New Revenue Pockets:
According to our new research, The global switchgear market is projected to reach USD 88.5 billion by 2025 from an estimated USD 67.5 billion in 2020, at a post COVID-19 CAGR of 5.5% during the forecast period. Replacement of aging power infeastructure along with growing investments in renewable energy is expected to drive the switchgear market. Furthermore, revival of investments in the construction sector is expected to further drive the demand for this product.
Key Market Players:
The prominent players in the global switchgear market are ABB (Switzerland), Siemens (Germany), Schneider Electric (France), GE (US), and Eaton (Ireland).
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The switchgear market has promising growth potential due to several factors, including the increased industrialization, increased population, growing demand for the replacement of aging infrastructure, and upgrdation of existing substation in emerging economies. The rapid industrialization in Asia Pacific especially in China and Southeast Asia has increased the opportunity for switchgear market growth.
The report segments the switchgear market, by voltage, into <1 kV, 1-36 kV, and >36 kV. The 1-36 kV segment of the switchgear market is expected to grow at the highest CAGR during the forecast period. Switchgears in the 1–36 kV voltage rating are referred to as medium-voltage switchgears and generally used across all end-user segments, particularly in the manufacturing and process industries and T&D utilities. The 1–36 kV switchgears can consist of equipment, such as circuit breakers, paralleling switchgear, ring main units, motor control centers, railway and marine switchgears, and surge arresters. The 1–36 kV switchgears are used for the protection of industrial equipment, such as generators, motors and compressors, HVAC and air-conditioning, heating and lighting equipment, overload current protection, and electric arc protection in T&D sub-stations. The increasing power distribution infrastructure in APAC, along with the rising commercial and residential infrastructure in North America and APAC is driving the demand for switchgears in this segment
The switchgear market, by installation, is categorized into indoor and outdoor. The indoor insulated switchgear segment is estimated to be the largest market for switchgear during the forecast. The indoor switchgear is commonly used in medium-voltage applications where the enclosure type is suitable for indoor environments. Most of the leading manufacturers of switchgears offer indoor type products for industries and commercial applications where the substations are installed at a medium voltage. Several industries, such as marine, oil & gas, mining, aviation, cement, aluminum, iron and steel, and automobile and chemical industries, use these solutions for power stability. An uninterrupted power supply is the key factor driving the demand for indoor switchgears.
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Europe is estimated to be the fastest growing market for switchgear during the forecast period. The European switchgear market, by country, has been segmented into the UK, Germany, France, Russia, and the Rest of Europe. The European power generation, transmission, and distribution systems are comparatively mature. Therefore, the European Union (EU) is focusing on upgrading its aging infrastructure, integrating renewable energy sources such as solar and wind power, and building interconnections to enable more efficient power and energy trading. This would also require the replacement of the switchgear from electromechanical to digital which will propel the demand for switchgear.
