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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