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Global Switchgear Market Analysis, Share, Trends, Forecast: By Voltage Type: Low Voltage, Medium Voltage, High Voltage; By Installation Type: Outdoor, Indoor; By Insulation Type: Air, Gas, Oil, Vacuum; By Application: T&D Utility, Commercial, Industrial, Residential; Regional Analysis; Market Dynamics; Competitive Landscape; 2024-2032
Global Switchgear Market Outlook
The global switchgear market reached a value of about USD 111.96 billion in 2023. The market is further expected to grow at a CAGR of 6% in the forecast period of 2024-2032 to reach a value of approximately USD 188.66 billion by 2032.
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Increased Demand for Low Switchgears to Augment the Switchgear Industry Growth
Based on voltage type, low switchgears accounted for a major share in the industry in 2020. This can be attributed to the need for enhanced protection in power distribution equipment and the rapid infrastructural developments across the globe. Meanwhile, the market growth for medium and high voltage switchgears is being driven by the increasing focus on upgrading the old infrastructure and the rising investments in the transmission and distribution infrastructure.
The Asia Pacific to Dominate the Global Switchgear Industry
The Asia Pacific is expected to witness a robust demand for switchgears in the forecast period. The region is expected to account for a major industry share, driven by the expansion of the power distribution equipment industry and the rising investments toward rural electrification in developing nations like India, China, and Indonesia. The rapid industrial and infrastructural developments in these countries are providing enhanced growth opportunities for the market expansion. The increasing demand for electricity, coupled with the upgrades and expansion of the electrification infrastructure, has significantly contributed to the market growth in the Asia Pacific. Meanwhile, the growing investments in renewable energy projects in North America and Europe are expected to favour the industry growth in the forecast period.
Switchgear: Market Segmentation
Switchgear refers to an electrical component made up of electrical disconnect switches, fuses or circuit breakers. In an electric power system, switchgears are used to protect, monitor, and control electrical equipment. In addition, switchgear can de-energise an equipment to allow work to be done as well as clear downstream faults to allow the smooth flow of current load.
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By voltage type, the market is divided into:
- Low Voltage
- Medium Voltage
- High Voltage
Based on installation type, the industry can be bifurcated into:
- Outdoor
- Indoor
The market is divided based on insulation type into:
- Air
- Gas
- Oil
- Vacuum
On the basis of application, the industry can be categorised into:
- T&D Utility
- Commercial
- Industrial
- Residential
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Increasing Investments in T&D Infrastructure and the Rising Global Demand for Electricity to Bolster the Growth of the Switchgear Industry
The rising investments in T&D infrastructure is the major factor propelling the growth of the switchgear industry. This is further backed by the increasing demand for electricity and the rapid industrialisation and urbanisation across the globe. In developed countries like the United States and other Western European nations, the increasing investments in cleaner energy sources to reduce carbon emissions are expected to significantly contribute to the industry growth in the coming years. However, fluctuation in key raw material prices like copper, aluminium, and others may hamper the industry growth as switchgear cost is raw material intensive.
Over the forecast period, increase in innovation, such as the integration of smart monitoring technology and digital solutions across power grid infrastructure, and the growing focus on safety and sustainability are expected to further accelerate the market growth.
Key Industry Players in the Global Switchgear Market
The report gives a detailed analysis of the following key players in the global switchgear market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- ABB Ltd.
- Mitsubishi Electric Corporation
- Siemens AG
- Eaton Corporation plc
- Toshiba Energy Systems & Solutions Corporation
- Hitachi, Ltd.
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Voltage Type |
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| Breakup by Installation Type |
|
| Breakup by Insulation Type |
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Switchgear Market Analysis
8.1 Key Industry Highlights
8.2 Global Switchgear Historical Market (2018-2023)
8.3 Global Switchgear Market Forecast (2024-2032)
8.4 Global Switchgear Market by Voltage Type
8.4.1 Low Voltage
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2023)
8.4.1.3 Forecast Trend (2024-2032)
8.4.2 Medium Voltage
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2023)
8.4.2.3 Forecast Trend (2024-2032)
8.4.3 High Voltage
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2023)
8.4.3.3 Forecast Trend (2024-2032)
8.5 Global Switchgear Market by Installation Type
8.5.1 Outdoor
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2023)
8.5.1.3 Forecast Trend (2024-2032)
8.5.2 Indoor
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2023)
8.5.2.3 Forecast Trend (2024-2032)
8.6 Global Switchgear Market by Insulation Type
8.6.1 Air
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2023)
8.6.1.3 Forecast Trend (2024-2032)
8.6.2 Gas
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2023)
8.6.2.3 Forecast Trend (2024-2032)
8.6.3 Oil
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2023)
8.6.3.3 Forecast Trend (2024-2032)
8.6.4 Vacuum
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2023)
8.6.4.3 Forecast Trend (2024-2032)
8.7 Global Switchgear Market by Application
8.7.1 T&D Utility
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2023)
8.7.1.3 Forecast Trend (2024-2032)
8.7.2 Commercial
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2023)
8.7.2.3 Forecast Trend (2024-2032)
8.7.3 Industrial
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2023)
8.7.3.3 Forecast Trend (2024-2032)
8.7.4 Residential
8.7.4.1 Market Share
8.7.4.2 Historical Trend (2018-2023)
8.7.4.3 Forecast Trend (2024-2032)
8.8 Global Switchgear Market by Region
8.8.1 Market Share
8.8.1.1 North America
8.8.1.2 Europe
8.8.1.3 Asia Pacific
8.8.1.4 Latin America
8.8.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2018-2023)
9.3.2 Forecast Trend (2024-2032)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2018-2023)
9.4.2 Forecast Trend (2024-2032)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2018-2023)
9.5.2 Forecast Trend (2024-2032)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Competitive Landscape
12.1 Market Structure
12.2 Company Profiles
12.2.1 ABB Ltd.
12.2.1.1 Company Overview
12.2.1.2 Product Portfolio
12.2.1.3 Demographic Reach and Achievements
12.2.1.4 Certifications
12.2.2 Mitsubishi Electric Corporation
12.2.2.1 Company Overview
12.2.2.2 Product Portfolio
12.2.2.3 Demographic Reach and Achievements
12.2.2.4 Certifications
12.2.3 Siemens AG
12.2.3.1 Company Overview
12.2.3.2 Product Portfolio
12.2.3.3 Demographic Reach and Achievements
12.2.3.4 Certifications
12.2.4 Eaton Corporation plc
12.2.4.1 Company Overview
12.2.4.2 Product Portfolio
12.2.4.3 Demographic Reach and Achievements
12.2.4.4 Certifications
12.2.5 Toshiba Energy Systems & Solutions Corporation
12.2.5.1 Company Overview
12.2.5.2 Product Portfolio
12.2.5.3 Demographic Reach and Achievements
12.2.5.4 Certifications
12.2.6 Hitachi, Ltd.
12.2.6.1 Company Overview
12.2.6.2 Product Portfolio
12.2.6.3 Demographic Reach and Achievements
12.2.6.4 Certifications
12.2.7 Others
13 Industry Events and Developments
List of Key Figures and Tables
1. Global Switchgear Market: Key Industry Highlights, 2018 and 2032
2. Global Switchgear Historical Market: Breakup by Installation Type (USD Billion), 2018-2023
3. Global Switchgear Market Forecast: Breakup by Installation Type (USD Billion), 2024-2032
4. Global Switchgear Historical Market: Breakup by Voltage Type (USD Billion), 2018-2023
5. Global Switchgear Market Forecast: Breakup by Voltage Type (USD Billion), 2024-2032
6. Global Switchgear Historical Market: Breakup by Insulation Type (USD Billion), 2018-2023
7. Global Switchgear Market Forecast: Breakup by Insulation Type (USD Billion), 2024-2032
8. Global Switchgear Historical Market: Breakup by Application (USD Billion), 2018-2023
9. Global Switchgear Market Forecast: Breakup by Application (USD Billion), 2024-2032
10. Global Switchgear Historical Market: Breakup by Region (USD Billion), 2018-2023
11. Global Switchgear Market Forecast: Breakup by Region (USD Billion), 2024-2032
12. North America Switchgear Historical Market: Breakup by Country (USD Billion), 2018-2023
13. North America Switchgear Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Europe Switchgear Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Europe Switchgear Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Asia Pacific Switchgear Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Asia Pacific Switchgear Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Latin America Switchgear Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Latin America Switchgear Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Middle East and Africa Switchgear Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Middle East and Africa Switchgear Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Global Switchgear Market Structure
Key Questions Answered in the Report
In 2023, the global switchgear market attained a value of nearly USD 111.96 billion.
The market is projected to grow at a CAGR of 6% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 188.66 billion by 2032.
The major market drivers include increasing investments in T&D infrastructure, rapid industrialisation and urbanisation, rising demand for electricity, expansion of the key end-use sectors, and growing technological advancements.
The increasing investments in cleaner energy sources, surging product innovations by key players, and the rising demand for sustainable power generation technology are the key trends aiding the market growth.
The major regions in the switchgear market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The leading voltage types of switchgear in the market are low voltage, medium voltage, and high voltage.
The major installation types of switchgear in the market are outdoor and indoor.
The significant insulation types of switchgear in the market are air, gas, oil, and vacuum.
The various applications of switchgear include T&D utility, commercial, industrial, and residential.
The major players in the market are ABB Ltd., Mitsubishi Electric Corporation, Siemens AG, Eaton Corporation plc, Toshiba Energy Systems & Solutions Corporation, and Hitachi, Ltd., among others.
Analyst Review
The global switchgear market attained a value of USD 111.96 billion in 2023, driven by the rising investments in T&D infrastructure. Aided by the growing innovation, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 6%. The market is projected to reach USD 188.66 billion by 2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on voltage type, the market is segmented into low voltage, medium voltage, and high voltage. By installation type, the industry is divided into outdoor and indoor. On the basis of insulation type, the market is categorised into air, gas, oil, and vacuum. Based on application, the industry is divided into T&D utility, commercial, industrial, and residential. The major regional markets for switchgear are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa, with the Asia Pacific accounting for the largest share of the market. The key players in the above market include ABB Ltd., Mitsubishi Electric Corporation, Siemens AG, Eaton Corporation plc, Toshiba Energy Systems & Solutions Corporation, and Hitachi, Ltd., among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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