Switchgear Market Surges at 5.3% CAGR, Predicted to Reach US$ 7,685.3 million by 2033 amidst Soaring Energy Demand | Future Market Insights, Inc.

Amidst surging energy demand driven by urbanization and a dynamic energy mix, the switchgear market anticipates robust growth. These resilient devices, vital for voltage stability in complex substations and industries, are poised for expansion

NEWARK, Del, Sept. 18, 2023 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI) report, the switchgear market is forecasted to experience a growth of 5.3% CAGR, reaching a valuation of US$ 7,685.3 million by 2033, as per FMI's analysis. The industry's size is predicted to reach a market value of US$ 4,828.4 million in 2023.

Surging concerns over energy efficiency and reducing power wastage via distribution channels and transmission are propelling the demand for switchgear. This is because of switchgear's critical role in reducing losses and ensuring efficient power usage.

Establishing and extending smart grids is another crucial factor propelling the demand for switchgear. Smart grids are complex power networks outfitted with technologies like self-healing and predictive maintenance. As a result, demand for complex systems that support such functionalities is gaining momentum.

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The surging trend of electrification of transportation, especially in the automotive sector, is also supporting the expansion of the switchgear industry. The widespread utilization of Electric Vehicles (EVs) entails more robust and durable power distribution systems, where switchgear acts as a significant component.

The booming construction sector, especially industrial and commercial, has made it necessary for the use of an energy-saving electrical distribution system, thus fueling the product demand.

The regulatory force for safer and eco-friendly devices, particularly the ones sans Sulfur Hexafluoride (SF6), a vital GHG, is generating new market growth prospects.

Top Highlights from the FMI’s Analysis of the Switchgear Market:

The United States switchgear industry is reaching maturity levels, as FMI expects the market to acquire an 18.6% market share in 2023.
The German switchgear industry is a key market in the Europe region. In 2023, the market gathered a value share of 3.7%, and in upcoming years, the switchgear manufacturers are expected to probe the market further.
Japan is expected to account for a 4.1% market share in 2023, suggesting significant investment opportunities as the years roll by.
The Australian market is anticipated to acquire market share of 1.3% in 2023. Even though the market share is comparatively low, the manufacturers are expected to explore the market for future expansion.
India is projected to expand at a stellar CAGR of 6.3% from 2023 to 2033, whereas China is anticipated to propel at a slightly lower CAGR of 5.9% over the same period. These markets are projected to be crucial investment pockets in the upcoming period.

Developments Related to Switchgear Intensifying the Competitiveness among Key Players:

ABB announced its novel low-voltage switchgear called NeoGear in 2020. The product is equipped with distinct laminated bus plate technology. The switchgear presents better reliability, safety, efficiency, and flexibility. NeoGear’s lower footprint and smart condition monitoring solutions make it space-saving and sustainable.
Hitachi Energy and National Grid, an energy firm, accomplished its pilot project in the United Kingdom in 2021. The project focuses on the replacement of SF6, which is a greenhouse gas with an escalated Global Warming Potential (GWP), with an eco-efficient gas mixture in high-voltage gas-insulated lines. The project is part of an exclusive Hitachi Energy’s EconiQ portfolio that aims to provide environmentally friendly solutions.
Meiden Asia, a Meidensha Corporation subsidiary, obtained a significant stake in the Vietstar Industry Corporation, a Vietnamese switchgear manufacturer, in 2020. This move permits Meiden Asia to pave its way into the electric power industry in Vietnam and extend its business operations in the Mekong region.

Key Players Profiled in Switchgear Market Report:

Powell Industries
Caterpillar
IEM
WEG SA
ABB Ltd.
Siemens AG
Schlender Electric
Eaton Corporation
Alstom
Toshiba Corporation
Hitachi Limited
Hyundai Electric and Energy Systems
Fuji Electric
Havells India Pvt. Ltd.
Crompton Greeves
BHEL
Noja Power Switchgear Pty. Ltd.
TIPECO
Abdullah Abunayyan Holding
Meta Switchgear
Wahah Electric Supply Company

About the Industrial Automation Division at Future Market Insights (FMI):

Future Market Insights (FMI) is a highly experienced Industrial Automation team that aids companies from all over the world with their specific business intelligence needs through professional research, actionable insights, and strategic recommendations. With a library of over a thousand research and 1 million+ data points, the team has spent over a decade analyzing the industrial automation domain across 50+ countries. From start to end, the company provides unrivaled research and consulting services. Please get in touch with us to see how we can help.

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Switchgear Market Key Segments:

By Component Type:

Power Distributor Switch Breaker
Switch Disconnector
MCCB
HRC Fuse
Earth Switch
MCB

By Voltage Type:

Low Voltage (less than 1kV)
Medium Voltage (1kV to 75kV)
High Voltage (75kV to 230kV)
Extra High Voltage (230kV to 500kV)
Ultra-High Voltage (above 500kV)

By Construction Type:

Outdoor
Indoor
Others

By Insulation Type:

Air Insulated Switchgear
Gas Insulated Switchgear
Oil Insulated Switchgear
Vacuum Insulated Switchgear

By End User:

T&D Utilities
Commercial
Industrial
Residential

By Region:

North America
Latin America
Europe
East Asia
South Asia & Pacific
The Middle East & Africa

Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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