High Voltage Switchgear Market size was valued at USD 25.02 billion in 2023 and is expected to grow to USD 33 billion by 2031 and grow at a CAGR of 3.52 % over the forecast period of 2024-2031.
With strategic analysis, micro and macro market trends and scenarios, pricing analysis, and a comprehensive description of the market conditions in the projected period, the High-Voltage Switchgear Market keeps a close eye on the major competitors. It is an expertly written, in-depth study that emphasizes key and secondary drivers, market share, top categories, and regional analysis. The paper also examines prominent actors, significant partnerships, mergers, and acquisitions, as well as popular innovations and business practices.
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KEY DRIVERS:
Technological Advancement
Growing need for energy
The world's demand for electricity has increased significantly as a result of population growth, industrialization, and urbanization. For the long-distance transmission and distribution of electrical power, high-voltage switchgear is essential. The demand for high-voltage switchgear is being driven by the growing requirement for efficient power transmission infrastructure.
RESTRAIN:
Fluctuating raw material prices
Long product life cycles
Installations of high-voltage switchgear frequently have lives of 20 to 30 years or more. This can lead to lengthier replacement cycles and a generally flat market for new installations, particularly in areas where the infrastructure already exists and is up to date.
OPPORTUNITY:
New regulation to reduce power outage
Increasing Demand for electricity
Transportation electrification
The market for high-voltage switchgear is presented with new prospects by the shift to electric vehicles (EVs) and the electrification of transportation infrastructure. To accommodate the increased power demand, high-voltage switchgear is needed for EV charging infrastructure. Effective switchgear solutions are additionally needed for the integration of EV charging stations into the electrical grid.
CHALLENGES:
Cyber security risk
Competition and market fragmentation
The high-voltage switchgear market is highly competitive, with a large number of producers and suppliers providing comparable goods. Price wars, narrower profit margins, and difficulties differentiating products in the market might result from this market fragmentation. To stay competitive, businesses must prioritize innovation, product uniqueness, and customer-centric approaches.
COVID-19 will have an impact on the LV and MV sectors, particularly on the projects side. On the domestic front, projects account for 60.1% of switchgear sales, whereas in the industrial segment with LV and MV, projects account for more than 80.2% of sales. Most residential, commercial, and industrial developments are now on pause because of the COVID-19 epidemic and this will last until the markets are stabilized and revitalized.
The main problem is having enough laborers and workers, however for the domestic market, this is only likely to be a temporary situation until the lockdown is relaxed. The COVID pandemic is rising day by day and affecting the supply chain across all sectors of my economy. The manufacturing cycle of many industries including electronics and semiconductors has been affected very badly.
IMPACT OF RUSSIAN UKRAINE WAR
Several coal-fired power facilities, including one in Russia, have been dismantled. The cogeneration facility that heats a sizable portion of Kyiv. However, the majority of the barrage has been directed at outdoor infrastructure, including nearly one-third of Ukrenergo's substations and the Switchyards that connect power plants to the grid.
The intensity "can be frightening." In barely two hours on 29th Sept 2022, Russia launched 50 cruise missiles and explosive drones. As a result, the majority of people in Kyiv as well as a large portion of central Ukraine once more lost heat, water, and electricity.
Switchgear and circuit breakers are needed in great numbers, but
easiest to replace. In some cases, DTEK engineers can use two or
three damaged units to assemble one working part, and a broad
range of suppliers inside and outside Ukraine make equipment with the required specifications.
IMPACT OF ONGOING RECESSION
The recession has had a variety of effects on the high-voltage switchgear business, most notably the sharp decline in demand. Businesses have been forced to review their strategies and give cost-cutting initiatives priority as a result of the downturn in business. Their capacity to spend in R&D or broaden their product offers has also been hampered by the unpredictable nature of the market. The problem has been made worse by a halt in innovation and technological advancement brought on by lower capital expenditure. On the plus side, manufacturers may soon have more options due to the increased focus on energy efficiency and sustainable practices. However, stabilizing demand will continue to be a goal to achieve continuous growth as long as economic uncertainty continues to hang over the sector.
By Insulation Type
Gas Insulated
Oil Insulated
Air Insulated
By Product Standard
IEC Standard
ANSI Standard
By Component
Relays
Other Components
By Application
Transmission And Distribution Network
Manufacturing & Processing
Infrastructure &Transportation
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In 2022, the market for high-voltage switchgear was dominated by Asia-Pacific. The second-largest region in terms of the global high-voltage switchgear market was Western Europe.
Asia-Pacific, Western Europe, Eastern Europe, North America, and South America are the regions included in the global high-voltage switchgear market.
The high-voltage switchgear market is regulated and covered in nations: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the United Kingdom, and the United States.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
South Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of the Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin American
The Major Player are ABB Ltd., Fuji Electric Co. Ltd., General Electric, Crompton Greaves Ltd., Eaton Corporation, Mitsubishi Electric Corporation, Hyosung Corporation, Schneider Electric SE, Siemens AG, Toshiba Corporation, and other players listed in the final report.
Crompton Greaves Ltd-Company Financial Analysis
RECENT DEVELOPMENTS
The switchgear market is anticipated to expand as a result of growing knowledge of the new generation mix and rising energy demand to support rapid urbanization. Usually, complex electrical substations and enterprises use these devices. To maintain the voltage under situations of extreme climatic conditions and variable operating voltages. stability.
Because of infrastructure improvements, switching components are being employed more frequently in commercial applications.
The creation and growth of new industrial buildings including power plants, banks, government buildings, and other
| Report Attributes | Details |
| Market Size in 2023 | US$ 25.02 Bn |
| Market Size by 2031 | US$ 33 Bn |
| CAGR | CAGR of 3.52 % From 2024 to 2031 |
| Base Year | 2022 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Insulation Type (Gas Insulated, Oil Insulated, Air Insulated) • By Application (Transmission And Distribution Network, Manufacturing & Processing, Infrastructure &Transportation) • By Product Standard (IEC Standard, ANSI Standard) • By Component (Circuit Breakers, Relays, Other Components) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | ABB Ltd., Fuji Electric Co. Ltd., General Electric, Crompton Greaves Ltd., Eaton Corporation, Mitsubishi Electric Corporation, Hyosung Corporation, Schneider Electric SE, Siemens AG, Toshiba Corporation, and other players listed in the final report. |
| Key Drivers | • Technological Advancement • Growing need for energy |
| Market Opportunities | • New regulation to reduce power outage • Increasing Demand for electricity • Transportation electrification |
Ans: The High Voltage Switchgear Market is to grow at a CAGR of 3.52% over the forecast period 2024-2031.
Ans: The High Voltage Switchgear Market size is estimated to reach US$ 33 Bn by 2031.
Ans: The High Voltage Switchgear Market size was valued at USD 25.02 in 2023.
Ans: Asia-Pacific is dominating the Market
Ans: New regulation to reduce power outage
Increasing Demand for electricity
Transportation electrification
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia War
4.3 Impact of Ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. High Voltage Switchgear Market Segmentation, By Insulation Type
8.1 Gas Insulated
8.2 Oil Insulated
8.3 Air Insulated
9. High Voltage Switchgear Market Segmentation, By Product Standard
9.1 IEC Standard
9.2 ANSI Standard
10. High Voltage Switchgear Market Segmentation, By Component
10.1 Circuit Breakers
10.2 Relays
10.3 Other Components
11. High Voltage Switchgear Market Segmentation, By Application
11.1 Transmission And Distribution Network
11.2 Manufacturing & Processing
11.3 Infrastructure &Transportation
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 North America High Voltage Switchgear Market by Country
12.2.2North America High Voltage Switchgear Market by Insulation Type
12.2.3 North America High Voltage Switchgear Market by Product Standard
12.2.4 North America High Voltage Switchgear Market by Component
12.2.5 North America High Voltage Switchgear Market by Application
12.2.6 USA
12.2.6.1 USA High Voltage Switchgear Market by Insulation Type
12.2.6.2 USA High Voltage Switchgear Market by Product Standard
12.2.6.3 USA High Voltage Switchgear Market by Component
12.2.6.4 USA High Voltage Switchgear Market by Application
12.2.7 Canada
12.2.7.1 Canada High Voltage Switchgear Market by Insulation Type
12.2.7.2 Canada High Voltage Switchgear Market by Product Standard
12.2.7.3 Canada High Voltage Switchgear Market by Component
12.2.7.4 Canada High Voltage Switchgear Market by Application
12.2.8 Mexico
12.2.8.1 Mexico High Voltage Switchgear Market by Insulation Type
12.2.8.2 Mexico High Voltage Switchgear Market by Product Standard
12.2.8.3 Mexico High Voltage Switchgear Market by Component
12.2.8.4 Mexico High Voltage Switchgear Market by Application
12.3 Europe
12.3.1 Europe High Voltage Switchgear Market by country
12.3.2 Europe High Voltage Switchgear Market by Insulation Type
12.3.3 Europe High Voltage Switchgear Market by Product Standard
12.3.4 Europe High Voltage Switchgear Market by Component
12.3.5 Europe High Voltage Switchgear Market by Application
12.3.6 Germany
12.3.6.1 Germany High Voltage Switchgear Market by Insulation Type
12.3.6.2 Germany High Voltage Switchgear Market by Product Standard
12.3.6.3 Germany High Voltage Switchgear Market by Component
12.3.6.4 Germany High Voltage Switchgear Market by Application
12.3.7 UK
12.3.7.1 UK High Voltage Switchgear Market by Insulation Type
12.3.7.2 UK High Voltage Switchgear Market by Product Standard
12.3.7.3 UK High Voltage Switchgear Market by Component
12.3.7.4 UK High Voltage Switchgear Market by Application
12.3.8 France
12.3.8.1 France High Voltage Switchgear Market by Insulation Type
12.3.8.2 France High Voltage Switchgear Market by Product Standard
12.3.8.3 France High Voltage Switchgear Market by Component
12.3.8.4 France High Voltage Switchgear Market by Application
12.3.9 Italy
12.3.9.1 Italy High Voltage Switchgear Market by Insulation Type
12.3.9.2 Italy High Voltage Switchgear Market by Product Standard
12.3.9.3 Italy High Voltage Switchgear Market by Component
12.3.9.4 Italy High Voltage Switchgear Market by Application
12.3.10 Spain
12.3.10.1 Spain High Voltage Switchgear Market by Insulation Type
12.3.10.2 Spain High Voltage Switchgear Market by Product Standard
12.3.10.3 Spain High Voltage Switchgear Market by Component
12.3.10.4 Spain High Voltage Switchgear Market by Application
12.3.11 The Netherlands
12.3.11.1 Netherlands High Voltage Switchgear Market by Insulation Type
12.3.11.2 Netherlands High Voltage Switchgear Market by Product Standard
12.3.11.3 Netherlands High Voltage Switchgear Market by Component
12.3.11.4 Netherlands High Voltage Switchgear Market by Application
12.3.12 Rest of Europe
12.3.12.1 Rest of Europe High Voltage Switchgear Market by Insulation Type
12.3.12.2 Rest of Europe High Voltage Switchgear Market by Product Standard
12.3.12.3 Rest of Europe High Voltage Switchgear Market by Component
12.3.12.4 Rest of Europe High Voltage Switchgear Market by Application
12.4 Asia-Pacific
12.4.1 Asia Pacific High Voltage Switchgear Market by country
12.4.2 Asia Pacific High Voltage Switchgear Market by Insulation Type
12.4.3 Asia Pacific High Voltage Switchgear Market by Product Standard
12.4.4 Asia Pacific High Voltage Switchgear Market by Component
12.4.5 Asia Pacific High Voltage Switchgear Market by Application
12.4.6 Japan
12.4.6.1 Japan High Voltage Switchgear Market by Insulation Type
12.4.6.2 Japan High Voltage Switchgear Market by Product Standard
12.4.6.3 Japan High Voltage Switchgear Market by Component
12.4.6.4 Japan High Voltage Switchgear Market by Application
12.4.7 South Korea
12.4.7.1 South Korea High Voltage Switchgear Market by Insulation Type
12.4.7.2 South Korea High Voltage Switchgear Market by Product Standard
12.4.7.3 South Korea High Voltage Switchgear Market by Component
12.4.7.4 South Korea High Voltage Switchgear Market by Application
12.4.8 China
12.4.8.1 China High Voltage Switchgear Market by Insulation Type
12.4.8.2 China High Voltage Switchgear Market by Product Standard
12.4.8.3 China High Voltage Switchgear Market by Component
12.4.8.4 China High Voltage Switchgear Market by Application
12.4.9 India
12.4.9.1 India High Voltage Switchgear Market by Insulation Type
12.4.9.2 India High Voltage Switchgear Market by Product Standard
12.4.9.3 India High Voltage Switchgear Market by Component
12.4.9.4 India High Voltage Switchgear Market by Application
12.4.11 Australia
12.4.10.1 Australia High Voltage Switchgear Market by Insulation Type
12.4.10.2 Australia High Voltage Switchgear Market by Product Standard
12.4.10.3 Australia High Voltage Switchgear Market by Component
12.4.10.4 Australia High Voltage Switchgear Market by Application
12.4.11 Rest of Asia-Pacific
12.4.11.1 APAC High Voltage Switchgear Market by Insulation Type
12.4.11.2 APAC High Voltage Switchgear Market by Product Standard
12.4.11.3 APAC High Voltage Switchgear Market by Component
12.4.11.4 APAC High Voltage Switchgear Market by Application
12.5 The Middle East & Africa
12.5.1 The Middle East & Africa High Voltage Switchgear Market by country
12.5.2 The Middle East & Africa High Voltage Switchgear Market by Insulation Type
12.5.3 The Middle East & Africa High Voltage Switchgear Market by Product Standard
12.5.4The Middle East & Africa High Voltage Switchgear Market by Component
12.5.5 The Middle East & Africa High Voltage Switchgear Market by Application
12.5.6 Israel
12.5.6.1 Israel High Voltage Switchgear Market by Insulation Type
12.5.6.2 Israel High Voltage Switchgear Market by Product Standard
12.5.6.3 Israel High Voltage Switchgear Market by Component
12.5.6.4 Israel High Voltage Switchgear Market by Application
12.5.7 UAE
12.5.7.1 UAE High Voltage Switchgear Market by Insulation Type
12.5.7.2 UAE High Voltage Switchgear Market by Product Standard
12.5.7.3 UAE High Voltage Switchgear Market by Component
12.5.7.4 UAE High Voltage Switchgear Market by Application
12.5.8South Africa
12.5.8.1 South Africa High Voltage Switchgear Market by Insulation Type
12.5.8.2 South Africa High Voltage Switchgear Market by Product Standard
12.5.8.3 South Africa High Voltage Switchgear Market by Component
12.5.8.4 South Africa High Voltage Switchgear Market by Application
12.5.9 Rest of Middle East & Africa
12.5.9.1 Rest of Middle East & Asia High Voltage Switchgear Market by Insulation Type
12.5.9.2 Rest of Middle East & Asia High Voltage Switchgear Market by Product Standard
12.5.9.3 Rest of Middle East & Asia High Voltage Switchgear Market by Component
12.5.9.4 Rest of Middle East & Asia High Voltage Switchgear Market by Application
12.6 Latin America
12.6.1 Latin America High Voltage Switchgear Market by Country
12.6.2 Latin America High Voltage Switchgear Market by Insulation Type
12.6.3 Latin America High Voltage Switchgear Market by Product Standard
12.6.4 Latin America High Voltage Switchgear Market by Component
12.6.5 Latin America High Voltage Switchgear Market by Application
12.6.6 Brazil
12.6.6.1 Brazil High Voltage Switchgear Market by Insulation Type
12.6.6.2 Brazil Africa High Voltage Switchgear Market by Product Standard
12.6.6.3 Brazil High Voltage Switchgear Market by Component
12.6.6.4 Brazil High Voltage Switchgear Market by Application
12.6.7 Argentina
12.6.7.1 Argentina High Voltage Switchgear Market by Insulation Type
12.6.7.2 Argentina High Voltage Switchgear Market by Product Standard
12.6.7.3 Argentina High Voltage Switchgear Market by Component
12.6.7.4 Argentina High Voltage Switchgear Market by Application
12.6.8 Rest of Latin America
12.6.8.1 Rest of Latin America High Voltage Switchgear Market by Insulation Type
12.6.8.2 Rest of Latin America High Voltage Switchgear Market by Product Standard
12.6.8.3 Rest of Latin America High Voltage Switchgear Market by Component
12.6.8.4 Rest of Latin America High Voltage Switchgear Market by Application
13. Company Profile
13.1 ABB Ltd.
13.1.1 Market Overview
13.1.2 Financials
13.1.3 Product/Services/Offerings
13.1.4 SWOT Analysis
13.1.5 The SNS View
13.2 Fuji Electric Co. Ltd.
13.2.1 Market Overview
13.2.2 Financials
13.2.3 Product/Services/Offerings
13.2.4 SWOT Analysis
13.2.5 The SNS View
13.3 General Electric
13.3.1 Market Overview
13.3.2 Financials
13.3.3 Product/Services/Offerings
13.3.4 SWOT Analysis
13.3.5 The SNS View
13.4 Crompton Greaves Ltd.
13.4.1 Market Overview
13.4.2 Financials
13.4.3 Product/Services/Offerings
13.4.4 SWOT Analysis
13.4.5 The SNS View
13.5 Eaton Corporation
13.5.1 Market Overview
13.5.2 Financials
13.5.3 Product/Services/Offerings
13.5.4 SWOT Analysis
13.5.5 The SNS View
13.6 Mitsubishi Electric Corporation
13.6.1 Market Overview
13.6.2 Financials
13.6.3 Product/Services/Offerings
13.6.4 SWOT Analysis
13.6.5 The SNS View
13.7 Hyosung Corporation
13.7.1 Market Overview
13.7.2 Financials
13.7.3 Product/Services/Offerings
13.7.4 SWOT Analysis
13.7.5 The SNS View
13.8 Schneider Electric SE
13.8.1 Market Overview
13.8.2 Financials
13.8.3 Product/Services/Offerings
13.8.4 SWOT Analysis
13.8.5 The SNS View
13.9 Siemens AG
13.9.1 Market Overview
13.9.2 Financials
13.9.3 Product/Services/Offerings
13.9.4 SWOT Analysis
13.9.5 The SNS View
13.10 Toshiba Corporation
13.10.1 Market Overview
13.10.2 Financials
13.10.3 Product/Services/Offerings
13.10.4 SWOT Analysis
13.10.5 The SNS View
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Components
15. USE Cases and Best Practices
16. Conclusion
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