Key Highlights of the Switchgear Market
- The global switchgear market appears to be fragmented owing to the presence of several established and regional switchgear manufacturers and is quite competitive.
- The Gas Insulated Switchgear (GIS) is expected to hold the maximum share in the global switchgear market. Growing standards to control the overall carbon emissions, coupled with rising awareness among consumers to adopt renewable energy generation like solar, are anticipated to accelerate switchgear usage. The major applications of GIS are power transmission, integration of renewable power generation units to the grid, and railways.
- The significant ongoing investments to develop smart grid architecture in China are boosting the market growth. For instance, State Grid Corporation of China, a state-owned utility company, has deployed 452MWh of grid-connected FTM pilot projects that were supported by government research grants. Further, China Southern Power Grid plans to step up investments in smart grid construction in the Pearl River Delta region, to improve clean energy installation in the upcoming years.
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Switchgear Market Overview
The global switchgear market is expected to register a CAGR of 7% during the forecast period (2021 – 2026). The rising energy demand to encourage rapid urbanization and the new generation mix is expected to propel the switchgear market. Switchgear equipment is fundamentally used in complex electrical substations to withstand fluctuating operating voltage in highly volatile environmental conditions. The development of new industrial structures, including powerplants for safe and reliable operations, is further estimated to stimulate the growth of the market. The up-gradation of the aging infrastructure is further anticipated to power the growth of the market. For instance, around 65 gigawatts of European onshore wind turbines will reach end-of-design-life by 2028. The up-gradation of equipment concerning extending the life span would drive the market for switchgear.
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Switchgear Market – Geographical Overview
The Asia-Pacific market is expected to drive the global switchgear market during the forecast period
The significant factors contributing to the dominance in this region are the up-gradation of the aging electrical grid infrastructure and increasing electricity demand in the region. The booming infrastructure development for renewable energy sources, growing market for grid modernization, and replacement of old installations, along with capacity enhancements, are some of the major factors stimulating the growth.
The increasing electricity demand, due to rising population, economic expansion, urbanization, industrialization, and rural electrification projects, is leading the market demand for switchgear. The power generation capacity in India has grown at a rate of over 10% in the past few years, while the transmission and distribution networks have witnessed moderate growth. This has translated into a growing demand for robust power system equipment, such as switchgear, in the country, which helps protect against situations of overload, short circuit, insulation failure, etc.
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List of Key Players in the Switchgear Market
- ABB Ltd.
- Havells India Ltd.
- Mitsubishi Electric Corporation
- Schneider Electric
- Siemens AG
- Eaton Corporation
- Toshiba International Corporation
- Meidensha Corporation
- Hitachi, Ltd.
- Crompton Greaves Power and Industrial Solutions Limited
- Powell Industries
- Fuji Electric Co., Ltd.
*List Not Exhaustive
Mordor Intelligence has segmented the global switchgear market on the basis of type, end-user industry, and geography:
- Type (Market Size & Forecast based on Revenue (USD million), 2018-2026)
- Voltage
- Low-Voltage
- Medium-Voltage
- High-Voltage
- Insulation
- Gas Insulated Switchgear (GIS)
- Air Insulated Switchgear (AIS)
- Other Insulation Types
- Installation
- Indoor
- Outdoor
- End-user Industry (Market Size & Forecast based on Revenue (USD million), 2018-2026)
- Commercial
- Residential
- Industrial
- Geography (Market Size & Forecast based on Revenue (USD million), 2018-2026)
- Asia-Pacific
- North America
- Europe
- South America
- Middle-East and Africa
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