Switchgear Market was valued at USD 92.7 billion in 2023 and is expected to reach USD 140.3 billion by 2031 and grow at a CAGR of 5.3 % over the forecast period 2024-2031.
The rapidly increasing demand for electrification in remote areas is accompanied by an increase in power generation, which has a positive impact on the growth of various electrical equipment. The growing regional government's goal of bringing electricity to rural areas, as well as increased investment in the industry, are key market transformation mechanisms that are expected to address market growth. It is an electrical component that is used in a circuit to control, monitor, and control the circuit as needed. Installed to ensure operational safety, cost-effectiveness, and mobility in a variety of residential, commercial, industrial, and resource applications.
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Switchgear is a device used to protect, balance, control, transmit, and distribute equipment, as well as electric vehicle systems. They can be found on both sides of large transformers with low and high voltage. Fuses, circuit breakers, and isolators are examples of these devices. The power supply system is linked to the switchgear system. The switchgear's primary function is to protect the system from short circuits and overcrowding. The rise in electricity consumption in emerging and developed economies is propelling the switchgear market forward. The switchgear market has a lot of room for growth thanks to technological advancements and automation. However, strict security regulations limit market expansion.
KEY DRIVERS:
Deteriorating power infrastructure
Lack of investments
Lack of clear policy
Reduce the power blackouts
RESTRAINTS:
Harsh environmental conditions
Rigorous specifications
OPPORTUNITIES:
Reliability component
Incentive schemes
CHALLENGES:
High cost
Various components
Complex switchgear system
The COVID-19 epidemic has had a global impact on the switchgear industry. Due to the current situation, various energy companies in all regions should close their production facilities and services as countries develop a partial or total closure strategy to deal with the epidemic. Major power projects have also been suspended or delayed across the region. Furthermore, the COVID-19 epidemic has had an impact on ongoing projects as well as the entire supply chain industry.
By END-USER Power generation, transmission, and distribution are all handled by the T&D service component. Electricity services include co-operatives owned by investors and shareholders, as well as national organizations that are the largest suppliers of electricity in many countries around the world. End users in the switchgear market rely heavily on T&D services. To meet the demand for electricity, T&D services include both nonrenewable and renewable energy sources. Many applications rely on a reliable, highly efficient communication network to provide central visibility and reporting in switchgear portable security.
By INSTALLATION High-voltage switchgear is mostly installed outside. These switchgear aid in the improvement of long-distance power transmission and heavy loads, resulting in dependable switching performance. As a result, external switchgear finds its system in the transmission and small transmission fields. The foreign switchgear market is expected to be driven by rising demand for these heavy-duty transmission machines.
BY END-USERS
Industries
Commercial
Residential
T&D Utilities
BY COMPONENT
HRC Fuse
Switch Disconnector
MCCB
Power Distributor Switch Breaker
Earth Switch
BY VOLTAGE
Low
Medium
High
BY INSULATION
Air Insulated
Gas Insulated
Oil Insulated
Vacuum Insulated
BY INSTALLATION
Indoor
Outdoor
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North America, Europe, South America, Asia Pacific, as well as the Middle East and Africa are the major regions under consideration for the switchgear market study. Asia Pacific is estimated to be the largest market from 2022 to 2028, driven by the growth of urban growth, particularly in China and India. In addition, the installation of a new station, as well as the development of existing electricity infrastructure, is expected to boost the regional market during the forecast period.
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 Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The key players in Global Switchgear Market are Schneider Electric, Eaton Corporation Hyosung, Hyundai CG Power, Toshiba, Mitsubishi Powell, Larsen & Toubro Elektrobudowa Hubbell Lucy Electric, SEL, Aterpillar, Powell Industries, Eaton Corporation, Alstom, Siemens AG, BHEL, TIPECO, Crompton Greeves, Meta Switchgear and Other Players
Hyundai CG Power-Company Financial Analysis
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 92.7 Billion |
| Market Size by 2031 | US$ 140.3 Billion |
| CAGR | CAGR of 5.3 % 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 End-Users (Industries, Commercial, Residential, T&D Utilities) • By Equipment ( Heavy And Compact Construction Equipment) • By Components (Hrc Fuse, Switch Disconnector, Mccb, Power Distributor Switch Breaker, Earth Switch) • By Voltage (Low, Medium, High) • By Insulation (Air Insulated, Gas Insulated, Oil Insulated, Vacuum Insulated) • By Installation (Indoor, Outdoor) |
| 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 | Schneider Electric, Eaton Corporation Hyosung, Hyundai CG Power, Toshiba, Mitsubishi Powell, Larsen & Toubro Elektrobudowa Hubbell Lucy Electric, SEL |
| Key Drivers | • Deteriorating power infrastructure. • Lack of investments. |
| RESTRAINTS | • Harsh environmental conditions. • Rigorous specifications |
Ans: The Switchgear Market size was valued at 92.7 Billion in 2023.
The key players in Global Switchgear Market are Schneider Electric, Eaton Corporation Hyosung, Hyundai CG Power, Toshiba, Mitsubishi Powell, Larsen & Toubro Elektrobudowa Hubbell Lucy Electric, SEL, Aterpillar, Powell Industries, Eaton Corporation, Alstom, Siemens AG, BHEL, TIPECO, Crompton Greeves, Meta Switchgear and Other.
Complex switchgear system and high cost are the challenges of the Switchgear Market.
Yes, and they are Raw material vendors, Distributors/traders/wholesalers/suppliers, Regulatory authorities, including government agencies and NGO, Commercial research & development (R&D) institutions, Importers and exporters, Government organizations, research organizations, and consulting firms, Trade/Industrial associations, End-use industries.
Ans: The Switchgear Market is to grow at a CAGR of 5.3% over the forecast period 2024-2031.
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. Global Switchgear Market Segmentation, by end-users
8.1Introduction
8.2 Industries
8.3 Commercial
8.4 Residential
8.5 T&D Utilities
8.6 Other
9. Global Switchgear Market Segmentation, by components
9.1 Introduction
9.2 HRC Fuse
9.3 Switch Disconnector
9.4 MCCB
9.5 Power Distributor Switch Breaker
9.6 Earth Switch
9.7 Other
10. Global Switchgear Market Segmentation, By Voltage
10.1 Introduction
10.2 Low
10.3 Medium
10.4 High
11. Global Switchgear Market Segmentation, By insulation
11.1 Introduction
11.2 Air Insulated
11.3 Gas Insulated
11.4 Oil Insulated
11.5 Vacuum Insulated
11.6 Other
12. Global Switchgear Market Segmentation, By installation
12.1 Introduction
12.2 indoor
12.3 outdoor
13. Regional Analysis
13.1 Introduction
13.2 North America
13.2.1 USA
13.2.2 Canada
13.2.3 Mexico
13.3 Europe
13.3.1 Germany
13.3.2 UK
13.3.3 France
13.3.4 Italy
13.3.5 Spain
13.3.6 The Netherlands
13.3.7 Rest of Europe
13.4 Asia-Pacific
13.4.1 Japan
13.4.2 South Korea
13.4.3 China
13.4.4 India
13.4.5 Australia
13.4.6 Rest of Asia-Pacific
13.5 The Middle East & Africa
13.5.1 Israel
13.5.2 UAE
13.5.3 South Africa
13.5.4 Rest
13.6 Latin America
13.6.1 Brazil
13.6.2 Argentina
13.6.3 Rest of Latin America
14. Company Profiles
14.1 HITACHI LTD.
14.1.1 Financial
14.1.2 Products/ Services Offered
14.1.3 SWOT Analysis
14.1.4 The SNS view
14.2 Schneider Electric
14.3 Eaton Corporation Hyosung
14.4 Hyundai CG Power
14.5 Toshiba
14.6 Mitsubishi Powell
14.8 Larsen & Toubro Elektrobudowa Hubbell Lucy Electric
14.9 SEL
14.10 Aterpillar
14.11 Powell Industries
14.12 Eaton Corporation
14.13 Alstom
14.14 Siemens AG
14.15 BHEL
14.16 TIPECO
14.17 Crompton Greeves
14.18 Fuji Electric
14.19 Meta Switchgear
14.20 Other
15. Competitive Landscape
15.1 Competitive Benchmarking
15.2 Market Share Analysis
15.3 Recent Developments
16. Conclusion
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