Worldwide Switchgear Market Forecast to 2027: Emerging Smart Technologies and Digitalization Present Opportunities for Growth in $120+ Billion Industry - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Switchgear Market by Insulation (Gas-insulated Switchgears, Air-insulated Switchgears), Installation (Indoor, Outdoor), Current (AC, DC), Voltage (Low (up to 1 kV), Medium (2-36 kV), High (Above 36 kV), End User and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global switchgear market is expected to reach USD 120.1 billion by 2027 from an estimated USD 90.9 billion in 2022, at a CAGR of 5.7% from 2022 to 2027.

The growth of the switchgear market is proportional to the growth of the global industrial and manufacturing sectors, which are the primary drivers of growth in demand for electricity.

Apart from this, an increase in the share of renewables in the electricity mix has led to the replacement of aging infrastructure and the deployment of smart grids to achieve higher efficiencies and remote monitoring. Switchgears, as a result, may experience a growth in demand during the forecast period.

Outdoor: The fastest-growing segment by installation in the switchgear market

Based on type of installation of switchgear, the outdoor segment is expected to exhibit the highest CAGR from 2022 to 2027. These switchgears help enhance the transfer of electricity over long distances and larger loads (more than 66kV), thereby providing reliable switching operations.

The transmission and sub-transmission sector, as a result, is among the biggest consumers of these switchgears. Increasing electrification and the growing need for this equipment for high-load, long-distance transmission drives the outdoor switchgear market.

Above 36 kV: The largest segment by power rating in switchgear market

The high (above 36 kV) segment accounted for the largest share in the global switchgear market, by voltage, in 2022. The dominance of this segment can be attributed to the high demand for high-voltage switchgears from the transmission & distribution utilities due to the replacement of aging infrastructure and the expansion of the grid network.

Electrical switchgears rated up to 1 kV, referred to as low-voltage switchgears occupy the second-largest share in the global switchgear market. They are used extensively in commercial and residential infrastructure. Low-voltage switchgear is typically found on the secondary side of a distribution transformer. This combination is often referred to as the substation.

These switchgears are mostly metal-enclosed and are three-phase power distribution products designed to supply electric power safely, efficiently, and reliably at voltages up to 1,000 volts and current up to 6,000 amperes.

Low-voltage switchgears primarily offer electrical protection against overload currents, voltage surges, insulation failure, and emergency switching for residential and commercial infrastructure, protecting electrical appliances and low voltage machinery. The protection features provided by the low voltage switchgear drives the demand for this switchgear.

Asia Pacific: The fastest-growing region in switchgear market

The market in the Asia Pacific accounted for the largest share of 47.1% of the global switchgear market in 2021 and is expected to grow at the fastest CAGR of 6.2% during the forecast period.

Market growth is driven by investments in clean power generation & electrification and the replacement of aging infrastructure to achieve higher efficiency. The region has also shown rapid industrial growth, driving the demand for switchgear.

Key Benefits of Buying the Report

• The report identifies and addresses the key markets for switchgears, which would help switchgear manufacturers review the growth in demand.
• The report facilitates system providers understand the pulse of the market and offers insights into drivers, restraints, opportunities, and challenges.
• The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.

Key Topics Covered:

Premium Insights

• Strengthening of Power Distribution Infrastructure to Drive the Switchgear Market Between 2022 and 2027
• Asia-Pacific Market to Exhibit the Highest CAGR During the Forecast Period
• Transmission & Distribution Utilities and China Held the Largest Shares
• Air-Insulated Switchgears to Account for the Largest Share, by Insulation
• the Indoor Segment Dominates the Switchgear Market
• High (Above 36 Kv) Segment to Hold the Largest Share of the Switchgear Market
• Ac Segment to Hold the Largest Share of the Switchgear Market
• Transmission & Distribution Utilities Segment Dominates the Switchgear Market

Market Overview

Drivers

• Strengthening of Power Distribution Infrastructure
• Increase in Renewable Energy-Based Capacity Addition
• Increased Investment in Industrial Production

Restraints

• Regulations Restricting Sf6 Gas Emissions
• Slowdown in the Residential Real Estate Sector

Opportunities

• Emerging Smart Technologies and Digitalization
• Growing Usage of High-Voltage Direct Current Systems

Challenges

• High Temperature, Arc Flashing, and Over Pressure During Operation
• High Competition from the Unorganized Sector

Case Study Analysis

• A Midwest Municipal Utility Improves the Safety and Reliability of Its Distribution System by Replacing Oil-Insulated Switchgear with Elastimold Solid-Dielectric Switchgear
• Beckenried Municipal Utility Improves the Supply at 1,600 Meters Above Sea Level by Replacing with Eaton Sf6-Free Xiria E Switchgear
• Greystone Power Corporation Switched from Oil-Insulated Switchgear to Solid-Dielectric Switchgear
• Sustainable Electricity Supply in the Netherlands Gaasperdammer Tunnel

Company Profiles

Key Players

• ABB
• General Electric
• Siemens
• Eaton
• Mitsubishi Electric
• Powell
• Havells
• Bharat Heavy Electricals Limited (Bhel)
• Hyundai Electric
• Hubbell
• Fuji Electric
• Hitachi
• Legrand
• CG Power and Industrial Solutions

Other Players

• Hyosung
• Lucy Electric
• Toshiba
• Secheron
• Elektrobudowa

For more information about this report visit https://www.researchandmarkets.com/r/t2qdsp