The global switchgear market foresees significant growth, propelled by a projected Compound Annual Growth Rate (CAGR) of 5.3%. This trajectory signifies a path from an estimated USD 4,828.4 million in 2023 to a robust USD 7,685.3 million by 2033, reflecting an accelerated progression compared to previous trends observed in the switchgear market.

The driving force behind this expansion lies in the escalating global demand for energy, prompting nations to implement new regulations aimed at reducing power outages and fortifying power distribution networks. As countries actively endeavor to enhance the reliability and resilience of their electrical grids, the switchgear market emerges as a pivotal player in the power sector machinery landscape.

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As T&D utilities sector estimated to witness healthy growth rate in the forecast period. According to the report, T&D utilities are expected account for nearly 46% of switchgears sold in 2021. Besides this, the demand is expected to surge in commercial, industrial, and residential sectors enabling growth in the market.

Key Takeaways:

After a period of negative growth, the market showed impressive improvement, registering above 6% y-o-y growth in 2021.
The U.S. is expected to account for over 60% of sales in North America.
After a period of negative growth, the U.K. exhibited above 6% y-o-y growth in 2021, emerging as a strong market for switchgears.
Expansion of the energy and utilities sector will enable growth in Germany and France.
Government initiatives are expected to support growth in Japan and South Korea.
“Increase in demand for advancement in the switchgear and advent of smart grid are expected to give impetus to switchgears. The use of the voltage fluctuator is very common in the heavy as well commercial sectors. It is used in the transmission and distribution of energy to consumer and for running machineries. The need of the energy is increasing day by day, which has been aiding the overall expansion of the switchgear market.” says FMI analyst.

Switchgear market is likely to grow at a moderate pace during 2023-2033. However, as it is a matured market, companies are expected to concentrate on research and development activities and capitalize on opportunities especially in the field of T&D Utilities. Their key focus will however remain meeting requirements of consumers. Collaboration with local players and developing new technology in the form of smart grid and advanced switchgear are key strategies adopted by the market players.

Competitive Landscape:

The market is fragmented, with key players accounting for approximately one fifth of the market share. These companies are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares. Some of the key players in the market are ABB Ltd., Siemens AG, Schniender Electric, Havells India Pvt. Ltd., Hyundai Electric and Energy System, Fuji Electric, Powell Industries, etc.

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Switchgear Market By Category:

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
Middle East & Africa
Read More: https://www.futuremarketinsights.com/reports/switchgears-market