Electrical And Electronics Manufacturing

Insights Into The Switchgear Market’s Growth Opportunities Through 2023-2032 – Includes Switchgear Market Overview

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

 

The demand for electricity generation are expected to drive innovation in switchgear manufacturing, thus driving the market during the forecast period.

 

The global switchgear market is expected to grow from $78.4 billion in 2022 to $85.37 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. The global switchgear market size is expected to grow to $114.89 billion in 2027 at a CAGR of 7.7%.

 

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Global Switchgear Market Segments Include:

  • By Product Type: High Voltage, Medium Voltage, Low Voltage
  • By End-User: Residential, Commercial, Industrial
  • By Insulation: Gas Insulated Switchgear (GIS), Air Insulated Switchgear (AIS), Other Insulations
  • By Installation: Indoor, Outdoor
  • 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 switchgear market in 2021.

 

Major Market Players in the switchgear market include Schneider Electric, Siemens AG, ABB, General Electric, Eaton Corporation, Hyosung, CG Power, Mitsubishi, Alstom SA, and Bharat Heavy Electricals Ltd.

 

The last few years witnessed a rising demand for installation of electric substations to restore normal power supply as fast as possible in case of emergencies. The installation of mobile substations enables the restoration of electricity under outdoor conditions or in unforeseen circumstances and is functionally designed to provide temporary power supplies as soon as possible. Also, these mobile substations incorporate generator, transformer, metal-clad switchgear, outdoor load break switches and breakers, which are used for network extensions, and temporary switching stations. For instance, Siemens delivered two mobile substations for national grid SA, and Aktif group delivered 10 mobile substations to the ministry of electricity Iraq. Therefore, increasing the adoption of mobile substations is one of the latest trends that will positively impact the switchgear market.

 

The Switchgear Global Market Report 2023  provides a switchgear market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The switchgear market forecast analyzes switchgear market size, switchgear 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.

 

Switchgear refers to a collection of switching devices that are used for controlling, protecting, and switching electrical circuits and equipment. Switchgears are used in various applications, such as transmission and distribution utilities, residential, commercial, and industrial.

 

Explore Similar Reports From The Business Research Company:

Low Voltage Switchgear Global Market Report 2023

Switchgear And Switchboard Apparatus Global Market Report 2023

Medium Voltage Switchgear Global Market Report 2023

 

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