Switchgear Market To Surpass $157,045.5 Million Value by 2030

The global switchgear market size is expected to advance at a CAGR of 5.9% during 2021–2030, to reach $157,045.5 million by 2030. This can be ascribed to the growing construction activities.

Moreover, the grid is being modernized with cutting-edge technology, equipment, and controls, in order to make it smarter and more resilient. Smart grids can communicate and collaborate to deliver power more efficiently and reliably. These grids can also reduce the length and frequency of power outages due to natural calamities, restore service more rapidly in the event of an outage, and add new capacity.

Furthermore, an increasing number of governments throughout the world, of both developed and developing nations, are investing in smart grid technology to achieve their long-term economic development and carbon emission reduction goals.

Low-Voltage Switchgear Accounted for Largest Market Share

Low-voltage switchgear held the largest market share, over 50%, in 2021, and it is expected to dominate the market during the forecast period too. These variants are mainly designed to deliver currents of up to 6,000 Amperes and voltages of up to 1,000 Volts.

Low-voltage switchgear is usually found on the secondary side of a power distribution transformer and in LV-MCCs, low-voltage switchboards, and various branch and feeder circuits. In the manufacturing, mining and metals, petrochemicals, pulp and paper, utility, water treatment, data center, and healthcare industries, it is used to deliver energy for essential power and critical process applications.

Indoor Switchgear Holds Larger Share in the Market

Indoor switchgear is set to dominate the market during the forecast period owing to the fact that it is more reliable and safer, as it is installed in an electrical power substation, which is protected from environmental conditions. Moreover, it has lower operating expenses and lower electrocution risk, owing to its grounded metal enclosures; ease of maintenance, durability, and lesser room requirement than outdoor switchgear.

APAC Region To Witness Fastest Growth

During the forecast period, the APAC region is likely to witness the fastest growth in the switchgear market. With the growing GDP of APAC countries, they are spending heavily on infrastructure development. Furthermore, as the region's population grows, new houses are being constructed, thereby propelling the demand for electrical transmission equipment.

Companies Involved in Various Strategic Developments

Key players in the market have been involved in various strategic developments, such as product launches and acquisitions, to remain competitive and improve their position. For instance:

In Apr 2021, Schneider Electric announced the commercial availability of its new green and digital medium-voltage switchgear range.

In January 2021, RESA Power LLC, a provider of power system electrical testing solutions, transformer services, and life extension solutions for power distribution equipment, such as industrial switchgear, acquired Western Utilities Transformer Service Inc.

Major players operating in the switchgear market include ABB Ltd., Schneider Electric, Hyundai Electric & Energy Systems Co. Ltd., Siemens AG, General Electric Company, Mitsubishi Electric Corporation, Legrand; Hitachi Ltd., Toshiba Corporation, and Hyosung Corporation.