by Switchgear refers to combination of electrical disconnect switches, fuses or circuit breakers used to control, protect and isolate sections of electrical grids. They protect equipment from faults, overloads and unsafe conditions. Switchgear allows distribution of electricity across different power networks. Rising demand for sustainable and reliable power distribution along with growth in industrialization and infrastructure development globally is fueling the need for switchgear.
The global Switchgear Market is estimated to be valued at US$ 127.13 Mn in 2024 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
With growing industrialization and infrastructure development, the need for robust and reliable power distribution network is increasing. Switchgear plays a crucial role in protecting electrical equipment and distribution systems from faults, short circuits and overloads, ensuring continuity of power supply safely. Stringent government regulations regarding electrical safety are also propelling the demand for advanced switchgear that meet safety standards. Leading manufacturers are focusing on developing innovative and smart switchgear with advanced monitoring and protection features to cater to the rising demand from industries and power utilities.
SWOT Analysis
Strength: The switchgear market benefits from increasing investments in transmission and distribution infrastructure projects globally. This is driving demand for switchgear equipment.
Weakness: High initial investments and maintenance costs associated with switchgear equipment pose challenges, especially for price-sensitive markets.
Opportunity: Growth in renewable energy capacity additions worldwide is opening up opportunities for switchgear manufacturers to cater to these projects.
Threats: Fluctuations in raw material prices can increase production costs for switchgear manufacturers.
Key Takeaways
The Global Switchgear Market Size is expected to witness high growth over the forecast period driven by investments to strengthen power infrastructure in developing economies. The global Switchgear Market is estimated to be valued at US$ 127.13 Mn in 2024 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024-2031.
The Asia Pacific region currently dominates the global switchgear market with the largest installed base and is expected to continue its dominance over the forecast period. China, India, and Japan account for the majority of switchgear demand in the region. Countries such as China, India, Japan, South Korea, Indonesia, Malaysia, Thailand, and Vietnam are driving significant investments in transmission and distribution grid networks to improve power supply and meet rising electricity demand. This is creating a surge in demand for switchgear equipment in the region.
Key players related content comprises- Key players operating in the switchgear market are Nanjing H Electrical Co. Ltd., Mitsubishi Electric Corporation, GE, Schneider Electric, Siemens, Hyundai Ideal Electric Co., Eaton Corporation, CX Switchgear Corporation, Fuji Electric Co. Ltd., HELLENIC SWITCHGEAR & CONTROL MAKERS S.A., and Orano Fedram Electrics.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
