Insights Into The Switchboard Market’s Growth Opportunities Through 2023-2032 – Includes Switchboard Market Analysis
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
Increasing manufacturing efficiency of products for longer durability are expected to drive innovation in switchboard manufacturing, thus driving the market during the forecast period.
The global switchboard market is expected to grow from $87.94 billion in 2022 to $92.72 billion in 2023 at a compound annual growth rate (CAGR) of 5.4%. The global switchboard market size is expected to grow to $110.28 billion in 2027 at a CAGR of 4.4%.
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Global Switchboard Market Segments Include:
- By Type: Low-Voltage, Middle-Voltage, High-Voltage
- By Product Standard: IEC Stardard, ANSI Standard
- By End Users: Industrial, Residential, Commercial, Other End-Users
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global switchboard market in 2021.
Major Market Players in the switchboard market include ABB, Mitsubishi Electric, Schneider Electric, Emerson Process Management, Rockwell Automation, Siemens, Powerwell, Gedac Electric, Kounis.
Ethernet connected switchboards are widely being used in household and commercial buildings to save energy and reduce maintenance costs. Switchboards can be connected to a computer through an Ethernet cable. Electricity use, system status and other data is transmitted to the computer through the Ethernet cable. Data obtained on the computer is analysed by energy experts and suggestions to minimize energy consumption. For example, Enerlin’x system manufactured by Schneider is a smart panel that transmits energy consumption data to computer through Ethernet and Modbus interfaces. Some of the major companies manufacturing Ethernet connected switchboards include Schneider Electric, Southwire Company LLC., Siemens AG and Prysmian Group.
The Switchboard Global Market Report 2023 provides a switchboard market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The switchboard market forecast analyzes switchboard market size, switchboard market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Switchboards refer to the power distribution process system which consists of panels with different switches and indicators to direct and control electricity for functioning in circuits.
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