Switchgear Market worth $143.5 Bn by 2024

The switchgear market is projected to reach USD 143.5 billion by 2024 from an estimated USD 102.6 billion in 2019, at a CAGR of 6.9%. As the global demand for electricity is increasing at a very high rate, to meet the rising power demands, new power plants are being installed at a rapid pace. This would drive the demand for switchgears.

The high voltage segment is expected to hold the largest share of the switchgear market, by voltage, during the forecast period.
The high voltage segment is estimated to dominate the switchgear market in 2019 and is projected to have the largest market share during the forecast period. This is mainly due to the fact that high voltage switchgears are primarily used in power transmission over long distances. In the case of critical substations and switchyards of large power generation plants, switchgears are used for reliability and protection of the grid infrastructure.

The outdoor segment is expected to be the fastest growing segment of the switchgear market, by installation, during the forecast period.
High voltage switchgear is majorly installed outdoor. These switchgear helps to enhance the transfer of electricity over long distances and for larger loads, thereby providing reliable switching operations. So, outdoor switchgear finds its application in transmission and sub-transmission sector. Increasing requirements of these equipment for high load transmission is expected to drive the outdoor switchgear market.

Asia Pacific: The leading market for switchgear.
In this report, the switchgear market has been analyzed with respect to 5 regions, namely, North America, South America, Europe, Asia Pacific, and the Middle East & Africa. As per the Indian Electrical and Electronics Manufacturers Association (IEEMA), the electricity generation capacity is expected to increase from 200 GW in 2010 to over 800 GW by 2032 to fulfil the increasing demand. Thus, there is a need for a huge investment of approximately USD 300 billion in the next 3–4 years. Also, India is undertaking a lot of smart grid and substation projects to fulfill the growing demand for energy. This would create demand for the switchgear in the region.

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the switchgear market. Some of the key players are Schneider Electric (France), Siemens AG (Germany), ABB (Switzerland), General Electric (US), and Eaton (Ireland). The leading players are adopting various strategies to increase their shares in the switchgear market.

Read more on ASDReports!