Switchgears Market Future Prospects and Forecast To 2028
The global switchgear market size was valued at USD 45,026.8 million in 2021 and is poised to grow at a significant CAGR of 9.9% during the forecast period 2022-2028. The growing population, advancements in the industrial infrastructure, grid resilience requirements, operational flexibility needs, and a growing portfolio of renewable energy are driving the need to modernize and expand the capacity of the electrical systems across the globe. Moreover, increase in construction activities throughout the world due to increased focus on infrastructure development in China and India resulting in increasing in the switchgear market.
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The global switchgear market segmentation:
1) By Product Type: AIR
and GAS.
2) By Voltage: (<1 kV, 1-36 kV, >36 kV), End Users (T&D Utilities, Industries, Commercial & Residential Others.
AIS Segment Dominates the Switchgear Market:
Based on the product type the air-insulated segment is
anticipated to dominate the switchgear market and the market is projected to
grow at a considerable CAGR from 2022 to 2028. The growth in AIS segment is
owing to the easy maintenance when compared with gas-insulated switchgear. Air-insulated
switchgear is extensively used in industrial, commercial, and utility projects
using medium voltage distribution feeders to regulate and protect medium
voltage power equipment and circuits.
North America Leads Switchgear Market:
North America is expected to hold a significant share in the global
Switchgears market and it is projected to create lucrative opportunities in the
future years due to its high resiliency and minimal carbon emissions. Moreover,
use of switchgear has increased due to decreased prices and less competition
from other insulated and sophisticated technologies. Moreover, Europe
switchgear market is burgeoning due to growth in infrastructural development
expenditure and increased need for efficient transmission systems.
Strategic New Product Launches,
Mergers, Acquisitions, and Agreements are the key strategies adopted by market
players:
Global Switchgear market
further reveals that the key players increasingly adopting strategies
such as the launch of newer products, product launches, and long-term alliances
to improve market revenue share and gain significant geographic presence across
the region. For instance, In April 2021, Havells released an
anti-bacterial switch collection with Viruzsafe technology Under the brand name
Crabtree switches and electrical wiring equipment, to encourage a healthy
lifestyle. This was created with the health, safety, and hygiene concerns of
the consumers in mind.
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Key player’s profiles in the switchgears market report are ABB (Switzerland), Schneider Electric (France), Hyundai Electric (South Korea), Siemens (Germany), General Electric (US), Mitsubishi Electric (Japan), Eaton (Ireland), Legrand (France), Fuji Electric (Japan), Hitachi (Japan), Toshiba (Japan), Lucy Electric (UK), Hubbell (US), BHEL (India), Powell (US), Havells (India).
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