Switchgear Market Growth Forecast: Exploring Trends and Opportunities for the Next Decade
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What fueled the previous growth in the switchgear market?
In recent times, the switchgear market has experienced significant growth. The market, which is predicted to expand from $87.67 billion in 2024 to $94.17 billion in 2025, is expected to enjoy a compound annual growth rate (CAGR) of 7.4%. The historical growth has been driven by increasing power consumption, beneficial government policies, and economic development in emerging markets.
What will be the switchgear market size in the future?
The market for paint rollers is expected to experience significant expansion in the coming years, with its value projected to reach $4.91 billion in 2029, indicating a compound annual growth rate (CAGR) of 8.6%. Factors contributing to this anticipated growth during the forecast period include the market’s expansion in developing economies, improved marketing strategies, consumer inclination towards ergonomic, customizable, and multi-functional products, and an increase in demand for professional painting services. The forecast period is also expected to witness major trends such as the use of innovative materials, ergonomic product designs, green and environmentally friendly products, smart paint technologies, and a surge in do-it-yourself and home improvement activities.
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What main drivers are fueling expansion in the switchgear market?
The switchgear market is expected to be propelled by the increasing need for electricity production. Electricity’s accessibility has become crucial for economic growth and reducing poverty. The continuous development of urbanization and industrialization requires a steady supply of electricity. The success of the electrical supply is significantly dependent on the switchgear’s performance. As a result, the rise in demand for electricity production is stimulating the switchgear market’s growth over the projection period. For example, by 2040, the global electricity demand is projected to increase at a rate of 2.1% per year under the Specified Policies Scenario, which is twice the rate of primary energy growth.
What key areas define the segmentation of the global switchgear market?
The switchgear market covered in this report is segmented –
1) By Product Type: High Voltage, Medium Voltage, Low Voltage
2) By Insulation: Gas Insulated Switchgear (GIS), Air Insulated Switchgear (AIS), Other Insulations
3) By Installation: Indoor, Outdoor
4) By End-User: Residential, Commercial, Industrial, Utilities
Subsegments:
1) By High Voltage: Gas-Insulated Switchgear (GIS), Air-Insulated Switchgear (AIS), Hybrid Switchgear, Circuit Breakers And Disconnectors For High Voltage
2) By Medium Voltage: Metal-Enclosed Switchgear, Outdoor Switchgear, Ring Main Units (RMUs), Vacuum Circuit Breakers
3) By Low Voltage: Molded Case Circuit Breakers (MCCB), Miniature Circuit Breakers (MCB), Switchboards And Panelboards, Distribution Boards And Fuse Boards
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Who are the dominant players expanding their reach in the switchgear market?
Major companies operating in the switchgear market include ABB Ltd, Schneider Electric, Siemens AG, Mitsubishi Electric Corporation, Eaton Corporation Inc, Hitachi Ltd., Toshiba Corporation, Hyundai Electric & Energy Systems Co. Ltd., Larsen & Toubro Limited, Havells India Limited, LS ELECTRIC Co. Ltd., Hyosung Heavy Industries, Meidensha, Nissin Electric, Shihlin Electric, CHEM, Fortune Electric, Anchor Electricals Pvt Ltd, CG Power and Industrial Solutions Limited, Orecco Electric, Tamco, Tenaga Switchgear, GE T&D India Ltd, Bharat Heavy Electrical Limited, Legrand India Private Limited, Industrial Solutions Limited, Fuji Electric, Lucy Electric, Twyver Switchgear, SwitchGear Company NV, Alan Electrical Limited, Electroshield Samara, Alstom, IZVA LLC, SIVAR, S&C Electric Company, Powell Industries, G&W Electric, Noja Power, Abunayyan Holding Company, BMC Manufacturing, TIEPCO, Wahah Electric Supply Company of Saudi Arabia Ltd. (WESCOSA), KFB Holding Group, Afcon, Matelec Group, Egyptian German Electrical Manufacturing Co.
How are evolving market trends shaping switchgear Strategies?
In recent years, there has been an increase in the demand for electric substation installations to rapidly reestablish electricity supplies in emergency situations. The establishment of mobile substations enables rapid power restoration in outdoor settings or unexpected conditions and is specifically engineered to provide transient power supplies at the earliest. Furthermore, these mobile substations include components such as generators, transformers, metal-clad switchgear, outdoor load break switches, and breakers, which are employed for network expansions as well as temporary switch stations. For example, Siemens supplied two mobile substations for the national grid SA, and Aktif group provided 10 mobile substations to the ministry of electricity Iraq. Hence, the rising adoption of mobile substations represents a current trend that will have a proactive effect on the switchgear market.
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Which regions are emerging as leaders in the switchgear market?
Asia-Pacific was the largest region in the switchgear market in 2024. Western Europe was the second-largest region in the global switchgear market analysis. The regions covered in the switchgear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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