IMARC Group, a leading market research company, has recently releases report titled “Switchgear Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global switchgear market trends, share, size and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Switchgear Market?
The global switchgear market size reached US$ 106.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 147.4 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.
Switchgear refers to a collection of devices used to control, isolate, and protect electrical equipment in a power system. It includes switches, fuses, circuit breakers, and relays to manage the flow of electricity and protect equipment from damage caused by overloads, short circuits, and other electrical faults. It assists in the reliable operation of the power system and helps balance loads, regulate voltage, and maintain the stability of the power system. As a result, switchgear is widely employed in electrical substations and power plants to control the distribution of electrical power to different parts of the system and maintain the safety, reliability, and efficiency of power generation and transmission.
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What are the growth prospects and trends in the switchgear industry?
At present, the growing global population and increasing demand for electricity represent one of the key factors positively influencing the market across the world. Moreover, a significant rise in construction activities and favorable initiatives for the development of infrastructure and establishment of new hotels and business hubs are bolstering the market growth.
Besides this, governing agencies are also focusing on installing transmission lines and expanding the existing ones to connect the upcoming renewable energy and non-conventional fuel-based plants with the transmission grid, which is creating a favorable market outlook.
Furthermore, technological advancements in switchgear for improving the efficiency and reliability of power systems are stimulating the growth of the market worldwide.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Voltage Type:
- Low-Voltage
- Medium-Voltage
- High-Voltage
Breakup by Insulation:
- Gas Insulated Switchgear (GIS)
- Air Insulated Switchgear (AIS)
- Others
Breakup by Installation:
- Indoor
- Outdoor
Breakup by End Use:
- Commercial
- Residential
- Industrial
Market 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
Who are the key players operating in the industry?
The report covers the major market players including:
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.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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