview
- 10.14.2 Market/Business overview
- 10.14.3 Financial data
- 10.14.4 Switchgear revenue
- 10.14.5 Product landscape
- 10.14.6 Strategic outlook
- 10.14.7 SWOT analysis
- 10.15 Skema S.p.A.
- 10.15.1 Company overview
- 10.15.2 Market/Business overview
- 10.15.3 Financial data
- 10.15.4 Product landscape
- 10.15.5 SWOT analysis
- 10.16 Siemens
- 10.16.1 Company overview
- 10.16.2 Market/Business overview
- 10.16.3 Financial data
- 10.16.4 Switchgear revenue
- 10.16.5 Product landscape
- 10.16.6 Strategic outlook
- 10.16.7 SWOT analysis
- 10.17 Toshiba Corporation
- 10.17.1 Company overview
- 10.17.2 Market/Business overview
- 10.17.3 Financial data
- 10.17.4 Switchgear revenue
- 10.17.5 Product landscape
- 10.17.6 Strategic outlook
- 10.17.7 SWOT analysis
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