Switchgear Market Size Worth $155.28 Billion, Globally, by 2031

­According to a new comprehensive report from The Insight Partners, “Global Switchgear Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Insulation (Gas-Insulated Switchgear Market, Air-Insulated Switchgear Market, and Others), Voltage (Low Voltage Switchgear Market, Medium Voltage Switchgear Market, High Voltage Switchgear Market), Current Type (Alternating Current and Direct Current), End User (Energy and Utilities, Commercial and Residential Building, Manufacturing, Railways, Oil and Gas, Mining, Water and Wastewater, and Others), and Geography”, the global switchgear market is observing significant growth owing to rising power consumption and thriving infrastructure projects.

The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the switchgear is applicable to a vast array of end users that are expected to register strength during the coming years.

Overview of Report Findings:

      1.   Market Growth: The global switchgear market share is expected to reach US$ 155.28 billion by 2031 from US 92.34 billion in 2023, at a CAGR of 6.7% during the forecast period. Switchgear includes a wide range of switching devices that help control, protect, and isolate power systems in sectors such as commercial & residential buildings, energy & utilities, manufacturing, mining, oil & gas, railways, and water & wastewater. It also assists in regulating a power system, circuit breakers, and similar technology. Switchgear can refer to different systems and components, including switches, fuses, isolators, relays, circuit breakers, and lighting arresters.
 

      2.   Rising power consumption: Power consumption worldwide is rising at a fast pace. According to a US Energy Information Administration (EIA) report, global energy consumption is expected to increase by 56% between 2013 and 2040. Many factors are contributing to this increase in energy consumption, with population outburst being one of the main factors. As the world’s population reaches 8.5 billion by 2030, according to United Nations projections, the demand for energy will continue to accelerate. Another main parameter for the rise in power consumption is economic growth. As various economies globally are expanding, so is the demand for energy and power. According to the US Energy Information Administration, the total electricity consumption recorded in the US in 2022 was about 4.07 trillion kWh—i.e., 14 times higher than the amount of electricity consumed in 1950. The total electricity consumption by end-use consumers is calculated by the summation of retail sales of electricity to consumers and direct use of electricity. The industrial or commercial facility—which is involved in producing electricity—accounts for the most direct use of electricity.

      3.   Expanding transmission and distribution infrastructure: The expansion of transmission and distribution (T&D) infrastructure and the increasing integration of renewable energy in various economies propel the demand for switchgears and substations. Transmission utilities are focusing on augmenting substation capacity to further strengthen the network and enable greater integration of renewable energy. The Revamped Distribution Sector Scheme also lays importance on network modernization and upgradation in the distribution.
 

      4.   Geographical Insights: In 2023, Asia Pacific Switchgear Market led the market with a substantial revenue share, followed by North America Switchgear Market and Europe. Asia Pacific Switchgear Market is expected to register the highest CAGR during the forecast period.
 

Market Segmentation:

• Based on insulation, the switchgear market is segmented into air-insulated switchgear market, gas-insulated switchgear market, and others. The gas-insulated switchgear market segment held a larger switchgear market share in 2023.
   
• By voltage, the switchgear market is categorized into high voltage switchgear market, medium voltage switchgear market, and low voltage switchgear market. The low voltage segment held the largest switchgear market share in 2023.
   
• Based on current type, the market is divided into alternating current and direct current. The alternating current segment held the largest share of the switchgear market in 2023.

• Based on end use, the switchgear market is segmented into commercial & residential buildings, energy & utilities, manufacturing, mining, oil & gas, railways, water & wastewater, and others. The energy & utilities segment held the largest share of the switchgear market in 2023.
   
• The switchgear market is segmented into five major regions: North America switchgear market, Europe, APAC, Middle East and Africa, and South and Central America.
   

Competitive Strategy and Development:

• Key Players: A few major companies operating in the switchgear market include Mitsubishi Electric Corp, Rockwell Automation Inc, Schneider Electric SE, Siemens AG, Toshiba Infrastructure Systems and Solutions Corp, ABB Ltd, Fuji Electric Co Ltd, GE Vernova, Hitachi Energy Ltd, and Hubbell Inc
   
• Trending Topics: Smart switchgear, SF6-free switchgear, integration with renewable energy, modular and compact switchgear, among others.

Global Headlines on Switchgear Market: 

• "Schneider Electric Launched EasySet MV Switchgear" 
   
• "Schneider Electric expanded its portfolio of SF6-free green and digital MV switchgear with GM AirSeT."
   
• "Siemens expanded sustainable and digital switchgear range for primary distribution up to 24kV"
   
• "ABB Unveiled Its Vietnam-Based Medium Voltage Switchgear Factory"

Download the report here.