The latest research study “Switchgear Market Report: Global Industry Trends, Share, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global switchgear market reached a value of US$ 100.18 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 139.8 Billion by 2027, exhibiting a CAGR of 5.50% during 2022-2027.
Industry Overview and Application :
Switchgear represents the device that is used for controlling, regulating, switching on and off an electrical circuit, etc. It generally comprises circuit breakers, fuses, isolators, current and potential transformers, switches, indicating instruments, control panels, lightning arresters, etc. Switchgear safeguards equipment from short circuits and protects individuals by limiting the current flow via the system to safe levels. In addition to this, it is highly reliable, can be controlled manually, works with speed, enhances the energy efficiency of a facility, etc. Consequently, switchgear finds wide-ranging applications in various sectors, such as residential, commercial, industrial, etc.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Switchgear Market Trends and Drivers:
The inflating demand for renewable energy sources is primarily driving the switchgear market. Additionally, the implementation of numerous stringent regulations by government bodies across the countries that mandate the use of smart grids as well as smart meters for accurate billing and reducing technical losses is further stimulating the market growth.
Besides this, the growing adoption of gas-insulated switchgear (GIS) in confined spaces, such as roofs, city buildings, office spaces, offshore platforms, extensions, industrial and hydropower plants, etc., is acting as another significant growth-inducing factor.
Moreover, the escalating need for replacing conventional switchgear at sub-stations is also positively influencing the global market. Apart from this, several technological advancements in the power distribution sector are anticipated to fuel the switchgear market over the forecasted period.
| Switchgear Market Report Scope | |
| Report Coverage | Details |
| Market size value in 2021 | US$ 100.18 Billion |
| Market forecast in 2027 | US$ 139.8 Billion |
| Growth Rate | CAGR of 5.50% from 2022 to 2027 |
| Base year for estimation | 2021 |
| Historical data | 2016-2021 |
| Forecast period | 2022-2027 |
Global Switchgear Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
ABB Ltd., CG Power and Industrial Solutions Limited, Eaton Corporation PLC, Fuji Electric Co. Ltd., General Electric Company, Havells India Limited, Hitachi Ltd., Larsen & Toubro Limited, Meidensha Corporation, Mitsubishi Electric Corporation, Powell Industries Inc., Schneider Electric SE, Siemens AG and Toshiba Corporation.
The report has segmented the market on the basis of region, voltage type, insulation, installation and end use.
Breakup by Voltage Type:
- Low-Voltage
- Medium-Voltage
- High-Voltage
Breakup by Insulation:
- Gas Insulated Switchgear (GIS)
- Air Insulated Switchgear (AIS)
- Others
Market Breakup by Installation:
- Indoor
- Outdoor
Breakup by End Use:
- Commercial
- Residential
- Industrial
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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